Platinum was the only big gainer among precious metals on Wednesday, rising 1.8%, although gold also rose for its fourth advance in five sessions.
Gold for December delivery edged up 90 cents, or 0.05%, to settle at $1,761.80 an ounce on the Comex division of the New York Mercantile Exchange.
"Gold has taken a backseat to other safety assets, and a lot hinges on the U.S. nonfarm payrolls data, with the metal likely to move sideways until then," Reuters quoted Bob Haberkorn, senior market strategist at RJO Futures.
Gold futures ranged from a low of $1,745.40 to a high of $1,765.90. They dipped 0.4% on Tuesday and they rose 0.5% on Monday.
Silver for December delivery fell 7.6 cents, or 0.3%, to close at $22.532 an ounce. Silver futures traded between $22.18 and $22.70. They shed 0.2% on Tuesday and they climbed 0.5% on Monday.
In PGM future prices on Wednesday:
-
January platinum gained $17.40 to $977.20 an ounce, ranging from $939.10 to $988.80.
- Palladium for December delivery declined $31.60, or 1.7%, to $1,867.80 an ounce, trading between $1,831 and $1,899.50.
US Mint Bullion Sales in 2021
Published United States Mint bullion sales increased Wednesday by 1,000 ounces in American Gold Eagles.
Below is a sales breakdown of U.S. Mint bullion products with columns listing the number of coins sold during varying periods.
| US Mint Bullion Sales (# of coins) | ||||||
|---|---|---|---|---|---|---|
| Wednesday | Last Week | August | September | This Week / Oct. | 2021 Sales | |
| $50 American Eagle 1 Oz Gold Coin | 1,000 | 0 | 112,000 | 67,500 | 67,500 | 881,000 |
| $25 American Eagle 1/2 Oz Gold Coin | 0 | 0 | 21,000 | 4,000 | 0 | 81,000 |
| $10 American Eagle 1/4 Oz Gold Coin | 0 | 0 | 34,000 | 8,000 | 0 | 128,000 |
| $5 American Eagle 1/10 Oz Gold Coin | 0 | 0 | 50,000 | 35,000 | 15,000 | 380,000 |
| $50 American Buffalo 1 Oz Gold Coin | 0 | 0 | 27,500 | 24,000 | 12,500 | 272,000 |
| $1 American Eagle 1 Oz Silver Coin | 0 | 0 | 3,930,000 | 2,735,000 | 500,000 | 26,175,500 |
| $100 American Eagle 1 Oz Platinum Coin | 0 | 0 | 0 | 0 | 0 | 75,000 |
| Tuskegee Airmen 5 oz Silver Coin | 0 | 0 | 0 | 0 | 0 | 52,900 |
What with all the indicators pointing to the economy heading south, inflation raging, and the stock market taking a hit between now and the end of the year – these headwinds may drive down the price of Gold & Silver and give us a nice buying opportunity.
Having said that, I must also say that when I look into my crystal ball – everything looks fuzzy and undefined.
Kaiser, the fly in the ointment is the PAPER market for PM’s.