Precious metals advanced Wednesday, posting robust gains that ranged from 2.1% for gold to 3.8% for palladium. Increases in gold and palladium were their second in a row while those for silver and platinum were their first in several sessions.
Gold for December delivery tacked on $33.80 to settle at $1,670 an ounce on the Comex division of the New York Mercantile Exchange.
Gold and silver gained "on safe-haven demand amid a nervous marketplace as the calendar is set to turn to what can be a tumultuous month of October for stock and financial markets. The U.S. dollar index is trading solidly lower at midday, bond yields have also dropped during today’s session, and crude oil prices are solidly higher — all bullish daily outside market elements for the metals markets," Jim Wyckoff, a senior analyst at Kitco Inc, said in a daily research note.
Gold futures traded between $1,622.20 and $1,671.60. They rose 0.2% on Tuesday and they gave back 1.3% on Monday, marking their lowest settlement since April 1, 2020.
Rising for the first time in four sessions, silver for December delivery jumped 54.3 cents, or 3%, to settle at $18.88 an ounce. Silver futures ranged from $17.89 to $18.96. They slipped 0.8% on Tuesday, for their weakest close since Sept. 7, and they fell 2.3% on Monday.
In PGM futures on Wednesday:
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Ahead for the first time in six sessions, January platinum added $21.10, or 2.5%, to $860.80 an ounce, trading between $827.30 and $865.
- Palladium for December delivery surged $78.70 to $2,169.10 an ounce, ranging from $2,042.50 to $2,173.
US Mint Bullion Sales in 2022
Published United States Mint bullion sales were unchanged on Wednesday. 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) | ||||||||
|---|---|---|---|---|---|---|---|---|
| Tuesday / This Week | Last Week | May | June | July | August | September | 2022 Sales | |
| $50 American Eagle 1 Oz Gold Coin | 0 | 27,500 | 164,500 | 31,000 | 59,500 | 47,500 | 47,500 | 780,500 |
| $25 American Eagle 1/2 Oz Gold Coin | 0 | 0 | 7,000 | 6,000 | 5,000 | 2,000 | 0 | 73,000 |
| $10 American Eagle 1/4 Oz Gold Coin | 0 | 0 | 8,000 | 18,000 | 2,000 | 4,000 | 4,000 | 138,000 |
| $5 American Eagle 1/10 Oz Gold Coin | 0 | 10,000 | 50,000 | 135,000 | 20,000 | 20,000 | 15,000 | 560,000 |
| $50 American Buffalo 1 Oz Gold Coin | 0 | 27,000 | 56,000 | 21,500 | 39,500 | 22,500 | 38,500 | 360,000 |
| $1 American Eagle 1 Oz Silver Coin | 0 | 408,000 | 1,350,000 | 925,000 | 850,000 | 850,000 | 833,000 | 13,239,500 |
| $100 American Eagle 1 Oz Platinum Coin | 0 | 0 | 0 | 23,500 | 15,500 | 1,000 | 0 | 80,000 |
What I said, what goes down, goes up, and down again, and up again.
What a relief (rally)!