Most precious metals climbed on final trading day of November, and they all logged sharp gains for the month. Gold’s monthly increase was its first in eight months.
Slipping from a near two-week high, gold for February delivery dipped $3.80, or 0.2%. to settle at $1,759.90 an ounce on the Comex division of the New York Mercantile Exchange.
"Technically, February gold futures bulls have the overall near-term technical advantage. Bulls’ next upside price objective is to produce a close above solid resistance at the November high of $1,806.00. Bears’ next near-term downside price objective is pushing futures prices below solid technical support at $1,700.00," Jim Wyckoff, a senior analyst at Kitco Inc, said in a daily research note.
Gold soared 7.3% in November following seven straight monthly declines that had cut its prices by a combined $313.30, or 16%. Still, gold prices are 3.8% lower on the year. On Tuesday, gold marked its highest settlement since Nov. 16.
Silver for March delivery tacked on 34.5 cents, or 1.6%, to close at $21.781 an ounce. Silver prices rallied 13.9% in November following gains of 0.4% in October and 6.5% in September. They are 6.7% lower on the year.
In PGM futures on Wednesday and for the month:
-
January platinum added $30.70, or 3%, to end at $1,039.30 an ounce, for a monthly increase of 11.7%.
- Palladium for March delivery added $32.10, or 1.8%, to end at $1,866 an ounce, for a more modest gain of 1.9% in November.
The two are divided on the year so far with platinum 7.6% higher and palladium 2.4% lower.
US Mint Bullion Sales in 2022
Published United States Mint bullion sales only changed once this month, rising on Nov. 21 with advances of 6,000 ounces in American Gold Eagles; 1,407,000 ounces in American Silver Eagles; and 4,500 ounces in American Gold Buffalos.
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 / This Week | July | August | September | October | November / Last Week | 2022 Sales | |
| $50 American Eagle 1 Oz Gold Coin | 0 | 59,500 | 47,500 | 47,500 | 59,500 | 6,000 | 846,000 |
| $25 American Eagle 1/2 Oz Gold Coin | 0 | 5,000 | 2,000 | 0 | 2,000 | 0 | 75,000 |
| $10 American Eagle 1/4 Oz Gold Coin | 0 | 2,000 | 4,000 | 4,000 | 2,000 | 0 | 140,000 |
| $5 American Eagle 1/10 Oz Gold Coin | 0 | 20,000 | 20,000 | 15,000 | 15,000 | 0 | 575,000 |
| $50 American Buffalo 1 Oz Gold Coin | 0 | 39,500 | 22,500 | 44,500 | 39,500 | 4,500 | 410,000 |
| $1 American Eagle 1 Oz Silver Coin | 0 | 850,000 | 850,000 | 833,000 | 1,258,000 | 1,407,000 | 15,904,500 |
| $100 American Eagle 1 Oz Platinum Coin | 0 | 15,500 | 1,000 | 0 | 0 | 0 | 80,000 |
Gold and silver are up. The happy days have returned.
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