Precious metals advanced at the start of the new trading week on Monday, registering gains ranging from 0.4% for gold to 3.8% for platinum. While gold had the smallest percentage increase, it held the longest streak among the metals with four consecutive gains. Ending above $2,000 an ounce, it also marked a three-month settlement high.
Gold for December delivery rose by $7.10 to settle at $2,005.60 an ounce on the Comex division of the New York Mercantile Exchange. For a fourth consecutive session, it was gold’s best settlement since July 31.
"Gold and silver prices are higher in midday U.S. trading Monday, boosted by safe-haven demand amid the Israel-Hamas war and the potential for a wider Middle East conflict. Some notions the Federal Reserve may be done raising interest rates are also a bullish element for the metals markets,” Jim Wyckoff, a senior analyst at Kitco Inc, said in a daily research note.
Gold futures traded between $1,999.70 and $2,016.80. They edged 0.2% higher last week.
Rising for the first time in six sesions, silver for December jumped by 50.9 cents, or 2.2%, closing at $23.396 an ounce. Silver futures ranged from $23.13 to $23.75. They lost 2.6% last week.
In other precious metals prices on Monday:
-
January platinum tacked on $34.10 to $939.90 an ounce, trading between $907 and $943.60.
- Palladium for December delivery climbed by $8.10, or 0.7%, to $1,138.30 an ounce, ranging from $1,127 to $1,168.
Last week, platinum edged up by 0.08%, while palladium registered a 1.7% increase.
US Mint Bullion Sales in 2023
U.S. Mint bullion sales last changed on Monday, Oct. 23, with reported gains totaling 9,000 ounces in American Gold Eagles, 1,019,000 ounces in American Silver Eagles, and 4,500 ounces in American Gold Buffalos.
The table below presents a breakdown of U.S. Mint bullion products sold, with columns indicating the number of coins sold (not total ounces) during different time periods.
| US Mint Bullion Sales (# of coins) | ||||||
|---|---|---|---|---|---|---|
| Monday | Last Week | August | September | October | 2023 Sales | |
| $50 American Eagle 1 Oz Gold Coin | 0 | 7,500 | 78,000 | 27,500 | 93,000 | 865,000 |
| $25 American Eagle 1/2 Oz Gold Coin | 0 | 1,000 | 2,000 | 13,000 | 4,000 | 92,000 |
| $10 American Eagle 1/4 Oz Gold Coin | 0 | 4,000 | 2,000 | 30,000 | 18,000 | 182,000 |
| $5 American Eagle 1/10 Oz Gold Coin | 0 | 0 | 150,000 | 40,000 | 30,000 | 605,000 |
| $50 American Buffalo 1 Oz Gold Coin | 0 | 4,500 | 19,500 | 18,500 | 33,500 | 364,500 |
| $1 American Eagle 1 Oz Silver Coin | 0 | 1,019,000 | 3,124,000 | 2,970,000 | 3,306,000 | 21,215,000 |
| $100 American Eagle 1 Oz Platinum Coin | 0 | 0 | 0 | 0 | 0 | 12,700 |
No increase from the fed on rates. While biden rallies for the 60% pay raise for auto workers, the fed is using the last 3 months to keep inflation down so they don’t have to increase social security and VA and gubmint retirement pay. They estimate a 2.4 to 2.6 increase. Totally not enough. Medicare went up last year, but most was absorbed by the also rising medical coverage cost. All the while money sent pallet by pallet toothed countries. Mind boggling. To think that we can buy friends. Be prepared. They expect fewer rate increases, but will last much… Read more »
My SS will increase by 3.2% for 2024. One has to wonder about the UAW getting the union members such lofty pay hikes when the product they put out is subpar to Toyota, Honda, Subaru, etc. They might as well pay them $100/hour as I have no intention of buying a Ford or GM product. I love the Ford commercial where they state ‘100% assembled in America’. Apparently we no longer manufacture the cars and trucks here (our workforce is too incompetent, thank you teachers unions) and our consumers are easily confused by the word ‘assembled’. Pretty soon, people buying… Read more »
Hi Craig, “One has to wonder about the UAW getting the union members such lofty pay hikes“—If only we could get you to wonder about facts here, instead of misinformation. See above. “Apparently we no longer manufacture the cars and trucks here (our workforce is too incompetent, thank you teachers unions)“—Thank our wealthy business men for that one. Or do you think all the workers banded together to beg their bosses to “please, please, ship our jobs overseas”? While I am sure they were reluctant, we all know how our business leaders always bend over backwards to please their valued… Read more »
Jeffee, Spoken like a true brain-dead liberal, which you are. You consider businessmen stupid for opting to send work to states/countries where the workers will do the same for less than half our employees make? We shall see how this plays out over time, but I suspect work/jobs will continue to migrate out of Michigan, thanks to those ‘hard working’ UAW officials and members. Now why don’t you go and have lunch at McDonalds…I understand a Big Mac meal will only cost you $18 now. But hey, you have to pay for a wonderful meal and great service, right.
Back to the playground again, KKKraig?
Still got nothing but insults, huh? You are broadcasting your ignorance to everyone here, same as before. You truly are the most oblivious human I ever had the dubious pleasure of crossing paths with.
“ You consider businessmen stupid for opting to send work to states/countries where the workers will do the same for less than half our employees make?“—Stupid? No. Greedy. Self-centered. Uncaring. Unpatriotic. Reminds me of BD….and you.
Kaiser,
Why do I get the impression you have a family member in the TU?
Hi Dazed and Coinfused, Still being dazed and confused by the steady diet of misinformation you consume on Fox I see. You might want to broaden your sources of information. Or discover search on the internet. A simple search shows a 28% pay raise by 2028. Temps will get 150%, but that is because they will now have to be hired as full time at full pay by 2028. Shows you just how low their pay was before the negotiations. Previously they could remain lower paid temp workers for up to 8 years and after transitioning to full time still… Read more »