At the start of the new trading month of November, prices for precious metals declined, with losses ranging from 0.3% for gold to 1.5% for platinum.
Down for a second day in a row following four straight gains, gold for December delivery declined by $6.80 to settle at $1,987.50 an ounce on the Comex division of the New York Mercantile Exchange.
"Technically, December gold futures bulls have the overall near-term technical advantage. Prices are in a four-week-old uptrend on the daily bar chart. Bulls’ next upside price objective is to produce a close above solid resistance at $2,050.00. Bears’ next near-term downside price objective is pushing futures prices below solid technical support at $1,950.00.," Jim Wyckoff, a senior analyst at Kitco Inc, said in a daily research note.
Gold futures traded between $1,978.20 and $2,005.90. They fell 0.6% on Tuesday but still registered a 6.9% increase for the month of October. Additionally, they rose by 0.4% on Monday, ending at their highest price since July 31.
Falling for the seventh time in eight sessions, silver for December declined by 16.2 cents, or 0.7%, to end at $22.79 an ounce. Silver futures traded between $22.64 and $23.13. They dropped by 1.9% on Tuesday, trimming their October gain to 2.2%.
In other precious metals prices on Wednesday:
-
January platinum fell by $14.50 to $930.40 an ounce, ranging from $925.60 to $944.10.
- Palladium for December delivery shed $11.90, or 1.1%, to $1,114.20 an ounce, trading between $1,109 and $1,150.50.
US Mint Bullion Sales in 2023
On Wednesday, the U.S. Mint adjusted its bullion sales for October, with reported gains totaling 5,500 ounces in American Gold Eagles, 632,000 ounces in American Silver Eagles, and 3,000 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) | ||||||
|---|---|---|---|---|---|---|
| Wednesday / Week | Last Week | August | September | October | 2023 Sales | |
| $50 American Eagle 1 Oz Gold Coin | 4,000 | 7,500 | 78,000 | 27,500 | 97,000 | 869,000 |
| $25 American Eagle 1/2 Oz Gold Coin | 3,000 | 1,000 | 2,000 | 13,000 | 7,000 | 95,000 |
| $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 | 3,000 | 4,500 | 19,500 | 18,500 | 36,500 | 367,500 |
| $1 American Eagle 1 Oz Silver Coin | 632,000 | 1,019,000 | 3,124,000 | 2,970,000 | 3,938,000 | 21,847,000 |
| $100 American Eagle 1 Oz Platinum Coin | 0 | 0 | 0 | 0 | 0 | 12,700 |
Aha, they realized they were leaving money on the table? Coin World has updated/released the article(Full Story): “Mint changes plans for 1794 $1 American Liberty designs” The Mint initially planned to employ the 1794 dollar designs for an American Liberty silver medal in 2024 and gold dollar in 2025, but is now planning to use the designs to celebrate the 230th anniversary of the Flowing Hair dollar series in 2024 — a program separate from the American Liberty series. Mint officials cited objections from the design review panels for the decision to withdraw the 1794 designs from the next American… Read more »
Yes indeed Kaiser that for sure is the deal! Now I get to laugh at myself, as having read again and fully digested your short, crystal clear dissemination of the information, I realize now, I said or repeated the same information, in a much more long winded way, below. Damn; maybe I need to start drinking decaf???
LOL, Kaiser, that’s one of my favorite scenes from an all time classic! Another is from the movie Animal House, when at the Toga Party, Bluto(John Belushi) encounters a hipster, strumming guitar, wooing the ladies on his way downstairs and grabs the guitar, then obliterates the minstrels instrument, by bashing on the wall and bannister, before handing it back and exclaim in a non excited, dull monotone, “Sorry”… LOL Appreciate your thoughts on the caffein intake! haha
Hate it when I lose that train of thought Kaiser Wilhelm. I was going to add that, every time I watch “Airplane” I notice some other subtle anomaly or funny little quirk! Gotta love the “propeller” background throughout while they fly in a Jet! Too many to list although I bet someone has listed them all somewhere online. Thanks again for the laugh!
I lose train of thought a lot too, but I am hopeful infrastructure week will fix it.
Space balls was close. Also the one with Gene wilder based on Frankenstein.
Apologies for not talking Precious Metals Market Report.
As the 2024/2025 Flowing Hair Silver Medal and Gold Coin were discussed here previously, in conjunction with what would be placed on the coin or medal, regarding words, date, motto came up. The motto “In God We Trust”, was mentioned and when it first began appearing on our coins. I stumbled into this educational piece over on Coin Week, titled: “The Two-Cent Piece: The Civil War and In God We Trust”. Enjoy, if you like learning or reading about our Country and coins history. I found this to be an interesting and entertaining read. My $.02 cents worth! LOL
https://www.coinnews.net/2023/11/01/gold-silver-and-other-precious-metals-decline-in-start-to-november/
Not sure where the “Waiting Approval” version ended up? However here is the text portion, minus the link, which more than likely was the hang up? Son of a Honey Badger! When that Waiting for approval message came up, I copied my response, yet, as we’ve discussed previously, dag nab it, failed to paste somewhere safe prior to additional copy and paste functions being performed, whilst multi tasking. Ugggh, I’m a freaking Bull in a China Shop/Trainwreck! Sigh….
CaliSkier,
There is also a fine numismatic book titled “In God We Trust:The American Civil War, Money, Banking and Religion” by William Bierly with a forward by famous numismatic author Q. David Bowers that covers the entire history of the USA 2-cent coin & the motto on all our coins since the first 1864 2-cent coin. It is a great read!
NumisdudeTX
Thanks for the suggested book and information it contains Seth! More and more, it is looking like I have and or am moving into more of a study of coins versus collecting of coins, so really appreciate you sharing this info! Books may be, more the way I begin to focus. Possibly hit up garage sales in search of “Old” copies? That’ll need to wait until spring or summer, however as between cold and snow, that garage sale circuit, pretty much shuts down! LOL
Best I can do for now Kaiser, since the waiting approval function ate my reply with the link. Ok Kaiser here is your chance to practice Copy and paste. Copy and paste the following into a search engine of your choice.(Bing, Google, ?, etc). Coin Week The Two-Cent Piece: The Civil War and In God We Trust” take your mouse and direct the cursor to just left of the C in “Coin”(above). Next, click and hold down the left button on your mouse(don’t release). Now, while still holding that left click in place, slowly move your mouse to the right.… Read more »
ROFLMAO Kaiser Wilhelm!!! You had me rolling, sentence acts sentence, good genuine belly laughing! Absolutely hilarious and you have such a way of combining words! Too freaking funny! I hope the alprazolam , kicked in? Thanks for painting such a clear and funny picture! I’ll never think of that Linda Blair scene the same! LOL
Yes Kaiser Wilhelm, however consider this when you say: “consider this: a rapidly rotating cranium gathers no moss but may catch a few moths. A rotating cranium, while gathering no moss and catching a few moths, will “gather way more flys than honey or vinegar”! LOL Hmmm…. I wonder if you add corn syrup to the vinegar, how effective that would be…Ponder
Touché Kaiser Wilhelm, you are too funny! We will have to wait for those nuclear powered AI Super drone flies, in order to overcome said, projectile vomiting!
With this quote from Coin World(original/initial article): “The United States Mint has canceled plans to use the 1794 Flowing Hair dollar designs for the 2024-2025 American Liberty medal and coin program, citing objections from the design review panels” and the US Mints own printed promotional pitch: “To celebrate our freedom, the United States Mint has created these designs to honor classic symbols of liberty in a modern way.”, it appears at least someone at the Mint is paying attention? As inserting the 1794 Flowing Design into the “New American Liberty Series, is and or would be in total contradiction to:… Read more »
Thanks and perfect closing! So, so very true!