Silver’s 4-Year Low Brings Speculators Out, US Mint Sells Out Eagle Coins

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Silver

Silver speculators have been making high-quantity purchases of the white metal since it hit a 4-and-a-half-year low on Wednesday, causing a shortage of coins. The US Mint temporarily sold out of silver eagle coins this week.

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Bank of Japan Gov. Haruhiko Kuroda defended last week’s unexpected increase in asset purchases and pledged to do whatever it takes to eliminate deflation and spark growth, putting the central bank on a different path from the US Federal Reserve., which ended asset purchases in October and is expected to raise rates next year.

Closing at $15.31 per ounce on Thursday, November 6, US silver saw the biggest change at a 4.5%. After falling 4.4% to CNY 3,340 ($543.82) per kilogram, the price of Chinese silver reached a 30-day low. The price of Indian silver fell 1.4% to INR 35,495 ($578.99) per kilogram. The price of Japanese silver held steady at JPY 583.00 ($5.35) per 10 grams.

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At $1,140 per ounce, US gold bullion fell 2.4% on Thursday. The price of Chinese gold bullion fell 2.0% to a 30-day low of CNY 223.91 ($36.46) per gram on Thursday. The price of Indian gold bullion declined 0.1% to INR 25,963 ($423.51) per 10 grams. Japanese gold bullion stayed flat at around JPY 4,241 ($38.95) per gram.

US platinum bar finished the day down 2.7% to $1,202 per ounce. The price of Chinese platinum bar fell 1.2% to CNY 254.00 ($41.36) per gram. The price of Japanese platinum bar showed little movement on Thursday at JPY 4,459 ($40.96) per gram.

US palladium bar prices fell 3.3%, landing at $755.00 per ounce on Thursday. Chinese palladium bar ended the day at CNY 167.00 ($27.19) per gram, after the 2.9% drop on Thursday. The price of Japanese palladium bar remained essentially flat at JPY 2,773 ($25.47) per gram.

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