The Global Precious Monthly Metals Index (MMI) rose by 5.8% this month.
MetalMiner has launched a full suite of precious metals as part of the MetalMiner Insights platform.
MetalMiner launches precious metals suite in MetalMiner Insights
In case you missed it, MetalMiner has launched a full suite of precious metals as part of the MetalMiner Insights platform.
This includes a complete suite of catalytic converter precious metals, which are particularly useful for automotive end-use applications.
For gold and silver watchers, the new offerings include short- and long-term forecasts for gold and silver.
Visit the MetalMiner Insights landing page for more information.
Gold price gains
Speaking of gold, the U.S. gold bullion price made some gains in October.
After opening the month at $1,757 per ounce, it opened November at $1,784 per ounce. The gold price has continued to gain in November, closing Nov. 10 at $1,832 per ounce.
Meanwhile, the U.S. dollar, which historically correlates inversely with gold, lost some ground in October. After opening the month just over 94, the U.S. dollar index slipped just below that mark to open November.
Bitcoin and gold
Earlier this month, MetalMiner’s Nick Athanis — in the second part of his series surveying the qualities of Bitcoin and gold — delved into the properties of durability, portability and uniformity.
“The nature of Bitcoin as a digital asset makes it extremely portable across the internet,” Athanis explained. “Large quantities of gold transportation across oceans can take weeks to deliver. Over the Lightning Network — an application, built upon the original bitcoin layer, to make payments faster and cheaper — a bitcoin transaction can be settled from the United States to southeast Asia in under 10 minutes for a fraction of a penny in fees. Internet connection is necessary for any bitcoin transaction to take place, which can be a drawback in places with limited internet access.”
Keep an eye out for the next installment of the series, in which he will cover the properties of durability, scarcity and acceptability.
Federal Reserve maintains rates
In monetary policy news, the Federal Reserve announced Nov. 3 that it is maintaining the federal funds rate at 0-0.25%.
However, citing substantial economic progress, the Fed Committee indicated it will begin tapering its program of asset purchases that extend back to last December.
The Fed will begin reducing the monthly pace of its net asset purchases by $10 billion for Treasury securities and $5 billion for agency mortgage-backed securities. This month, the Fed will increase holdings of Treasury securities by at least $70 billion per month and of agency mortgage-backed securities by at least $35 billion per month. In December, that will fall to $60 billion and $30 billion, respectively.
“The path of the economy continues to depend on the course of the virus,” the Fed added. “Progress on vaccinations and an easing of supply constraints are expected to support continued gains in economic activity and employment as well as a reduction in inflation. Risks to the economic outlook remain.”
Treasury yields slide
In other economic indicators, U.S. 30-year Treasury yields slipped in October.
The 30-year yield fell from 2.04% on Oct. 1. to 1.98% on Nov. 1. The 30-year yield has continued to fall in November, dropping to 1.83% on Nov. 9, its lowest since hitting 1.83% on Aug. 4.
Meanwhile, the 10-year yield hit 1.48% on Oct. 1 and rose to 1.58% on Nov. 1. The 10-year yield fell to 1.45% on Nov. 5 before bouncing back to 1.56% on Nov. 10.
Sibanye-Stillwater releases quarterly production results
South African platinum and palladium miner Sibanye-Stillwater reported palladium and platinum production from its U.S. operations of 144,325 ounces for the quarter ending in September.
The total rose from 143,951 ounces the previous quarter but fell from 147,835 ounces in Q3 2020.
Meanwhile, platinum, palladium, rhodium and gold output from its South African operations totaled 500,073 ounces in Q3 2021, up 20% year over year.
“The SA PGM operations again delivered outstanding results during Q3 2021, with 4E PGM production increasing by 20% and all-in sustaining cost (AISC) declining by 4% year-on-year,” the firm said. “This decline in costs is notable in the context of significant inflationary pressures with annual electricity tariffs in South Africa in particular continuing to rise at rates well above inflation.”
Actual metals prices and trends
Although the gold price has surged over $1,830 per ounce in November, the U.S. gold bullion price rose 1.5% month over month to $1,784 per ounce as of Nov. 1. U.S. silver ingot/bars price rose 7.8% to $23.89 per ounce.
U.S. palladium bars rose by 5.5% to $1,937 per ounce. Meanwhile, platinum bars rose by 5.8% to $1,018 per ounce.
The Chinese gold bullion price rose by 2.6% to $57.58 per gram.
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