Silver down 18% and gold 7% in October: what bars cost in the US
In short
- At 7:00 a.m. (Sofia time) spot gold is $3,885 an ounce and silver $49.14, the Friday close, as markets are shut for the weekend. From the 30 September close to the 30 October close, gold is down 7.2% and silver down 18.2%.
- A 1 oz gold bar costs from $3,917.10 at the cheapest tracked dealer (Gainesville Coins), $32.20 (0.8%) over spot. SD Bullion sells a 1 oz bar at $3,966.14 and buys back at $3,769.27.
- The Fed held at 3.75–4.00% on 28 October by a 10–2 vote, with two officials wanting a hike, and the chance of a December hike is about 75% (FinanceFeeds).
October was a heavy month for precious metals: silver lost 18% in dollars and gold 7%, as markets priced a possible Fed rate rise in December. On Friday we wrote about gold falling below $4,000; here is the whole month and what bars cost now.
What happened
Gold closed on 30 October at $3,885 an ounce, against $4,187 on 30 September. Silver closed at $49.14, against $60.10. Reports earlier in the week quoted a silver fall of “more than 14%”; those figures ran to Thursday, and Friday’s drop added to it.
The backdrop, according to FinanceFeeds: the Fed held rates at 3.75–4.00% on 28 October by a 10–2 vote, two members wanted a hike, US third-quarter GDP grew 3.4% annualised and core PCE was 3.1% year on year. CME FedWatch put the chance of a December hike at about 74.9%.
Silver fell furthest. The SLV silver ETF lost 13.3% between 30 September and Thursday’s close, and silver ETPs have shed about 60 million ounces this year. The gold-to-silver ratio was 77.1 on Thursday and is about 79 on our Friday-close data. Sucden expects gold around $3,900 and silver at $50–53 into December; that is that firm’s forecast, not ours.
What it means for you
The math: one ounce of gold lost about $302 in value over the month ($4,187 to $3,885) and one ounce of silver about $10.96 ($60.10 to $49.14).
Dealers sell above spot. A 1 oz American Gold Eagle is from $3,955.18 at Gainesville Coins, $70.28 (1.8%) over spot, and a 1 oz American Silver Eagle is from $54.16, $5.02 (10.2%) over spot; SD Bullion buys the silver Eagle back at $46.72. On gold, SD Bullion’s buy-back of $3,769.27 for a 1 oz bar is $115.63 below spot. Dealer prices are as of about 12:19 a.m. Eastern.
Live prices: gold prices in the US, silver prices in the US and the gold price chart.
Bottom line
Gold ended October at $3,885 an ounce, down 7.2% on the month, and silver at $49.14, down 18.2%, with the chance of a December Fed hike at about 75%. The cheapest tracked 1 oz gold bar is $3,917.10, 0.8% over spot.
Sources: FinanceFeeds
Gold prices at US dealers live →
For information only. This is not investment advice.
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