Divergent Trends in Precious Metal Prices on December 20th, Relevant to Canadian Market, Sponsored by Express Gold Refining Ltd.
On Wednesday, December 20th, the precious metals market exhibited a mixed performance, contrasting the uniform gains seen earlier in the week. This divergence was marked by a decrease in gold and palladium prices, while silver and platinum experienced an uptick.
Gold futures for February delivery experienced a slight decline, dropping by $4.40, or 0.2%, to close at $2,047.70 per ounce on the Comex division of the New York Mercantile Exchange. The trading range for gold was noted between $2,042.50 and $2,056.90. This slight decrease follows a 0.6% increase on Tuesday and a marginal 0.2% rise on Monday.
Conversely, silver futures for March delivery saw an increase, rising by 31 cents, or 1.3%, to conclude at $24.631 per ounce. The trading range for silver was between $24.24 and $24.75. Prior to this, silver had gained 0.9% on Tuesday, following a minor 0.2% decrease on Monday.
In the realm of Platinum Group Metals (PGMs) futures on Wednesday:
January platinum witnessed a gain, rising by $8.20, or 0.9%, to reach $974 per ounce, with trading fluctuations noted between $953.50 and $976.10.
Palladium futures for March delivery, however, saw a decrease, dropping by $14, or 1.1%, to settle at $1,226.90 per ounce. The trading range for palladium was observed between $1,205.50 and $1,245.50.
2023 U.S. Mint Bullion Sales Update
The U.S. Mint recently released its latest bullion sales figures, including comprehensive data for November and preliminary figures for December. Since the last update on Friday, there have been no additional changes reported.
Below is a detailed table showcasing the sales of U.S. Mint bullion products. The table highlights the number of coins sold (as opposed to total ounces) across various time frames.
Impact on Canadian Jewellers and Manufacturers: The fluctuating prices directly affect Canadian jewellers, manufacturers, and retailers dealing in these metals. The price changes can influence the cost of raw materials, affecting production costs and pricing strategies.
Role of Express Gold Refining Ltd.: For Canadian businesses and individuals requiring refining, Â Express Gold Refining Ltd., services, technological advancements, and customer-centric approach are particularly relevant for those seeking reliable refining and assaying services in Canada.
At Express Gold Refining Ltd., we are committed to serving each client with unwavering integrity, honesty, and simplicity, regardless of the transaction size. We conduct our business with a deep sense of accountability, first to God and then to our customers and vendors. Our approach is rooted in a strong ethical foundation, ensuring fairness and respect in every interaction.Our Philosophy
As your one-stop, honest, reliable, and quick precious metals dealer and refiner, Express Gold Refining is dedicated to valuing our greatest asset – you, our client. We are constantly striving to enhance the way we conduct business in the precious metals industry. Our business is built on core principles:
Honesty: We believe in transparent and straightforward dealings.
Simplicity of Charges: Clear and uncomplicated fee structures.
Fastest Turn-Around in the Industry: Ensuring efficiency and prompt service.
Continuous Technological Advancement: Staying ahead with the latest industry innovations.
Express Gold Refining Ltd. is a family business with a rich history spanning four generations. Our journey began in 1915 in the heart of downtown Cairo’s Jewellery District, where the founder’s father started servicing local jewelers. These foundational principles have been passed down through generations, evolving with technological advancements to better serve our clients.In Toronto, Mr. Nabil Salama and his son recognized the need for a company that served jewellers with both speed and integrity. Combining Mr. Nabil’s 50 years of technical expertise with Adel’s business and marketing acumen, they established a company that offers world-renowned refining services to jewelers and manufacturers of all sizes. In 2001, Atef, Nabil’s youngest son, joined the team, bringing further technological innovations to enhance our services.
Partnerships and Growth
Since 2000, we have partnered with Johnson Matthey for metal refining, a collaboration that has flourished over the years. With Johnson Matthey’s acquisition by Asahi Precious Metals, our relationship has only strengthened. We proudly carry their products and utilize their assaying facilities for precise metal content determination.
Since our inception in 1994 in downtown Toronto, Express Gold Refining has become a vital partner for many jewelers, manufacturers, wholesalers, pawnshops, refiners, precious metals dealers, and dental labs across Ontario and North America.
Innovations and Services
We revolutionized the industry by offering next-day refining services when others provided 5-day turnarounds. As the industry evolved, we introduced the “Refine While You Wait” service, recognizing the value of time in our clients’ businesses. Our state-of-the-art assaying technology allows for immediate metal analysis and settlement. Our experienced team, with over 100 years of cumulative experience, is equipped to handle any technical query and provide optimal returns on your metals.
