Issue 18 · week ending October 23, 2026
October 23, 2026
Gold dipped below $4,000 for the first time since July and is headed for its worst week since June, India cleared a large wave of silver imports, and a Gabelli fund manager says the war is only delaying a $5,000 gold run. Plus a fresh look at the nickel's cost and this week's Gold Standard results.
Spot gold touched $3,986.50 an ounce early Friday, its lowest since July 20, before edging back to $4,026.15 by 09:36 GMT. Bullion is down 3.5% this week, its second straight weekly loss and steepest since June, as higher oil prices feed expectations of higher-for-longer Fed rates.
Kitco News (Reuters) printed low $3,986.50/oz, then $4,026.15; down 3.5% on the week (2026-10-23).
India has issued permits to import around 6,500 metric tons of silver over the next six months to cover festive-season demand, four bullion dealers who received them told Reuters. India restricted most silver imports in mid-May and relies on imports for more than 80% of its demand.
Kitco News (Reuters) printed about 6,500 metric tons permitted over six months (2026-10-22).
Chris Mancini, co-portfolio manager of the Gabelli Gold Fund, told Kitco that gold would probably already be at $5,000 an ounce if the Iran conflict and Strait of Hormuz disruptions had been resolved over the summer, and he sees the current pressure as a delay rather than a threat to gold's long-term outlook.
Kitco News printed no sale figure.
Patrick A. Heller asks whether the Mint should stop striking nickels. He puts the metal in a Jefferson nickel at just under 7.5 cents and the total cost with labor and overhead above 10 cents, which on last year's 1.04 billion circulation mintage means a loss of more than $52 million.
Numismatic News (Patrick A. Heller) printed metal just under 7.5 cents; total cost above 10 cents; loss over $52 million on 1.04 billion coins (2026-10-22).
Gold Standard Auctions' Oct. 19–21 Coins and Estates sale (900 lots) was led by a 1995 Austria 1 oz gold Philharmonic, Superb Gem BU, at $4,000, tied with a 2002 Austria 1 oz gold 100 euro Philharmonic at $4,000, then a 1913 Barber half dollar, PGA MS65+, at $1,500. The house says its top 13 lots brought $17,150; all figures are hammer prices before the buyer's premium.
Gold Standard Auctions printed top lots $4,000, $4,000, $1,500; top 13 lots $17,150 hammer, before buyer's premium (2026-10-21).
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