Monthly Average Silver Coin Melt Values Fall in October

October 2013 tallied up some interesting results when it comes to the silver market which also affected the associated US Silver Coin Melt Values. As usual, gains and losses were seen during the month with a disparity shown when comparing end of month figures or monthly averages.

America the Beautiful 5 Ounce Silver Coin

Melt Values of America the Beautiful Five Ounce Silver Coins, like this Yellowstone Coin, fell in October

If we look just at the end of month London Fix, we see that silver gained a very respectable 52¢ in October. This increase in the cost of an ounce of silver resulted in silver coin melt values jumping a healthy 2.4% from the end of September to the end of October.

These numbers are based on a London Fix of $21.68 on September 30th and a London Fix of $22.20 on October 31st. Based on these results, most might tend to be happy about the market.

However, we must also consider the average monthly cost of an ounce of silver. The average is determined by adding up the London Fix for each trading day in a month and dividing by the number of trading days that month.

For October, we find that the average for the month came in at $21.92 an ounce. As a comparison, the average in September was higher at $22.56 per ounce. The difference between the two amounts is a negative 64¢, or a drop of 2.8% when looking at the averages.

To help explain the differences, we can start looking at the individual days of the months. The high in October was only $22.74 an ounce which occurred on October 30th. A more detailed look at the month shows that eleven of the trading days were in the $22 an ounce range with eleven in the $21 range and one in the $20 range.

September, on the other hand, saw a high of $24.21 on the 3rd of the month. Values started to fall from there but September still saw six days in the $23 an ounce range, three days in the $22 an ounce range and ten in the $21 range.

The chart below shows the average London Fix for Silver for the last several months. It also shows the dollar change per ounce and the percentage increase or decrease from the previous period.

Average Monthly London Fix for Silver Comparison

 
Average London Fix
for Silver
$ Change
% Change
October 2013
$21.92
-$0.64
-2.8%
September 2013
$22.56
+$0.73
+3.3%
August 2013
$21.84
+$2.13
+10.8%
July 2013
$19.71
-$1.40
-6.7%
June 2013
$21.11
-$1.90
-8.3%
May 2013
$23.01
-$2.19
-8.7%
April 2013
$25.20
-$3.60
-12.5%
March 2013
$28.80
-$1.53
-5.0%
February 2013
$30.33
-$0.78
-2.5%
January 2013
$31.11
-$0.85
-2.7%
December 2012
$31.96
-$0.81
-2.5%
November 2012
$32.77
-$0.42
-1.3%
October 2012
$33.19
-$0.42
-1.2%
September 2012
$33.61
+$4.91
+17.1%

 

A real world average silver coin melt value comparison can be seen with one of the America the Beautiful Five Ounce Coins. Struck from five ounces of .999 fine silver, one of these coins had an average approximate melt value of $112.80 in September but only an average of $109.60 in October.

Silver Coin Melt Values offers routinely updated silver market information and related melt values.

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