Precius Metals Decline Tueday, Feb. 27

by CoinNews.net on February 27, 2018 · 2 comments

Gold bullion, Three Bars

Losses in precious metals futures ranged from 1.1% for both gold and silver to 2.4% for palladium

Precious metals futures declined as a group on Tuesday after they gained on Monday.

Gold for April delivery lost $14.20, or 1.1%, to settle at $1,318.60 an ounce on the Comex division of the New York Mercantile Exchange.

"The precious metals bulls got punched in the nose by new Federal Reserve Chairman Jerome Powell, who sounded a hawkish tone on future U.S. monetary policy," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a report.

Gold futures traded from a low of $1,314.40 to a high of $1,338.40. They rose 0.2% in their start to the week on Monday.

Silver for May delivery declined 18.8 cents, or 1.1%, to close at $16.434 an ounce. Silver futures ranged from $16.34 to $16.72. They gained 0.4% on Monday.

In rounding out precious metals futures prices on Tuesday:

  • April platinum fell $17.20, or 1.7%, to $984.60 an ounce, trading between $983 and $1,005.

  • Palladium for June delivery dropped $25.20, or 2.4%, to $1,029.25 an ounce, ranging from $1,028.50 to $1,057.30.

London Precious Metals Prices

In comparing earlier fixed London gold and silver prices from Monday PM to Tuesday PM:

  • Gold declined $7.75, or 0.6%, to $1,325.75 an ounce.
  • Silver fell 6 cents, or 0.4%, to $16.61 an ounce.

LBMA platinum and palladium prices are available on the LBMA’s website with a delay of midnight.

US Mint Bullion Sales in 2018

U.S. Mint bullion sales were unchanged. Below is a sales breakdown of U.S. bullion products with columns listing the number of coins sold during varying periods.

US Mint Bullion Sales (# of coins)
Tuesday Last Week This Week December January February 2018 Sales
$100 American Eagle 1 Oz Platinum Coin 0 0 0 N/A N/A 20,000 20,000
$50 American Eagle 1 Oz Gold Coin 0 2,000 0 38,000 36,000 5,000 41,000
$25 American Eagle 1/2 Oz Gold Coin 0 0 0 3,000 16,000 0 16,000
$10 American Eagle 1/4 Oz Gold Coin 0 0 0 4,000 26,000 0 26,000
$5 American Eagle 1/10 Oz Gold Coin 0 5,000 0 25,000 80,000 5,000 85,000
$50 American Buffalo 1 Oz Gold Coin 0 0 500 14,000 24,000 2,500 26,500
$1 American Eagle 1 Oz Silver Coin 0 70,000 237,500 742,000 3,235,000 942,500 4,177,500
Pictured Rocks 5 Oz Silver Coin 0 N/A 20,000 N/A 20,000 20,000

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Precious metals are like stocks; they go up and down with the vagaries of fortune, and like stocks, the longer you hold on to them the better are your chances of coming out ahead. Bailing is not an option for anyone serious about their various investments; that is, unless you still own a fistful of shares in the venerable Eastern Pennsylvania Whip & Buggy Company.

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A minor(?) codicil to the above statement. If you’re on a sinking ship, the lifeboats are preferable to bailing with buckets.