Gold Edges Up, Silver Rises for 2nd Day; US Silver Coins Gain

Silver and Gold Bullion
Gold and Silver advanced Wednesday. US Mint bullion sales were limited to bullion Silver Eagles.

Gold prices climbed from a three-week low Wednesday, and also snapped a three-session losing streak.

Gold for June delivery turned up $3.50, or 0.3%, to settle at $1,284.60 an ounce on the Comex division of the New York Mercantile Exchange. Prices ranged from a low of $1,281.30 to a high of $1,289.

"Gold prices ended the U.S. day session modestly higher Wednesday, as some more short covering and bargain hunting were featured following recent selling pressure," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a report. "Also, some scant safe-haven demand surfaced due to an increase in Russia-Ukraine tensions."

In other precious metals, silver and palladium rose for a second day while platinum advanced from a prior-day loss. In the daily closings:

  • Silver for May delivery tacked on 8 cents, or 0.4%, to end at $19.44 an ounce. It traded between $19.38 and $19.56.

  • July platinum rose $3.60, or 0.3%, to $1,403.90 an ounce, ranging from $1,398 to $1,407.60.

  • Palladium for June delivery added $2.35, or 0.3%, to $786 an ounce, trading between $783 and $787.60.

London Fix Precious Metals

Earlier fixed London precious metals logged modest declines. In contrasting the London fix prices from Tuesday PM to Wednesday PM:

  • Gold shed $1.50, or 0.1%, to $1,285.25 an ounce,
  • Silver dipped 5 cents, or 0.3%, to $19.46 an ounce,
  • Platinum lost $3, or 0.2%, to $1,400 an ounce, and
  • Palladium fell $1, or 0.1%, to $786 an ounce

US Mint Bullion Sales in March

U.S. Mint bullion sales were limited to 50,000 orders of American Silver Eagles after much wider product advances on the previous day.

Below is a sales breakdown for U.S. Mint bullion coins with columns listing the number of bullion coins sold on Wednesday, last week, this week so far, last month, the month-to-date, and this year so far.

American Eagle and Buffalo Bullion Sales (# of coins)
Wednesday Sales Sales Last Week Week-To-Date Sales March Sales April Sales YTD Sales
$100 American Platinum Eagle Bullion Coins 0 300 100 10,000 1,000 11,000
$50 American Eagle Gold Bullion Coins 0 7,500 1,500 16,000 21,000 121,500
$25 American Eagle Gold Bullion Coins 0 0 0 2,000 1,000 18,000
$10 American Eagle Gold Bullion Coins 0 8,000 2,000 4,000 20,000 62,000
$5 American Eagle Gold Bullion Coins 0 10,000 5,000 30,000 35,000 275,000
$50 American Buffalo Gold Bullion Coins 0 3,000 500 12,000 13,500 79,000
$1 American Eagle Silver Bullion Coins 50,000 1,085,000 1,140,500 5,354,000 3,569,000 17,448,000
Great Smoky Mountains National Park 5 Oz Silver Bullion Coins N/A* 7,400 600 12,400 10,600 23,000


*The U.S. Mint on Monday, April 21, said it temporarily sold out of Great Smoky Mountains National Park 5 Oz Silver Bullion Coins and that it would have additional inventory available in a few weeks.

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My guess is that the Smoky is done. It is close enough in time tht the next-up Shenandoah’s will come on sale before any additional product could be found. Maybe the future mintages will increase slightly but with silver in short supply, I doubt it.

Speaking of silver shortages, why is it that the price stays so low when obviously something is rotten in Denmark. Manipulation anyone? Next question: why?

Who gains by artificially keeping the market price artificially low?