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