Gold Settles at Lowest Price of Year

by on March 1, 2018 · 13 comments

Partial Photo of Bullion Gold

Losses in precious metals futures ranged from 0.8% for silver to 6.2% for palladium

Gold futures ended lower in their start to the new trading month on Thursday. The precious metal logged its third straight session loss, and ended at its lowest price this year.

Gold for April delivery declined $12.70, or 1%, to settle at $1,305.20 an ounce on the Comex division of the New York Mercantile Exchange. The close was the lowest since Dec. 28.

"We’re down on the stronger dollar today, and we’re still hearing interest rate expectations," Reuters quoted Chris Gaffney, president of world markets at EverBank.

Gold futures traded from a low of $1,303.60 to a high of $1,321.40. They dipped less than 0.1% on Wednesday, posting a 1.9% monthly loss.

Silver for May delivery fell 13.1 cents, or 0.8%, to settle at $16.276 an ounce. Silver futures ranged from $16.18 to $16.44. In the previous session, they shed almost 0.2% and finished the month of February with a 4.8% loss.

In other precious metals futures:

  • April platinum dropped $30.30, or 3.1%, to $957.80 an ounce, trading between $956.50 and $987.30.

  • Palladium for June delivery declined $64.40, or 6.2%, to $973.20 an ounce, ranging from $969.90 to $1,038.05.

"Platinum and palladium prices declined as a German court reportedly ruled this week that cities have the right to ban diesel motors to improve air quality," according to MarketWatch. "Both metals are used in the automotive industry."

London Precious Metals Prices

In comparing earlier fixed London gold and silver prices from Wednesday PM to Thursday PM:

  • Gold declined $10.10, or 0.8%, to $1,307.75 an ounce.
  • Silver shed 12.5 cents, or 0.8%, to $16.315 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

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

US Mint Bullion Sales (# of coins)
Thursday / March Last Week This Week February 2018 Sales
$100 American Eagle 1 Oz Platinum Coin 0 0 0 20,000 20,000
$50 American Eagle 1 Oz Gold Coin 0 2,000 0 5,000 41,000
$25 American Eagle 1/2 Oz Gold Coin 0 0 0 0 16,000
$10 American Eagle 1/4 Oz Gold Coin 0 0 0 0 26,000
$5 American Eagle 1/10 Oz Gold Coin 0 5,000 0 5,000 85,000
$50 American Buffalo 1 Oz Gold Coin 0 0 500 2,500 26,500
$1 American Eagle 1 Oz Silver Coin 0 70,000 237,500 942,500 4,177,500
Pictured Rocks 5 Oz Silver Coin 0 N/A 20,000 20,000 20,000

{ 13 comments… read them below or add one }

Old Collector March 1, 2018 at 2:45 pm

Well, it appears that the Germans are in fact still as influential a force as they ever were. The courts there simply approve the legality of the process of banning diesel-powered motor vehicles and the next thing you know the bottom is falling right out of both the platinum and palladium markets!

Mouse March 1, 2018 at 4:12 pm

Old collector – I saw that coming a mile away, but dont count out China – they are going to keep Platinum and Palladium in the for front for awhile. I predict that Palladium will tank as it is a by product of platinum mining and right now more costly. Manufactures, manly China will revert back to the cheaper metal – platinum – just makes good business sense.


Old Collector March 1, 2018 at 7:56 pm


You are definitely remaining on top of things precious metal-wise by keeping you ear to the ground, your eyes on the horizon and just generally staying ahead of the curve, so to speak.
And speaking of staying ahead, I read today that Russia has now gone ahead of China in the total amount of gold it holds as a nation; now that’s a development I didn’t see coming nor did in any way ever expect.

Mouse March 1, 2018 at 8:47 pm

Old Collector – Check out the top ten country’s that hold the largest physical gold reserves to date – the USA being #1 – Germany a close second. We as a world supposedly no longer base our dollar on the gold standard – research is a good thing my friend, the dollar bill will not last and we will go back to the gold standard controlling international currency. Not in our lifetime but it is gonna happen.

My country Canada sold off our gold reserve – still pisses me off to this day as one person – leader of the country or not does not have the right to sell what does not belong to him and negatively effect the future of my grandchildren to make a pitiful attempt to balance an unbalance-able federal budget. The only positive for my country is our untapped (every country in the world needed) resources. Just our oil sands can fuel the world for years well after the middle east is tapped clean. Our bearly untapped pot ash supply will ensure food supply remains strong for all our brothers and sisters of this world…just to name a few resources.

Australia and Russia hold the largest – untapped gold reserves in the world.

Check out what your country holds for gold reserve and the cost per kilogram bar – it will blow your mind. it is well below spot lol and I mean well below spot lol

Love this site / precious metals and international education is a good thing…and I do love me my coins – gotta stock for my child and grandchildren, they deserve a piece to.


Old Collector March 2, 2018 at 10:17 am


I stand corrected, and thank you for the actual figures. I don’t know how I could get information so far off from the truth, and I will have to be sure to “vet” my sources much more closely and carefully in the future. Lesson learned.

I wholeheartedly agree that the employment of unsupported, backing-free fiat currency as legal tender is a disaster waiting to happen. If instead, for example, the U.S.A were required to have one dollar’s worth of gold for every one dollar bill in circulation, neither the concept nor the reality of a national debt would even be possible. The moment America went off the gold standard, the long term prospect of the economy became one of an eventual, even inevitable catastrophic financial collapse.

Mouse March 2, 2018 at 4:41 pm

Old Collector – No lesson to be learned my friend. We are a coin community and all have much to offer each other.

You are so correct about all the fictional money that our world deems as real. One day there will be a world financial collapse (the meek will inherit the earth) and world leaders – mainly your country is prepping up for the moment.


Seth Riesling March 2, 2018 at 7:31 pm

Mouse & Old Collector –

The official price of the gold the USA Government owns & stores at the U S. Mint’s Bullion Depository at Ft. Knox, Kentucky (about 147 million ounces) is on the official accounting books of the USA Treasury Dept. at $42.2222 per ounce. The last public audit of the gold held there was in 1974 by U.S. Mint Director Mary Brooks (who I met a few times at 1980s ANA conventions with her close friend Coin World Editor Margot Russell). She took some Congress persons & media/press people to take photos & proved the gold was accounted for. No recent “modern” President has ever even been inside! Our new Secretary of the Treasury, billionaire Steven T. Mnuchin made a vanity trip there during the total eclipse of the sun last year with his “designer” gold-digger wife to poke his nose around as the first in his position to do so in about 30 years, yet I haven’t seen his book report on that junket! lol.
When Mary Brooks & Margot Russell got home from their 1974 trip there, they discovered pure gold flakes attached to the pantyhose they wore in the vaults that day due to light contact with the pure gold “bricks (the only gold “taken” out of the Army base fortress at Ft. Knox since it was put there in the 1930s!) lol


Old Collector March 3, 2018 at 2:14 am

You are too kind, and I heartily support your co-operative vision of our little numismatic assemblage here.
As to the likely eventual collapse of the world’s untenable fiat currency system, while I don’t fret about it regarding myself I do find myself worrying on behalf of my children and grandchildren as to how this will impact their lives. Then again, worry and a couple of bucks will get you a cup of coffee.

Old Collector March 3, 2018 at 2:21 am

Seth Riesling,
Why indeed is the price of gold frozen at that incredibly, unrealistically low level by the Treasury Department? Is it perhaps just an ongoing ploy to stave off the idea that there might be at least a remote possibility to accumulate enough gold to at least afford some small chance of returning U.S. currency to the gold standard?

Seth Riesling March 3, 2018 at 6:53 am

Old Collector –

The official gold price of $42.2222 per ounce of the gold held at the Ft. Knox Billion Depository is the price of gold on the last day they added gold to the vaults there at the Army base in Kentucky in the late 1930s. The government can’t value it at today’s “spot” price on their accounting books unless they sell some at today’s price. And they have never sold an ounce since all that gold was impounded there in the 1930s. It is just an accounting books quirk of the U.S. Mint (formerly called the Bureau of the Mint) & their overseer the USA Department of the Treasury. Both the U.S. Mint & the Bureau of Engraving & Printing are still today officially government bureaus of the USA Dept. of the Treasury. But, the U.S. Mint & U.S. Mint Police run the Ft. Knox Bullion Depository under the direction of the U.S. Mint Director (which we haven’t had since Jan. 2011 !) & the Director of the U.S. Mint reports to the Treasury Secretary. Isn’t that typical complicated government bureaucracy!? lol

P.S. – The railroad tracks that were built to haul most of the gold into the “gold fortress” in Kentucky were immediately ripped up after the last bar/brick was delivered. They were smarter than the average bear back then! LOL Plus, the Army base where it is located is the #1 proving grounds for our most advanced tanks, so it is well protected along with the most modern computer & laser detection systems in the country. And, all trees on the grounds by the building were removed so there is a clear view to the nearby highway (those who stop on the highway nearby for any reason are immediately “visited” by law enforcement officials). Most experts I have heard talk about it, say it is more secure than the White House! (Look at how many fence jumpers there are each year at the White House & one guy about 3 or 4 years ago got all the way inside the unlocked front door & to the historic East Room before Secret Service agents apprehended him!) Of course, there is a nuclear-bomb proof bunker under the White House which was used on 9-11 with First Lady Laura Bush & top officials locked safely inside twice that most horrible day. I haven’t heard if the Ft. Knox fortress has a nuclear-proof bunker, but melted gold is worth just as much as solid gold!


Old Collector March 3, 2018 at 10:40 am

Seth Riesling,

That is quite a story, and I’m glad that you included all the little “footnotes” that make this saga even more interesting than it already is just on the bare surface. It seems that the lore and the attendant aura surrounding the whole idea of the bullion depository at Fort Knox is approaching something akin to that of the storied Area 51, which I find rather amusing considering how very different that which is (allegedly?) stored at each of these properties is. That being said, and as there indeed has been no official audit of the Fort Knox depository since God knows when, is it in the realm of possibility that this vast storehouse of gold is only as real as the little green men supposedly kept in on ice at good old Area 51?

Mouse March 3, 2018 at 6:45 pm

Seth – Old collector – I have had the pleasure of holding a 750,000 dollar bar of gold at a RCM location. When it comes to high level security, I get it, but at the end of the day, good luck taking large scale weighted bars more than a few feet, if you can. lol Taking large scale gold, not gonna happen, but i do love the security of it…very nostalgic.


Old Collector March 4, 2018 at 11:20 am

If the world’s political leaders were as well guarded and protected as the gold reserves their nations hold, their lives and welfare would never be in jeopardy. Just some food for thought.

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