Precious Metals Decline Wednesday, March 7

by CoinNews.net on March 7, 2018 · 20 comments

One gold bullion bar

Precious metals posted losses Wednesday, March 7.

Precious metals futures moved lower Wednesday following their robust increases on Tuesday.

Gold for April delivery declined $7.60, or 0.6%, to settle at $1,327.60 an ounce on the Comex division of the New York Mercantile Exchange.

"The precious metals saw downside corrections following the good gains scored Tuesday," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a report. "The key ‘outside markets’ were also in a bearish daily posture for the metals today, as the U.S. dollar index was firmer and crude oil prices were sharply lower."

Gold futures traded from a low of $1,323.60 to a high of $1,342. They gained 1.2% on Tuesday — ending at their best level since Feb. 16, and fell 0.3% on Monday.

Silver for May delivery gave back 29 cents, or 1.7%, to finish at $16.494 an ounce. Silver futures ranged from $16.45 to $16.89. They rallied 2.3% on Tuesday and declined 0.3% on Monday.

In rounding out precious metals dealings:

  • April platinum dropped $17.40, or 1.8%, to $953.20 an ounce, trading between $952 and $973.70.

  • Palladium for June delivery fell $19.25, or 2%, to $959.05 an ounce, ranging from $957 to $981.45.

London Precious Metals Prices

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

  • Gold declined $2, or 0.2%, to $1,329.40 an ounce.
  • Silver added 2.5 cents, or 0.2%, to $16.645 an ounce.

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

US Mint Bullion Sales in 2018

U.S. Mint bullion products climbed by 1,000 ounces in American Gold Buffalos. Bullion sales were silent on Tuesday. On Monday, the Mint’s American Gold and Silver Eagles logged their first gains of the month.

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)
Wednesday Last Week This Week / March 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 0 2,500 5,000 43,500
$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 0 10,000 5,000 95,000
$50 American Buffalo 1 Oz Gold Coin 1,000 500 1,000 2,500 27,500
$1 American Eagle 1 Oz Silver Coin 0 237,500 165,000 942,500 4,342,500
Pictured Rocks 5 Oz Silver Coin 0 20,000 0 20,000 20,000

This article was edited to include updated U.S. Mint bullion figures.

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Old Collector

A platinum blonde in a silver dress wore gold jewelry to the Palladium concert.

Seth Riesling

Old Collector –

…and “she drove a (steel) Plymouth Satellite, faster than the speed of light.” – B-52s band.

-NumisdudeTX

Old Collector

Seth Riesling,

“…one thousand light years from home.” – The Rolling Stones (Their Satanic Majesties Request-1967)

Seth Riesling

Old Collector – Good memories for sure! (Whether precious metals or precious music!) I saw the Rolling Stones in Dallas at their Cotton Bowl concert in 1981 ($17.50) & the B-52s in 1982 ($12.50) among the many great concerts I saw in Germany (1976-1979) & in the USA over the decades. I was very lucky for sure! As a side note, after John Lennon was murdered in 1980, Rolling Stones magazine in a feature story said that when they asked him once what his favorite up-and-coming musical group was, he said the B-52s who he saw at bars & small… Read more »

Old Collector

Seth Riesling,

Or put it all together as “PRECIOUS HEAVY METAL MUSIC”. Rock on! πŸ™‚

Old Collector

Joe Brown

Platinum* records to be recorded, like yesteryear! ” If ” or when–*Platinum jumps–*Gold! The way they*were. Time is now! If that,s the case. Remember the year of the *Palladium , it rock & rolled all year long*, just before our 1st* *American palladium*coin was minted! WHO! out there saw that coming! hello*. Smile*i lost count on my concerts*, i* got to write them down some*day! As of late, kat*man*do* himself*Bob*Sea*gar* & *Silver*Bullet*Girls*! Two chairs, center ice, right on the *big*bad*bruin*B*, at the *garden! Fall of 2017* O* what ah *night! Never did sit our ass*s on those 2 chairs, with*my*#2*sun*joe*jo*!… Read more »

Seth Riesling

My Gold, Silver & Bronze medal winners for Best Concert Attended go to:

Gold: Diana Ross (1983 & 1985)

Silver: Michael Jackson (1981)

Bronze: Tina Turner (on my birthday in 1987)

Honorable Mention Award: The Late, Great Comedienne Ms. Joan Molinsky Rosenberg Rivers (1984)

Precious memories worth more than any precious metals for sure!

-NumisdudeTX

Old Collector

Seth Riesling,

How right you are. Precious metals can be bought; precious memories cannot.

Old Collector of Beautiful Memories

Old Collector

Joe Brown,

I know just how you feel.

“She comes in colors everywhere, she combs her hair, she’s like a rainbow…”
(Jagger-Richard)

“Love me one time, I could not speak, love me two times, yeah my knees got weak…”
(Jim Morrison)

Young love is not a
waste, it is love well spent. What
better use of time?

(Old Collector)

Chas Barber

Concerts or coins….. oh well to pipe in my top 3 concerts…..

1) The WHO Tommy with guest Eric Clapton, Tina Turner, Billy Idol & Elton John 1early 1980’s @ the Universal (Torn Down..Ampitheater…)
2) Same location 2 shows Fleetwood Mac Open air & Cristy & Stevie’s capes blowin in the wind, ELO lazer going up into the night…..
3) ELIVIS @ Hilton Vega$ 1977……still go menu!

Honorable Mention(s): Hendrix & CTA @ Forum 1968…. Carole King @ Greek Theater 1968 WOW….Peter Gabriel UCLA Ackerman Student Union $5!

chuck

The best Bob Hope Vietnam 1967!!! RIP Bob Hope!!!! Would have been great President if he could have ran!!!

Joe Brown

chuck* – Thank*s for the memory*s, as! *Bob would say! I* remember sitting like an *engine in front of the tube* with a big*bowl of chocclit*ice*cream, with a big pile of jimmy*s on top* singing along* with all you guys & gal*s! i*m sure it took your mind off think,s just for that day at least!*thank*s*man! But we almost got the *led*out*plant*page*bottoms*down! Jump the T* with everyone*s cash$$, to the old*garden ticket*office! I* don’t remember who was in charge of the *B*P*D* watch*tower that day! But no crowd*control! Old*Garden doors were busted wide open*! The ticket crowd* was hot &… Read more »

Joe Brown

O*! she*was the only 1* who truly*loved my coin*collection! When she*discovered it* in my*desk draws*, & Loved*me*to, she just could,int put me*& coins* together* she got a kick out of it*! i* wonder* if she still has that *peace*dollar*, tucked*away*, some*where.*smile.

Old Collector

Chas Barber – Those are six awesomely super-heavy-duty concerts you have listed there; I’m more than duly impressed and rather too unduly envious! πŸ™‚

chuck – Hope was born in England, right? That’s why the ineligibility!

Joe Brown – I love your stories; the enthusiasm with which you share them is contagious! P.S. I too once had the misfortune of encountering the BPD’s Mounties, on the occasion of an anti-Agnew rally/protest in Copley Square. Sheesh, they were violent!

Old Collector

chuck

Old Collector,
Yes.

Joe Brown

if you grab a pony by its tail real firm! While *someone is sitting on it, and you run in tight*zero,s, ant much the pony*boy can do! Just don*t get dizzy your self.

Joe Brown

btw*-*-Chas Barber – speaking of the *King*Elvis! Worked many of a day*night, when the lights were out! With *rain in my*boots! *Singing his song* Kentucky*Rain*, man i* love that *song!*smile.

Old Collector

Joe Brown,

Isn’t that Elvis commemorative dollar long overdue? But do we want it be silver…or gold! πŸ™‚

Old Collector

Joe Brown

Old Collector* – *God*+*! Made *Platinum*King*, i’m sure if my*maker wanted*to! But! The *Creative Maker*+*, of *Heaven* & Earth* of *Things Sean! & *Not*+*Sean! Would want *his*boy*King*Elvis*, just like his *records! Made of Platinum*! Same, for *Elvis*Big*Brother*+*Nuts*+*! The *Fool*On*The*Hill*+*, but *our*maker*+*, will leave it up to our *USA*Mint! In *Gods*+*Country*.smile*

Old Collector

Joe Brown,

I always appreciate the fact that you are given to thinking both so freely and innovatively, my friend, which not only helps to energize our conversations as such but helps to push aside some of the barriers we might be inclined, out of practice or force of habit, to be limiting our possibility of greater vision with.

Old Collector & (Platinum) Elvis Respecter