Precious Metals Little Changed Thursday, March 8

by on March 8, 2018 · 14 comments

Three Gold Bullion Bars, Dark Background

Gold futures shed 0.4% Thursday, March 8

Precious metals futures were little changed Thursday. Silver and palladium rose slightly while gold and platinum declined modestly.

Gold for April delivery lost $5.90, or 0.4%, to settle at $1,321.70 an ounce on the Comex division of the New York Mercantile Exchange.

"The stronger dollar is definitely a headwind for gold," Reuters quoted Walter Pehowich, executive vice president of investment services at Dillon Gage Metals. "Once it broke above the 90 level (vs the dollar index), gold came under significant pressure."

Gold futures traded from a low of $1,319.60 to a high of $1,329.80. They declined 0.6% on Wednesday, gained 1.2% on Tuesday — ending at their best level since Feb. 16, and fell 0.3% on Monday.

Silver for May delivery edged up about a half cent, or less than 0.1%, to end at $16.50 an ounce. Silver futures ranged from $16.43 to $16.58. They dropped 1.7% on Wednesday, rallied 2.3% on Tuesday and declined 0.3% on Monday.

In PGM futures on Thursday:

  • April platinum shed 90 cents, or nearly 0.1%, to $952.30 an ounce, trading between $946.80 and $960.10.

  • Palladium for June delivery gained $6.55, or 0.7%, to $965.60 an ounce, ranging from $958 to $983.90.

London Precious Metals Prices

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

  • Gold declined $8.40, or 0.6%, to $1,321 an ounce.
  • Silver declined 16.5 cents, or 1%, to $16.48 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 sales were unchanged as of 3:02 p.m. ET. On Wednesday, American Gold Buffalo coins climbed by 1,000 ounces. Bullion sales were silent on Tuesday. On Monday, the U.S. 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)
Thursday 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 0 500 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

{ 14 comments… read them below or add one }

Joe C. March 8, 2018 at 2:32 pm

Ho, hum. What will Friday bring? Up or down? And how much?

Old Collector March 8, 2018 at 2:52 pm

Joe C.

Borrowing an observation that one might occasionally encounter these days on many comment sites in general, allow me to present that particular editorial gem as being ever more perfectly applicable to the excruciatingly tedious subject at hand, to wit, “Move along now. Nothing to see here.”

Old Collector

Seth Riesling March 8, 2018 at 4:09 pm

Amen Gentlemen!

The metals seem to be “lost” without definite direction very recently. Strange for sure.


Joe Brown March 8, 2018 at 8:58 pm

the time is right , for buying sheets of *platinum! Easy for me to say; all i* can buy is some silver, i* gutter find broom=hillda,s stash of my cash! More than likely, she flew it, and stashed up witch mountain! I* need a black*hawk & a door*gunner! For when i* make a go for the cave, to get my* cash*back!*he*he*he*!*O!YAH!!!smile.

Old Collector March 9, 2018 at 4:24 am

Joe Brown,

When you rush the cave, my humble advice would be to have Rambo on your right, Jack Reacher on your left, and The Punisher covering your six. Oscar Charlie actual, over and out.

Old Collector

Old Collector March 9, 2018 at 4:34 am

Seth Riesling,

It seems that the very apt description “lost” applies to more than just the stagnant price of precious metals these days. In fact, it certainly feels like a lot more folks than Elvis have now “left the building”.

Old Collector & Trend Speculator

Old Collector March 9, 2018 at 4:53 pm

Golden Haiku

Dig me out of the
earth, make me shiny, stash me
back under the ground.

Old Collector

Joe Brown March 9, 2018 at 6:47 pm

Old Collector – good advice, but the kickbacks for the *black*hawk & *door*gunner*, is all i* want to dish*out! I*ll have my* bug*bag at hand, with flame*thrower for those frig,en-dirty-flying-monkeys! My* rapid*fire*bazooka, & a few other gadget*s! This *viking* going in solo*! *I! Just *hope! *My stash of cash, is in a *balistic*proof*high*heat*safe!, That would suck! I* sea* platinum* on the rise* for this day, some*ones, are having fun with the game* of metal*=$$$$$$$$$$$.smile*

Old Collector March 9, 2018 at 10:52 pm

Joe Brown,

I really like the idea of your rapid-fire bazooka; I’ll be checking at the local Army-Navy surplus store for one of those beauties after the weather gets more hospitable, enough so for me to come out of hibernation. These “bomb cyclones” over Boston – by the way, you can’t prove to me that Kim The Youngun ain’t behind ’em – have got me scrunching down in my bunker hiding from the power outages like a chipmunk at a cat show…yikes!

Old Collector

Old Collector March 10, 2018 at 2:34 pm

Joe Brown,

Speaking of which, we clearly forgot to get the Congress to authorize the minting of a commemorative silver dollar to celebrate the Fortieth Anniversary Of The Great Nor’easter (“Blizzard” for all of you non-New Englanders out there) Of 1978, with the U.S. Mint directed to subsequently donate all of the coin surcharge proceeds to a snow removal fund to help relieve the ongoing winter woes of the Bay State. πŸ™‚

Old Collector & Memory Resurrector

Joe Brown March 12, 2018 at 10:33 pm

Old Collector + remember the *April*Fool, *Storm, less than 3 decades ago! My *leader & myself*, restored *big*blue* that you sea* on rt*128, on the clock for two*week 24/7, it was nice to *nap on company* time, even tho we slept* sitting up for 2*weeks. *I have to say! two of the better *paychecks i* earned! Even after my *great*uncle*Sam* got threw with it. If that were the case* this time, 1*Green*Mountain*Box, right of the top*, just for safe keeping! U* say! Never as *great as 78*, *i don*t know who had more fun*, my*dog*red*, or me* & my crowd* i* hung with! You could not but help & make money shoveling *snow! Ski* Old*Blue & *white*mountains* to *1st week in *April, then it time to finish up *H*S*, after spring break*. Not as good for the 40 a week folks*, like my *dad*, & the damaged it caused, & some lost of *life*+*, but i* sure as did make the *best of it*! *Winter*Wonder*Land*. I* Hope u* do, just in case! Might be too late now, but a *4000*watt genahrator*, comes in mighty handy some times! If not get 1 or 2 before summer*wind*storm*season! smile*, i* order’d a remote for mine early last summer*, can,t find the dam thing, b*real nice if in need*, to start it up* nlooking out my* window*, if not, i* did*not put my* goallawshores* away*yet!*smile.

Old Collector March 13, 2018 at 12:17 am

Joe Brown,

Yep, that one caught us looking the other way, but who could blame us; after all…APRIL! APRIL? What was THAT all about? Anyway, ever since then it’s NEVER been a safe bet to say THIS has got to be the LAST one of the year, eh? So tonight another big one – maybe even the biggest yet of the season – is coming our way; why oh why? Anyway, to take my mind off all this white stuff I ordered some nice new coins for my collection. After all, I can’t control the weather but I can change how I feel about what’s going on. COINS FOREVER! πŸ™‚

Old Collector & Snowstorm Objector

Joe Brown March 13, 2018 at 2:05 am

at least there’s not 3 high tides: like last one, just 1 small block from * beach! Got my sea*fearing *canoe at hand if that day or night ever does happen. Enjoy* your new order! *Old Collector.

Old Collector March 13, 2018 at 9:40 pm

Joe Brown,

I will, thanks! In fact, the shipment is already on it’s way. No matter how many times I order, it always makes me feel like I did as a kid just before Christmas! πŸ™‚

Glad you have an aquatically-serviceable alternative to wading, swimming or going down with the house/ship standing by. Or as the (very) old saying goes, canoe canoe?

Old Collector (& Cruise Director)

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