Precious Metals Tumble Tuesday, Feb. 2

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Precious metals declined Tuesday, led by 10.3% loss in silver which had logged an almost 8-year settlement high on Monday.

Gold for April delivery fell $30.50, or 1.6%, to settle at $1,833.40 an ounce on the Comex division of the New York Mercantile Exchange.

"It appears the attempted short-squeeze in the silver market has quickly fizzled. Rallying global equity markets early this week are also a bearish element for the safe-haven metals," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a daily research note.

Gold future ranged from a low of $1,830.40 to a high of $1,866.30. They rose 0.7% on Monday to post their best close since Jan. 21.

Silver for March delivery sank $3.02 to settle at $26.402 an ounce. Silver futures traded between $26.35 and $29.15. They soared 9.3% on Monday, ending at their highest price since Feb. 19, 2013.

In other precious metals futures Tuesday:

  • April platinum dropped $42.80, or 3.8%, to $1,096 an ounce, ranging from $1,093.10 to $1,138.20.

  • Palladium for March delivery lost $14, or 0.6%, to $2,227.70 an ounce, trading between $2,215 and $2,272.50.

London Precious Metals Prices (LBMA)

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

  • Gold fell $29.85, or 1.6%, to $1,833.10 an ounce.
  • Silver declined $2.26, or 7.6%, to $27.325 an ounce.

US Mint Bullion Sales in 2021

United States Mint bullion sales were unchanged Tuesday. Below is a sales breakdown of U.S. Mint bullion products with columns listing the number of coins sold during varying periods. Products with an asterisk (*) are no longer available.

US Mint Bullion Sales (# of coins)
Tuesday Last Week This Week December January Sales 2021 Sales
$50 American Eagle 1 Oz Gold Coin 0 59,000 16,000 48,500 191,000 207,000
$25 American Eagle 1/2 Oz Gold Coin 0 5,000 0 2,000 22,000 22,000
$10 American Eagle 1/4 Oz Gold Coin 0 8,000 0 0 36,000 36,000
$5 American Eagle 1/10 Oz Gold Coin 0 0 0 0 95,000 95,000
$50 American Buffalo 1 Oz Gold Coin 0 5,500 6,500 10,500 61,500 68,000
$1 American Eagle 1 Oz Silver Coin 0 0 1,571,000 751,000 4,775,000 6,346,000
America Samoa 5 oz Silver Coin* 0 0 0 0 0 0
Weir Farm 5 oz Silver Coin* 0 0 0 0 0 0
Salt River Bay 5 oz Silver Coin* 0 0 0 0 0 0
Marsh Billings 5 oz Silver Coin* 0 0 0 0 0 0
Tallgrass Prairie 5 oz Silver Coin* 0 0 0 0 0 0
$1 American Eagle 1 Oz Platinum Coin* 0 0 0 0 0 0
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sam tweedy

We have Sleepy Joe!!!! Everything is going to tumble bye bye USA!!!!

Kaiser Wilhelm

The price of silver initially went up dramatically due to the actions of a loose group of financial speculators and then dropped back down just as quickly as a result of their subsequent quick profit taking. This privately generated anomaly in silver market pricing had nothing whatsoever to do with, which is to say not even the remotest of connections to, any sort of United States government intent, policy or intervention.

Last edited 3 months ago by Kaiser Wilhelm
Mark D.

Hail Kaiser, I sense you may be casting pearls before a pod person…hardly worth the bandwidth, although I found your shared insights lucid and bias-free. How refreshing!

Last edited 3 months ago by Mark D.
Big T

Actually, the policies of dems typically increase costs of commodities – think Obama 2010 to 2012 and how gold shot up – along with all commodities – everything from cotton, copper, to platinum – all should go up thanks to creepy joe.