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!!!!

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 11 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.