Gold Settles at 9-Month Low

5
9999 fine gold bar March 4, 2021
Gold settled Thursday at its lowest price since June 5

Precious metals declined as a group for a second straight session Thursday. Gold’s loss was its seventh in eight sessions. The metal ended the day at a nine-month low.

Gold for April delivery fell $15.10, or 0.9%, to settle at $1,700.70 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the lowest since gold finished at $1,683 an ounce on June 5.

"The metals markets turned south around midday during a speech by Fed Chairman Jerome Powell at a jobs summit. Powell said in his speech he does not see inflation becoming long-term problematic but it may see a short-term spike as the U.S. economy recovers from the pandemic later this year. Powell added that the recent rise in government bond yields is notable but also probably not a longer-term phenomenon," Jim Wyckoff, a senior analyst at Kitco Inc, said in a daily research note.

Gold futures ranged from a low of $1,703.50 to a high of $1,721.60. They gave back 1% on Wednesday, they added 0.6% on Tuesday, and they declined 0.3% on Monday.

Silver for May delivery tumbled 92.6 cents, or 3.5% to settle at $25.461 an ounce. The close was silver’s lowest since it ended at $25.389 an ounce on Jan. 27.

Silver futures traded between $25.08 and $26.39. They lost 1.8% on Wednesday, they climbed 0.8% on Tuesday, and they gained 0.9% on Monday.

In other precious metals prices on Thursday:

  • April platinum fell $46.50, or 3.9%, to $1,135.30 an ounce, ranging from $1,120 to $1,183.30.

  • Palladium for June delivery declined $11.60, or 0.5%, to $2,342.80 an ounce, trading between $2,321 and $2,373.

London Precious Metals Prices (LBMA)

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

  • Gold edged up 70 cents, or 0.04%, to $1,712.10 an ounce.
  • Silver dropped 63 cents, or 2.4%, at $25.955 an ounce.

US Mint Bullion Sales in 2021

United States Mint bullion sales increased Thursday by 3,000 ounces in American Gold Eagles; 11,000 ounces in American Gold Buffalos; and 30,500 ounces in American Platinum Eagles. Sales of the Platinum Eagles were the first of 2021.

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)
Thursday Last Week This Week / March January Sales February Sales 2021 Sales
$50 American Eagle 1 Oz Gold Coin 3,000 2,500 6,500 191,000 121,000 318,500
$25 American Eagle 1/2 Oz Gold Coin 0 9,000 0 22,000 9,000 31,000
$10 American Eagle 1/4 Oz Gold Coin 0 0 20,000 36,000 0 56,000
$5 American Eagle 1/10 Oz Gold Coin 0 0 0 95,000 0 95,000
$50 American Buffalo 1 Oz Gold Coin 11,000 0 11,000 61,500 16,000 88,500
$1 American Eagle 1 Oz Silver Coin 0 390,500 761,000 4,775,000 3,191,500 8,727,500
$100 American Eagle 1 Oz Platinum Coin 30,500 N/A 30,500 N/A N/A 30,500
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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chuck

How much did they charge the AP’s for the platinum eagles?

Kaiser Wilhelm

Whatever it was they charged the AP’s you can bet it was but a fraction of what the public is hit with by the Mint in percentage of sales price over spot all the time.

Kaiser Wilhelm

Turns out I was wrong about the AP pricing as they did have to pay the going rate plus a minor surcharge. Come to think of it though, if we were told we could be absolutely guaranteed to be able to acquire least one of each and every Mint product released for a mere 5% additional fee, who wouldn’t agree to do that?

Collect all.jpg
Last edited 1 month ago by Kaiser Wilhelm
Jake

What JP chair of the fed said was get ready for much higher inflation than what you can recoup on your investments in the same time. I know what that means. I expect my John Hancock retirement work account getting hit hard. But probably Jim knows best. Thank you coin news. Gas has jumped over .50 cents in just a couple of weeks. More than 25%

Kaiser Wilhelm

I realize that old nemesis known as inflation is beginning to nip at our heels again, but thanks to the Dow hitting a new high my trusty IRA is safe at least until another day.

Last edited 1 month ago by Kaiser Wilhelm