Gold Starts Week at 11-Month Low

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gold closeup shot march 8,2021
Gold finished Monday at its lowest price since March 8

Gold, silver and palladium declined Monday while platinum gained. Ending the day at an 11-month low, gold’s loss was its fourth in a row.

Gold for April delivery fell $20.50, or 1.2%, to settle at $1,678 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the lowest since gold closed at $1,645.70 an ounce on April 3.

"We have an economy that is recovering and inflation is materializing; that ultimately means yields have room to move higher," Reuters quoted Bart Melek, head of commodity strategies at TD Securities, adding that gold could fall towards $1,660 from the fallout.

Gold futures ranged from a low of $1,673.30 to a high of $1,712. They traded 1.8% lower last week.

Silver for May delivery edged down 1.8 cents, or 0.07% to settle at $25.269 an ounce. The close was silver’s weakest since it finished at $24.866 an ounce on Jan. 15. Silver futures traded between $24.97 and $25.97. They sank 4.4% last week.

In other precious metals futures prices Monday:

  • April platinum rose $24, or 2.1%, to $1,152.30 an ounce, ranging from $1,118.60 to $1,158.30.

  • Palladium for June delivery lost $14.90, or 0.6%, to $2,314.20 an ounce, trading between $2,308 and $2,352.50.

Last week platinum lost 4.8% and palladium increased 0.7%.

London Precious Metals Prices (LBMA)

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

  • Gold declined $9.20, or 0.5%, to $1,687.05 an ounce.
  • Silver fell 20 cents, or 0.8%, at $25.155 an ounce.

In LBMA results last week, prices fell 2.7% for gold, 5%, for silver, 6.7% for platinum and 0.6% for palladium.

US Mint Bullion Sales in 2021

United States Mint bullion sales increased Monday by 811,000 ounces in American Silver Eagles and 11,000 ounces in American Gold Eagles.

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)
Monday Last Week January Sales February Sales March Sales 2021 Sales
$50 American Eagle 1 Oz Gold Coin 6,500 6,500 191,000 121,000 13,000 325,000
$25 American Eagle 1/2 Oz Gold Coin 0 0 22,000 9,000 0 31,000
$10 American Eagle 1/4 Oz Gold Coin 0 20,000 36,000 0 20,000 56,000
$5 American Eagle 1/10 Oz Gold Coin 45,000 0 95,000 0 45,000 140,000
$50 American Buffalo 1 Oz Gold Coin 0 11,000 61,500 16,000 11,000 88,500
$1 American Eagle 1 Oz Silver Coin 811,000 761,000 4,775,000 3,191,500 1,572,000 9,538,500
$100 American Eagle 1 Oz Platinum Coin 0 30,500 N/A N/A 30,500 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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Kaiser Wilhelm

This must be why the Mint hasn’t yet posted any prices for the March 11 release of the annual gold American Eagle series; they’re hoping against hope that there will be a miraculous jump in gold prices just in the nick of time. Sorry, no such luck, and what poetic justice after all the nasty stunts they’ve already managed to pull this year.

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