Gold Rises 2.3% After Marking 11-Month Low

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small gold bar, big silver bar mar 9,2021
Gold prices advanced $38.90 to $1,716.90 an ounce

Palladium declined for a fifth session in a row on Tuesday while gold, silver and platinum rose sharply. Gold’s gain was its first after four straight losses. The yellow metal settled at an 11-month low on Monday.

Gold for April delivery tacked on $38.90, or 2.3%, to settle at $1,716.90 an ounce on the Comex division of the New York Mercantile Exchange.

"The problem for gold is that we are in a reflationary environment where gold typically does not perform well," Michael Armbruster, managing partner at Altavest, told MarketWatch. However, "rising 10- and 30-year Treasury yields are a symptom of reflation, so [Tuesday’s] drop in Treasury yields allows for an oversold bounce in gold, within the context of gold’s bearish trend."

Gold futures ranged from a low of $1,676.70 to a high of $1,718. They fell 1.2% on Monday, for their lowest settlement since April 3.

Silver for May delivery soared 91.4 cents, or 3.6% to settle at $26.183 an ounce. Silver futures traded between $25.09 and $26.06. They edged 0.07% lower on Monday, for their lowest settlement since Jan. 15.

In other precious metals futures Tuesday:

  • April platinum gained $23.10, or 2%, to $1,175.40 an ounce, ranging from $1,136.90 to $1,179.

  • Palladium for June delivery dropped $22, or 1%, to $2,292.20 an ounce, trading between $2,265 and $2,318.

London Precious Metals Prices (LBMA)

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

  • Gold gained $29.85, or 1.8%, to $1,716.90 an ounce.
  • Silver surged 60 cents, or 2.4%, at $25.755 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 January Sales February Sales March Sales 2021 Sales
$50 American Eagle 1 Oz Gold Coin 0 6,500 6,500 191,000 121,000 13,000 325,000
$25 American Eagle 1/2 Oz Gold Coin 0 0 0 22,000 9,000 0 31,000
$10 American Eagle 1/4 Oz Gold Coin 0 20,000 0 36,000 0 20,000 56,000
$5 American Eagle 1/10 Oz Gold Coin 0 0 45,000 95,000 0 45,000 140,000
$50 American Buffalo 1 Oz Gold Coin 0 11,000 0 61,500 16,000 11,000 88,500
$1 American Eagle 1 Oz Silver Coin 0 761,000 811,000 4,775,000 3,191,500 1,572,000 9,538,500
$100 American Eagle 1 Oz Platinum Coin 0 30,500 0 N/A N/A 30,500 30,500
America Samoa 5 oz Silver Coin* 0 0 0 0 0 0 0
Weir Farm 5 oz Silver Coin* 0 0 0 0 0 0 0
Salt River Bay 5 oz Silver Coin* 0 0 0 0 0 0 0
Marsh Billings 5 oz Silver Coin* 0 0 0 0 0 0 0
Tallgrass Prairie 5 oz Silver Coin* 0 0 0 0 0 0 0
$1 American Eagle 1 Oz Platinum Coin* 0 0 0 0 0 0 0
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Seth Riesling

What a coincidence that both the gold futures price (NYCity) & spot price (London) of gold both closed at the same price to the cent today at $1716.90 per ounce. What are the odds of that happening?

NumisdudeTX

Kaiser Wilhelm

Taking into consideration the element of synchronicity it can be 100%.

Synchronicity.jpg
Kaiser Wilhelm

And no, I am neither a “Jungster” nor a “synchronistarian”; I just appreciate truly amazing coincidences. 😉

Last edited 1 month ago by Kaiser Wilhelm