Metals Gain Thursday, March 18

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Row of Gold Bars Mar 18,2021
Gold prices moved ahead $5.40

Precious metals futures posted gains Thursday, led by a near 5% increase in palladium. Gold performed the weakest among the metals, rising 0.3%.

Gold for April delivery rose $5.40 to settle at $1,732.50 an ounce on the Comex division of the New York Mercantile Exchange.

"Gold and silver prices are moderately up in choppy, two-sided U.S. trading Thursday, and are hanging on to the good gains posted Wednesday in the wake of a dovish U.S. central bank stance reiterated Wednesday afternoon. The ability of gold and silver to hold Wednesday’s gains and even add a bit to them is a positive sign for price action in the near term," Jim Wyckoff, a senior analyst at Kitco Inc, said in a daily research note.

Gold futures ranged from a low of $1,716.60 to a high of $1,754.20. They shed 0.2% on Wednesday, they edged up 0.1% on Tuesday, and they rose 0.6% on Monday.

Silver for May delivery tacked on 29.3 cents, or 1.1%, to end at $26.351 an ounce. Silver futures traded between $25.87 and $26.74. They moved up 0.2% on Wednesday, they declined 1.1% on Tuesday, and they surged 1.5% on Monday.

In other precious metals prices Thursday:

  • April platinum gained $18.20, or 1.5%, to $1,217.50 an ounce, ranging from $1,206.80 to $1,233.90.

  • Palladium for June delivery jumped $124.50, or 4.9%, to $2,662.80 an ounce, trading between $2,575 and $2,749.

London Precious Metals Prices (LBMA)

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

  • Gold fell $3.75, or 0.2%, to $1,725.90 an ounce.
  • Silver added 28 cents, or 1.1%, at $26.13 an ounce.

US Mint Bullion Sales in 2021

United States Mint bullion sales increased Thursday by 130,000 ounces in silver coins and a combined 6,500 ounces in gold coins.

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 January Sales February Sales March Sales 2021 Sales
$50 American Eagle 1 Oz Gold Coin 3,500 12,500 15,500 191,000 121,000 34,500 346,500
$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 0 0 36,000 0 20,000 56,000
$5 American Eagle 1/10 Oz Gold Coin 0 55,000 0 95,000 0 55,000 150,000
$50 American Buffalo 1 Oz Gold Coin 3,000 0 4,000 61,500 16,000 15,000 92,500
$1 American Eagle 1 Oz Silver Coin 130,000 1,000,000 691,000 4,775,000 3,191,500 2,452,000 10,418,500
$100 American Eagle 1 Oz Platinum Coin 0 4,500 0 N/A N/A 35,000 35,000
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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Kaiser Wilhelm

I see from the above article that the price of palladium to silver is currently set almost exactly at a multiple of one hundred to one. I wonder, could this just possibly mean that palladium is radically overpriced or that silver is rather seriously underpriced?

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Last edited 27 days ago by Kaiser Wilhelm