Gold Logs 3-Week Low; Silver Hits 3.5-Month Low

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Silver prices ended at their lowest level since Dec. 14
Silver prices ended at their lowest level since Dec. 14

Palladium gained on Tuesday while gold, silver and platinum traded lower. Losses in gold and silver were their second straight. Silver marked a 3.5-month low. Gold, meanwhile, finished the day at a 3-week low.

Gold for June delivery dropped $28.60, or 1.7%, to settle at $1,686 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the lowest since March 8 when gold ended at $1,678 an ounce.

"The bears are confident today amid a rally in the U.S. dollar index, lower crude oil prices and rising bond yields. Chart-based bears are also pressing their case amid the very weak near-term technical postures for both metals. Furthermore, trader and investor risk appetite remains generally upbeat enough to keep the global stock markets buoyant," Jim Wyckoff, a senior analyst at Kitco Inc, said in a daily research note.

Gold futures ranged from a low of $1,678.30 to a high of $1,714.80. They declined 1.2% on Monday.

Silver for May delivery plunged 63.4 cents, or 2.6%, to close at $24.137 an ounce. The finish was the lowest since Dec. 14 when silver settled at $24.047 an ounce. Silver futures traded between $23.98 and $24.77. They fell 1.4% on Monday.

In other precious metals futures Tuesday:

  • July platinum lost $23.50, or 2%, to $1,160.60 an ounce, ranging from $1,159.20 to $1,189.90.

  • Palladium for June delivery tacked on $38.30, or 1.5%, to $2,569 an ounce, trading between $2,518.50 and $2,604.

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 / This Week Last Week January Sales February Sales March Sales 2021 Sales
$50 American Eagle 1 Oz Gold Coin 0 10,500 191,000 121,000 45,000 357,000
$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 0 36,000 0 20,000 56,000
$5 American Eagle 1/10 Oz Gold Coin 0 0 95,000 0 55,000 150,000
$50 American Buffalo 1 Oz Gold Coin 0 17,500 61,500 16,000 32,500 110,000
$1 American Eagle 1 Oz Silver Coin 0 850,000 4,775,000 3,191,500 3,302,000 11,268,500
$100 American Eagle 1 Oz Platinum Coin 0 0 N/A N/A 35,000 35,000
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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Kaiser Wilhelm

Silver’s on a slide, not yet a plunge, but enough so that the buyers will keep on buying. Sheesh, as if enough of it hasn’t already vanished from the marketplace!

Chutes and Ladders.jpg
Last edited 15 days ago by Kaiser Wilhelm
Seth Riesling

The largest silver mine in the world is in Mexico…they need to send some up here instead of being “greedy”…so close & yet so far away.

NumisdudeTX

Kaiser Wilhelm

As the funny-looking little German soldier would say behind a bush on Laugh In, “Verrry interesting, but stupid! By which I mean in modern terms that while four of the world’s largest silver mines are located in Mexico, the good old USA hasn’t got a single mine in the top ten. That likely doesn’t help, especially with supplies getting so very tight. 😉

Last edited 15 days ago by Kaiser Wilhelm