Gold Climbs as U.S. Inflation Firms

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Gold and silver rebounded Tuesday from their prior day losses while platinum extended its losing streak to three in a row. Palladium, meanwhile, logged a fourth straight session gain.

Gold for June delivery added $14.90, or 0.9%, to settle at $1,747.60 an ounce on the Comex division of the New York Mercantile Exchange.

"We needed to see some inflation to get gold moving and we saw it this morning with that CPI number,” Reuters quoted Bob Haberkorn, senior market strategist at RJO Futures, adding that a weaker dollar and retreating yields supported prices further.

U.S. consumer prices rose 0.6% in March — the most since 2012, the government reported Tuesday, with 12-month inflation increased 2.6% from 1.7%.

Gold futures ranged from a low of $1,723.20 to a high of $1,749.50. They fell 0.7% on Monday.

Silver for May delivery settled up 55.9 cents, or 2.3%, to $25.426 an ounce. Silver futures traded between $24.68 and $25.54. They lost 1.8% on Monday.

In other precious metals futures prices on Tuesday:

  • July platinum declined $17.70, or 1.5%, to $1,157.10 an ounce, ranging from $1,155.60 to $1,186.40.

  • Palladium for June delivery added $25, or 0.9%, to $2,696.90 an ounce, trading between $2,671 and $2,709.

US Mint Bullion Sales in 2021

United States Mint bullion sales increased Tuesday by 367,000 ounces in silver coins and a combined 8,500 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)
Tuesday / This Week Last Week February Sales March Sales April Sales 2021 Sales
$50 American Eagle 1 Oz Gold Coin 3,500 13,000 121,000 55,500 16,500 384,000
$25 American Eagle 1/2 Oz Gold Coin 0 0 9,000 0 0 31,000
$10 American Eagle 1/4 Oz Gold Coin 0 0 0 20,000 0 56,000
$5 American Eagle 1/10 Oz Gold Coin 0 0 0 55,000 0 150,000
$50 American Buffalo 1 Oz Gold Coin 5,000 3,500 16,000 33,500 8,500 119,500
$1 American Eagle 1 Oz Silver Coin 367,000 596,000 3,191,500 4,087,000 963,000 13,016,500
$100 American Eagle 1 Oz Platinum Coin 0 0 N/A 35,000 0 35,000
Tuskegee Airmen 5 oz Silver Coin 0 50,000 N/A N/A 50,000 50,000
$1 American Eagle 1 Oz Platinum Coin* 0 0 0 0 0 0
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Cincinnatus

Imagine that – inflation is up? Seems you can’t just print money and hand it to your friends without creating inflation.