Gold Declines 0.7% on Wednesday, April 14

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Precious metals mixed it up Wednesday with gold and palladium declining and silver and platinum gaining.

Gold for June delivery moved down $11.30, or 0.7%, to settle at $1,736.30 an ounce on the Comex division of the New York Mercantile Exchange.

"Technically, June gold futures bears have the overall near-term technical advantage but recent price action does suggest a market bottom is in place and that prices can trade at least sideways in the near term. Bulls’ next upside price objective is to produce a close above solid resistance at $1,800.00. Bears’ next near-term downside price objective is pushing futures prices below solid technical support at $1,700.00," Jim Wyckoff, a senior analyst at Kitco Inc, said in a daily research note.

Gold futures ranged from a low of $1,732.30 to a high of $1,750.70. They gained 0.9% on Tuesday and they fell 0.7% on Monday.

Silver for May delivery added 9.8 cents, or 0.4%, to end at $25.524 an ounce. Silver futures traded between $25.23 and $25.59. They surged 2.3% on Tuesday and they lost 1.8% on Monday.

In PGM futures on Wednesday:

  • July platinum added $20.30, or 1.8%, to $1,177.40 an ounce, ranging from $1,158.10 to $1,188.

  • Palladium for June delivery declined $17.50, or 0.7%, to $2,679.40 an ounce, trading between $2,667 and $2,700.

US Mint Bullion Sales in 2021

United States Mint bullion sales increased Wednesday by 3,000 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)
Wednesday Last Week This Week February Sales March Sales April Sales 2021 Sales
$50 American Eagle 1 Oz Gold Coin 3,000 13,000 6,500 121,000 55,500 19,500 387,000
$25 American Eagle 1/2 Oz Gold Coin 0 0 0 9,000 0 0 31,000
$10 American Eagle 1/4 Oz Gold Coin 0 0 0 0 20,000 0 56,000
$5 American Eagle 1/10 Oz Gold Coin 0 0 0 0 55,000 0 150,000
$50 American Buffalo 1 Oz Gold Coin 0 3,500 5,000 16,000 33,500 8,500 119,500
$1 American Eagle 1 Oz Silver Coin 0 596,000 367,000 3,191,500 4,087,000 963,000 13,016,500
$100 American Eagle 1 Oz Platinum Coin 0 0 0 N/A 35,000 0 35,000
Tuskegee Airmen 5 oz Silver Coin 0 50,000 0 N/A N/A 50,000 50,000
$1 American Eagle 1 Oz Platinum Coin* 0 0 0 0 0 0 0
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Kaiser Wilhelm

If the inflation rate continues to climb and the dollar consequently gets weaker, these precious metal notices may turn into “how much did they all go up today” reports.

Big T

But if you listen to folks like Jeff Christian or Rick Rule, the dollar will not decline much (against other currencies at least) and inflation will be tampered by post Covid pick up – and I tend to agree with them. I am currently short on gold / silver but long on platinum… Long all of them mid to long term but short term I think the inflation and dollar weakness is a ‘head fake’. The dollar is in poor shape but other currencies even worse.

Kaiser Wilhelm

I don’t believe I’m as well-versed or as directly involved – in the latter regard, not enough to even speak of – as you are, Big T, in respect to either short and/or long-term prospects for the precious metals or the U.S. Dollar. I’ll qualify my prior comment as referring to what I think might occur rather than to what will happen.

Last edited 5 months ago by Kaiser Wilhelm