Gold Rises, Silver Soars and Palladium Reclaims Record

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Precious metals advanced as a group Wednesday. Gains ranged from 0.8% for gold to 4.3% for palladium. The latter registered another new record, its fourth in five sessions.

Gold for June delivery tacked on $14.70 to settle at $1,793.10 an ounce on the Comex division of the New York Mercantile Exchange.

"A growing sense of unease over the surging COVID-19 cases in Asia has hit risk sentiment and left investors on edge," Lukman Otunuga, senior research analyst at FXTM, told MarketWatch. "With concerns likely to rise over how this may impact the world’s economic rebound from COVID-19, gold has the potential to push higher as risk-off makes a return."

Gold futures ranged from a low of $1,776.60 to a high of $1,798.40. They rose 0.4% on Tuesday and they fell 0.5% on Monday.

Logging its sixth increase in seven sessions, silver for May delivery soared 73 cents, or 2.8%, to settle at $26.57 an ounce. Silver futures traded between $25.79 and $26.73. They edged 0.01% higher on Tuesday and they dropped 1% on Monday.

In PGM futures on Wednesday:

  • July platinum added $18.40, or 1.5%, to $1,214.70 an ounce, ranging from $1,186.30 to $1,222.

  • Palladium for June delivery surged $118.20 to $2,875.60 an ounce — a record settlement, trading between $2,745.50 and $2,892.

US Mint Bullion Sales in 2021

United States Mint bullion sales were unchanged Wednesday. 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 0 6,500 8,500 121,000 55,500 28,000 395,500
$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 5,000 500 16,000 33,500 9,000 120,000
$1 American Eagle 1 Oz Silver Coin 0 457,000 0 3,191,500 4,087,000 1,053,000 13,106,500
$100 American Eagle 1 Oz Platinum Coin 0 0 0 N/A 35,000 0 35,000
Tuskegee Airmen 5 oz Silver Coin 0 0 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

With silver currently priced at 26.57 an ounce total, today’s increase alone in palladium’s value is almost a 4.5X multiple of that. It appears there are in fact only three precious metals out there and another one that might occasionally approach being somewhat dear.

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Last edited 20 days ago by Kaiser Wilhelm