Gold Rises Modestly Wed., May 5

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Precious metals were little changed Wednesday with gold rising slightly and silver, platinum and palladium falling very modestly.

Gold for June delivery added $8.30, or 0.5%, to settle at $1,784.30 an ounce on the Comex division of the New York Mercantile Exchange.

Gold "seems stuck spinning its wheels between $1,700 and $1,800 at the moment," MarketWatch quoted Colin Cieszynski, chief market strategist at SIA Wealth Management.

Near term, "with economies tracking toward wider re-openings, the biggest potential catalyst for gold may be if we get another rally in commodities that causes inflation to spike."

Gold futures ranged from a low of $1,769.30 to a high of $1,785.70. They shed 0.9% on Tuesday and they climbed 1.4% on Monday, registering their best finish since April 21.

Silver for May delivery gave back 3.6 cents, or 0.1%, to settle at $26.522 an ounce. Silver futures traded between $26.16 and $26.71. They fell 1.5% on Tuesday and they soared 4.2% on Monday, marking their highest close since Feb. 25.

In PGM futures on Wednesday:

  • July platinum dipped $3, or 0.2%, to $1,228.80 an ounce, ranging from $1,214.50 to $1,245.

  • Palladium for June delivery declined $4.80, or 0.2%, to $2,972.80 an ounce, trading between $2,952.50 and $3,010. On Monday, palladium ended at a record settlement of $2,981.40 an ounce.

US Mint Bullion Sales in 2021

U.S. 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 / This Week Last Week February Sales March Sales April Sales 2021 Sales
$50 American Eagle 1 Oz Gold Coin 0 7,500 121,000 55,500 38,500 406,000
$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 0 2,000 16,000 33,500 11,000 122,000
$1 American Eagle 1 Oz Silver Coin 0 0 3,191,500 4,087,000 1,053,000 13,106,500
$100 American Eagle 1 Oz Platinum Coin 0 0 N/A 35,000 0 35,000
Tuskegee Airmen 5 oz Silver Coin 0 0 N/A N/A 50,000 50,000
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Kaiser Wilhelm

Since inflation is beginning to wiggle its way deeper into the economic landscape, it shouldn’t be very long before all the precious metals can initiate a fairly steady climb.

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Last edited 1 month ago by Kaiser Wilhelm
Kaiser Wilhelm

Not to be a naysayer, but those darn chutes will always be at the ready to let ’em slide.

Last edited 22 days ago by Kaiser Wilhelm