Precious Metals Fall as U.S. Inflation Surges

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Precious metals declined in the mid-week training session Wednesday. Losses ranges from 0.7% for gold to 2.6% for palladium.

Gold for June delivery lost $13.30 to settle at $1,822.80 an ounce on the Comex division of the New York Mercantile Exchange.

"People trading gold and silver are a little concerned that maybe this inflation is getting a little too quick, and the Fed did say they have tools to tamp it down. … Traders are concerned about what those tools may be," Reuters quoted Bob Haberkorn, senior market strategist at RJO Futures. "For this week, you’re going to see caution in the gold and silver markets."

U.S. consumer prices increased 0.8% in April — the most since June 2009, the government reported Wednesday, with 12-month inflation surging 4.2% from 2.6%.

Gold futures ranged from a low of $1,818.60 to a high of $1,844.70. They shed 0.08% on Tuesday and they rose 0.3% on Monday, for their highest settlement since Feb. 10.

Silver for May delivery dropped 42.3 cents, or 1.5%, to settle at $27.244 an ounce. Silver futures traded between $27.20 and $27.83. They rose 0.6% on Tuesday for their best close since Feb. 25 and they edged up 0.05% on Monday.

In PGM futures on Wednesday:

  • July platinum fell $15.30, or 1.2%, to $1,225.90 an ounce, ranging from $1,213.70 to $1,250.80.

  • Palladium for June delivery fell $77.20 to $2,849 an ounce, trading between $2,845 and $2,960. A week ago Monday, May 3, palladium scored a record settlement of $2,981.40 an ounce.

US Mint Bullion Sales in 2021

The United States Mint has yet to report any bullion sales for May. 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 / Week / May Last Week February Sales March Sales April Sales 2021 Sales
$50 American Eagle 1 Oz Gold Coin 0 0 121,000 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 0 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

Oh boy, this time the sky really is falling…or is it?
I suppose I’m very fortunate to not have any palladium (or plutonium, for that matter) in my possession; as a result, this big drop in its price doesn’t effect me at all!

Plutonium.jpg
Kaiser Wilhelm

On the other hand, I ought to be able to make some serious cash exhibiting this dog.