Precious Metals Decline Thursday, June 3

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Precious metals posted losses on Thursday that ranged from 1.5% for palladium to 2.6% for silver. Gold retreated from $1,900 an ounce and an almost five-month settlement high.

Gold for August delivery declined $36.60, or 1.9%, to end at $1,873.30 an ounce on the Comex division of the New York Mercantile Exchange.

"Gold and silver prices are sharply lower in midday U.S. trading Thursday, on heavy profit-taking pressure and weak long liquidation in the futures markets. Gold prices hit a two-week low today and silver prices a three-week low. Strong gains in the U.S. dollar index today played a part in the metals markets’ sell off. Bulls can still argue today’s price action was normal corrective pullbacks in existing price uptrends for gold and silver," Jim Wyckoff, a senior analyst at Kitco Inc, said in a daily research note.

Gold futures ranged from a low of $1,866.70 to a high of $1,912.30. They rose 0.3% on Wednesday, registering their highest settlement since Jan. 7, and they edged 0.02% lower in their start to the shortened-trading week on Tuesday.

Silver for July delivery dropped 72.7 cents to settle at $27.477 an ounce. Silver futures traded between $27.09 and $28.37. They gained 0.4% on Wednesday and they rose 0.3% on Tuesday.

In other precious metals futures on Thursday:

  • July platinum fell $30.20, or 2.5%, to $1,162.50 an ounce, ranging from $1,149 to $1,197.70.

  • Palladium for September delivery declined $42 to $2,826.60 an ounce, trading between $2,796 and $2,875.

US Mint Bullion Sales in 2021

Published United States Mint bullion sales were unchanged Thursday.

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)
Thursday / Week / June Last Week February Sales March Sales April Sales May 2021 Sales
$50 American Eagle 1 Oz Gold Coin 0 2,000 121,000 55,500 38,500 20,500 426,500
$25 American Eagle 1/2 Oz Gold Coin 0 0 9,000 0 0 0 31,000
$10 American Eagle 1/4 Oz Gold Coin 0 0 0 20,000 0 0 56,000
$5 American Eagle 1/10 Oz Gold Coin 0 0 0 55,000 0 0 150,000
$50 American Buffalo 1 Oz Gold Coin 0 13,000 16,000 33,500 11,000 44,000 166,000
$1 American Eagle 1 Oz Silver Coin 0 0 3,191,500 4,087,000 1,053,000 0 13,106,500
$100 American Eagle 1 Oz Platinum Coin 0 13,600 N/A 35,000 0 40,000 75,000
Tuskegee Airmen 5 oz Silver Coin 0 0 N/A N/A 50,000 2,900 52,900
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Kaiser Wilhelm

As so often happens, the precious metal that can least afford it takes the biggest (in proportion to its price per ounce) hit. My poor favorite silver, too many times the fall guy.

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Last edited 3 months ago by Kaiser Wilhelm
Kaiser Wilhelm

It is unfortunately completely unclear exactly how much of this long standing weakness in silver values is simply due to natural economic causes and how much of it is in fact due to a confidential, calculated price suppression campaign by the Federal Reserve.

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Last edited 3 months ago by Kaiser Wilhelm