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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