Gold and Silver Rise Modestly Wed., June 9

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In futures trading Wednesday, gold and silver gained while platinum and palladium declined. Increases in gold and silver were their third in four sessions. Palladium’s drop was its third straight.

Gold for August delivery edged up $1.10, or 0.06%, to settle at $1,895.50 an ounce on the Comex division of the New York Mercantile Exchange. Investors are already looking ahead to Thursday’s report regarding U.S. inflation, opined analysts.

"If a lower than expected figure is seen, then expect gold to sell off in the short term," MarketWatch quoted David Russell, director of marketing at GoldCore, while a higher than expected number "may very well give gold the fillip it needs to break resistance and start the next leg in this bullish cycle."

Gold futures ranged from a low of $1,889.30 to a high of $1,901.70. They dipped 0.2% on Tuesday and and they tacked on 0.4% on Monday. Last Wednesday at $1,909.90 an ounce they marked their highest settlement since Jan. 7.

Silver for July delivery rose 27.1 cents, or 1%, to end at $28.002 an ounce. Silver futures traded between $27.62 and $28.15. They fell 1% on Tuesday and they gained 0.4% on Monday.

In PGM futures on Wednesday:

  • July platinum lost $10.70, or 0.9%, to $1,151.80 an ounce, ranging from $1,150 to $1,166.90.

  • Palladium for September delivery declined $34.20, or 1.2%, to $2,772.80 an ounce, trading between $2,766.50 and $2,823.

US Mint Bullion Sales in 2021

United States Mint published 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 March Sales April Sales May This Week / June 2021 Sales
$50 American Eagle 1 Oz Gold Coin 0 0 55,500 38,500 20,500 4,000 430,500
$25 American Eagle 1/2 Oz Gold Coin 0 0 0 0 0 0 31,000
$10 American Eagle 1/4 Oz Gold Coin 0 0 20,000 0 0 0 56,000
$5 American Eagle 1/10 Oz Gold Coin 0 0 55,000 0 0 0 150,000
$50 American Buffalo 1 Oz Gold Coin 0 0 33,500 11,000 44,000 1,000 167,000
$1 American Eagle 1 Oz Silver Coin 0 0 4,087,000 1,053,000 0 0 13,106,500
$100 American Eagle 1 Oz Platinum Coin 0 0 35,000 0 40,000 0 75,000
Tuskegee Airmen 5 oz Silver Coin 0 0 N/A 50,000 2,900 0 52,900
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Kaiser Wilhelm

It seems private producers of gold and silver ingots made to be sold for investment purposes are succeeding in outbidding the U.S. Mint for those precious metals since unlike the Mint they are not constrained by any federal statutory limits as to what they are allowed to pay for these raw materials on the open market. With the Mint not being able to compete on this uneven playing field, the inevitable result is its current silver shortage.

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Last edited 2 days ago by Kaiser Wilhelm