Gold Logs First Increase in 4 Sessions; Drops After Fed Statement

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Platinum fell on Wednesday while other precious metals gained. Gold’s increase was its first in four sessions and follows a one-month. The yellow metal dropped, however, in after-hour dealings following the release of the Fed’s latest monetary policy statement.

Gold for August delivery rose $5, or 0.3%, to settle at $1,861.40 an ounce on the Comex division of the New York Mercantile Exchange. Gold was last at $1,812.60 an ounce in electronic trading after the FOMC minutes were released.

"Gold prices are solidly lower and hit daily lows and a four-week low in afternoon U.S. trading Wednesday, on a bearish reaction to the just-released statement from the Federal Reserve’s Open Market Committee (FOMC) that was deemed hawkish on U.S. monetary policy," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a daily research note.

Gold futures ranged from a low of $1,845.30 to a high of $1,866. They declined 0.5% on Tuesday, for their lowest settlement since May 14, and they lost 0.7% on Monday.

Silver for July delivery closed up 11.9 cents, or 0.4%, to $27.812 an ounce. Silver futures traded between $27.58 and $27.97. They fell 1.2% on Tuesday and they dipped 0.4% on Monday. The precious metal was last at $27.05 an ounce in after-hours trade.

In PGM futures on Wednesday:

  • July platinum gave back $6.70, or 0.6%, to $1,141.90 an ounce, ranging from $1,129.20 to $1,155.10.

  • Palladium for September delivery advanced $72, or 2.6%, to $2,836.80 an ounce, trading between $2,753.50 and $2,843.

US Mint Bullion Sales in 2021

The United States Mint published no sales gains on Wednesday. Below is a sales breakdown of U.S. Mint bullion products with columns listing the number of coins sold during varying periods.

US Mint Bullion Sales (# of coins)
Wednesday / This Week Last Week March Sales April Sales May June 2021 Sales
$50 American Eagle 1 Oz Gold Coin 0 4,000 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 7,000 33,500 11,000 44,000 7,000 173,000
$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

The price of gold once again managing an increase only to almost immediately have it’s legs pulled out from under it thanks to a announcement by the Fed reminds me of Mary Poppins declaring the end of the “floating on the ceiling” birthday festivities and causing everyone to immediately drop back down to the floor; what a couple of spoil sports. As a bit of a consolation and on a rather more uplifting note, here are a quote from the great philosopher George Santayana regarding something that is always available to us, “The earth has music for those who listen”,… Read more »

Gold_philharmonic.jpg
Last edited 1 month ago by Kaiser Wilhelm
LarsLaRue

one of my favorite gold coins too

Kaiser Wilhelm

Always nice to get a concurrence on the level of appreciation reserved for very special coins, Lars. As to this one, I believe the reverse isn’t too shabby either…

Vienna Philharmonic reverse.png
Last edited 1 month ago by Kaiser Wilhelm