Gold, Silver and Other Metals Tumble Thursday, June 17

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Precious metals sank Thursday, posting losses ranging from 4.7% for gold to 11.4% for palladium. Gold marked its fourth decline in five sessions, and it finished at a 7-week low.

Gold for August delivery fell $86.60 to settle at $1,774.80 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the lowest since gold ended April 30 at $1,767.70 an ounce.

"The metals saw a very bearish reaction to Wednesday afternoon’s Federal Reserve Open Market Committee (FOMC) meeting that was deemed hawkish on U.S. monetary policy. That, in turn, powered the U.S. dollar index to a two-month high, further hurting the metals market bulls," Jim Wyckoff, a senior analyst at Kitco Inc, said in a daily research note.

Gold futures ranged from a low of $1,767.90 to a high of $1,826.40. They rose 0.3% on Wednesday, they declined 0.5% on Tuesday, and they lost 0.7% on Monday.

Silver for July delivery plummeted $1.96, or 7%, to close at $25.856 an ounce. The finish was the worst since silver settled April 20 at $25.84 an ounce. Silver futures traded between $25.82 and $27.32. They climbed 0.4% on Wednesday, they fell 1.2% on Tuesday, and they dipped 0.4% on Monday.

In other precious metals prices Thursday:

  • July platinum declined $86.70, or 7.6%, to $1,055.20 an ounce, ranging from $1,043.90 to $1,131.40.

  • Palladium for September delivery plunged $324.60 to $2,512.20 an ounce, trading between $2,501 and $2,808.50.

US Mint Bullion Sales in 2021

The United States Mint published no sales gains on Thursday. 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)
Thursday / 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

What is happening today might be taking events past the beginnings of a precious metal rout. Palladium was the biggest loser, and even taking into account its admittedly much higher average price than the other three precious metals a loss of $304, or 10.6% from its high today, made it both in absolute terms and percentage-wise the biggest loser of the day and as such this drop was nothing to sneeze at. At the other end of the value scale silver lost $1.00, which while it doesn’t relatively speaking sound like a lot still amounts to a 3.7% drop for… Read more »

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