Gold Logs Fifth Gain and Another Three-Week High

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Precious metals moved in the same direction Wednesday as they did Tuesday with gold and palladium rising and silver and platinum falling. Gold’s gain was its fifth in a row, and the yellow metal marked another three-week high.

Gold for August delivery climbed $7.90, or 0.4%, to settle at $1,802.10 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the highest since June 16 when gold ended at $1,861.40 an ounce.

"Rising uncertainty around monetary policies, inflation and increasing risk of equity market volatility should favor safe-haven gold demand," ANZ analysts said in a note reported by Reuters.

"Central banks have increased gold purchases in recent months, offsetting some of the physical demand losses in Q2 2021."

Gold futures ranged from a low of $1,794.10 to a high of $1,810.20. They rose 0.6% in the start to the trading week on Tuesday.

Silver for September delivery shed 4.5 cents, or 0.2%, to end at $26.129 an ounce. Silver futures traded between $26.17 and $26.55. They fell 1.2% on Tuesday.

In PGM futures on Wednesday:

  • October platinum edged down $2.10, or 0.2%, to $1,081.90 an ounce, ranging from $1,071 to $1,100.

  • Palladium for September delivery tacked on $52.20, or 1.9%, to $2,848.30 an ounce, trading between $2,771.50 and $2,869.

US Mint Bullion Sales in 2021

The United States Mint on Wednesday published American Eagle bullion sales for the first time in over three weeks. Changes included adjustments to sales in June and July.

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 / July Last Week March Sales April Sales May June 2021 Sales
$50 American Eagle 1 Oz Gold Coin 26,000 0 55,500 38,500 20,500 158,000* 610,500
$25 American Eagle 1/2 Oz Gold Coin 0 0 0 0 0 15,000* 46,000
$10 American Eagle 1/4 Oz Gold Coin 0 0 20,000 0 0 30,000* 86,000
$5 American Eagle 1/10 Oz Gold Coin 0 0 55,000 0 0 90,000* 240,000
$50 American Buffalo 1 Oz Gold Coin 6,500 0 33,500 11,000 44,000 27,500 200,000
$1 American Eagle 1 Oz Silver Coin 849,000 0 4,087,000 1,053,000 0 2,800,000* 16,755,500
$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

 

*The U.S. Mint adjusted June sales of American Gold Eagles with 1oz coins to 158,000 from 4,000; 1/2oz coins to 15,000 from 0; 1/4oz coins to 30,000 from 0 and 1/10oz coins to 90,000 from 0. The agency also lifted June sales of American Silver Eagles to 2.8 million from 0.

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Kaiser Wilhelm

Are those Mint sales adjustment figures a bit extreme or is it just my imagination?

Rich

Sir Kaiser, I am also trying to interpret the newly updated US Mint American Eagle Bullion sales totals by month for 2021 (as referenced above, “United States Mint on Wednesday published American Eagle bullion sales for the first time in over three weeks“), which were first published Tuesday, July 6th on the Mint’s web site. I think the confusion stems from the Mint not discerning between 2021 Type 1 and Type 2 bullion American Eagles. I understand the mint began selling the Type 2 Gold and Silver Eagle bullion coins the last week of June, so the newly added sales… Read more »

Kaiser Wilhelm

Well, that would certainly provide a better explanation for this peculiar situation, Rich, and I really appreciate you doing so much research to clear things up. It’s apparent the Mint’s sales records, or at least the publication of same, sometimes experience a time lag and a subsequent overly-rapid catch-up approach can easily lead to a temporary state of partial or even wholesale confusion. With the added complication of two entirely different types of silver and gold coins being released sequentially this year it’s not very difficult to imagine how more things can either go wrong or at the very least… Read more »

Last edited 24 days ago by Kaiser Wilhelm
Rich

Indeed Sir Kaiser… I was able to learn the following from the Mint Bullion Sales department: The “adjusted” June sales figures and the July sales figures for the One Ounce Silver American Eagle (SAE) Bullion coins published on July 6th were all for the new Type 2 reverse design version. That is, 2,800,000 2021 Type 2 SAE bullion coins were sold in June and 849,000 have been sold so far in July (as of 07/08/2021). Therefore, 13,106,500 2021 $1 SAE Type 1 bullion coins were sold in 2021 (January – May) and 3,649,000 2021 $1 SAE Type 2 bullion coins… Read more »

Kaiser Wilhelm

Thank you kindly, Rich, for those additional facts and figures regarding the Mint sales numbers of both Type 1 and Type 2 One Ounce American Silver Eagle Bullion Coins. One could say that the plot which had previously thickened has become all that much clearer instead now thanks to the results of your clearly detailed research. One aspect that is most obvious is that although not a single Collector aka Numismatic Grade 2021-Type 2 American Silver Eagle has as yet been released by the Mint, millions of the 2021-Type 2 ASE Bullion Coins have already been sold to the Approved… Read more »

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Last edited 22 days ago by Kaiser Wilhelm
Rich

Yes Sir Kaiser, the 2021 One Ounce Silver American Eagle – Type2 uncirculated bullion coins distributed by the Mint through the network of Authorized Purchasers (wholesalers, precious metal firms, coin dealers and brokerage companies) over the past two weeks are now being sold to the public (from online dealers) as available in stock for the ungraded coins and as pre-sale for the PCGS/NGC graded coins. Whereas the Collector/Numismatic Grade 2021-W Type 2 Proof American Silver Eagle coins are only being sold on a pre-sale basis (ungraded and graded) by the online dealers due to Mint’s revised launch schedule and delayed… Read more »

Kaiser Wilhelm

Rich, if I understand this correctly, both the Authorized Purchasers themselves and the other sales entities who those purchasers have already re-sold the 2021-Type 2 American Silver Eagle One Ounce Bullion Coin iteration to are now selling the ungraded version of this coin outright but are only offering the PCSG/NGC graded version for pre-sale since there hasn’t been enough time for that process to have been completed yet. On the other hand, both the ungraded and graded versions of the Numismatic iteration of the 2021-Type 2 American Silver Eagle One Ounce Coin are still only on pre-sale at all venues… Read more »

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Last edited 21 days ago by Kaiser Wilhelm
Kaiser Wilhelm

Then again, blaming it on my imagination may be a bit of a obfuscating deviation itself.

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Last edited 24 days ago by Kaiser Wilhelm