Gold Edges Higher Tuesday, July 13

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Precious metals moved in opposite directions Tuesday compared to Monday with gold rising and silver, platinum and palladium falling

Gold for August delivery rose $4, or 0.2%, to settle at $1,809.90 an ounce on the Comex division of the New York Mercantile Exchange.

"Going forward, gold may remain somewhat volatile as markets will likely have a difficult time digesting domestic inflation and reopening data while also considering the potential threats of COVID worldwide," MarketWatch quoted Jason Teed, co-portfolio manager of the Gold Bullion Strategy Fund and also director of research at Flexible Plan Investments, Ltd. 

U.S. consumer prices increased 0.9% in June, the government reported Tuesday. The level marked the biggest gain since June 2008. Annual inflation, meanwhile, surged 5.4%, for the largest increase since August 2008.

Gold futures ranged from a low of $1,798.70 to a high of $1,818. They shed 0.3% on Monday. On Friday at $1,810.60 an ounce, they ended at their best price since June 16.

Silver for September delivery declined 9.9 cents, or 0.4%, to finish at $26.14 an ounce. Silver futures traded between $26 and $26.44. They edged up 0.02% on Monday.

In other precious metals futures on Tuesday:

  • October platinum fell $11.80, or 1.1%, to $1,111.20 an ounce, ranging from $1,100.20 to $1,122.

  • Palladium for September delivery gave back $26.80, or 0.9%, to $2,832.50 an ounce, trading between $2,822.50 and $2,658.

US Mint Bullion Sales in 2021

The United States Mint published bullion sales gains of 500 ounces in American Gold Buffalos. 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)
Tuesday Last Week This Week April Sales May June July 2021 Sales
$50 American Eagle 1 Oz Gold Coin 0 26,000 11,000 38,500 20,500 158,000 37,000 621,500
$25 American Eagle 1/2 Oz Gold Coin 0 0 0 0 0 15,000 0 46,000
$10 American Eagle 1/4 Oz Gold Coin 0 0 0 0 0 30,000 0 86,000
$5 American Eagle 1/10 Oz Gold Coin 0 0 0 0 0 90,000 0 240,000
$50 American Buffalo 1 Oz Gold Coin 500 10,500 500 11,000 44,000 27,500 11,000 204,500
$1 American Eagle 1 Oz Silver Coin 0 849,000 513,000 1,053,000 0 2,800,000 1,362,000 17,268,500
$100 American Eagle 1 Oz Platinum Coin 0 0 0 0 40,000 0 0 75,000
Tuskegee Airmen 5 oz Silver Coin 0 0 0 50,000 2,900 0 0 52,900
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Kaiser Wilhelm

I often get a perverse enjoyment from reading the precious metal analyst’s remarks at the top of these particular columns. What strikes me as so humorous is that in trying to give the impression of being exceedingly knowledgeable these “analysts” typically unleash such a collection of contrived gobbledygook as to end up making themselves appear foolish.

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Last edited 2 months ago by Kaiser Wilhelm