Gold Settles at Lowest Point Since March

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Precious metals declined as a group for a second straight session Monday. Gold’s loss was its third in a row. The yellow metal ended the day at a more than four-month low.

Gold for December delivery settled down $36.60, or 2.1%, to $1,726.50 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the weakest since gold ended March 31 at $1,715.60 an ounce.

"The metals are still suffering from the reverberations of last Friday’s surprisingly strong U.S. jobs report that pushed the U.S. stock indexes to or near their record highs, rallied the U.S. dollar index, pushed the U.S. Treasury yields up (prices down) — all bearish elements for the metals," Jim Wyckoff, a senior analyst at Kitco Inc, said in a daily research note.

Gold futures ranged from a low of $1,677.90 to a high of $1,765.70. They declined 3% last week.

Silver for September delivery tumbled $1.06, or 4.4%, to end at $23.269 an ounce. Silver futures traded between $22.29 and $24.38. They sank 4.8% last week.

In other precious metals prices Monday:

  • October platinum dipped $1.30, or 0.1%, to $970.90 an ounce, ranging from $954 to $980.60.

  • Palladium for September delivery declined $28, or 1.1%, to $2,602.10 an ounce, trading between $2,598 and $2,640.

Last week platinum dropped 7.3% and palladium fell 1%.

US Mint Bullion Sales in 2021

Published United States Mint bullion sales were unchanged Monday. 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)
Monday Last Week June July August 2021 Sales
$50 American Eagle 1 Oz Gold Coin 0 15,500 158,000 49,500 15,500 649,500
$25 American Eagle 1/2 Oz Gold Coin 0 0 15,000 10,000 0 56,000
$10 American Eagle 1/4 Oz Gold Coin 0 0 30,000 0 0 86,000
$5 American Eagle 1/10 Oz Gold Coin 0 15,000 90,000 40,000 15,000 295,000
$50 American Buffalo 1 Oz Gold Coin 0 3,000 27,500 14,500 3,000 211,000
$1 American Eagle 1 Oz Silver Coin 0 612,500 2,800,000 3,104,000 612,500 19,623,000
$100 American Eagle 1 Oz Platinum Coin 0 0 0 0 0 75,000
Tuskegee Airmen 5 oz Silver Coin 0 0 0 0 0 52,900

 

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Seth Riesling

What a debacle in the precious metals market on Friday & today!! The only precious metal price increase today was Rhodium (a platinum group metal & therefore a catalyst) at $20,200 per ounce, up $50. (Looking for my Baird & Company, London, rhodium ingot I bought many moons ago at a near high at the time as a fad).

NumisdudeTX

Kaiser Wilhelm

Seth,

And yet, there are thousands of investors in stocks, bonds and the dollar itself that are whooping and hollering and throwing their (these days imaginary) hats in the air!

Once again the saying about one man’s floor is another man’s ceiling proves itself true.

Wait…what…rhodium? Hand that lucky gent a top hat and put on “The Continental”!

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Kaiser Wilhelm

If my favorite precious metal silver sinks any lower in value, they might consider removing the “precious” designation from that particular metal. What a calamity!

In other news, it appears that if you have one investment foot in the stock market and the other in precious metals, then you will always be crooked since as one goes down the other automatically goes up and vice versa. This is not what one would call a win-win scenario/situation. Curses, foiled again!

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