Gold and Other Metals Rise Tuesday, Aug. 10

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Major precious metals advanced as a group for the first time in three sessions Tuesday. Gains ranged from 0.3% for gold to 1.8% for palladium.

Gold for December delivery rose $5.20 to settle at $1,731.70 an ounce on the Comex division of the New York Mercantile Exchange.

"Gold and silver prices are moderately higher in midday U.S. trading Tuesday, on normal upside price corrections after the sharp losses suffered last Friday and on Monday," Jim Wyckoff, a senior analyst at Kitco Inc, said in a daily research note. "The precious metals bulls appear to have stabilized their markets — at least for now," Wyckoff added.

Gold futures ranged from a low of $1,718.50 to a high of $1,739.40. They fell 2.1% on Monday, finishing at their lowest level since March 31.

Silver for September delivery ended up 12.3 cents, or 0.5%, to $23.392 an ounce. Silver futures traded between $23.22 and $23.68. They tumbled 4.4% on Monday.

In other precious metals futures prices on Tuesday:

  • October platinum added $16.10, or 1.7%, to $987 an ounce, ranging from $968.80 to $996.90.

  • Palladium for September delivery gained $47.90 to $2,650 an ounce, trading between $2,592 and $2,664.50.

US Mint Bullion Sales in 2021

Published United States Mint bullion sales were unchanged Tuesday. 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 / This Week 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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Kaiser Wilhelm

Silver is still hanging around $20.40 an ounce. I keep hearing rumors aka predictions of a runup in silver prices but the evidence seems to point in the other direction.

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