Gold Gains 1.3% Wednesday, Aug. 11

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In futures trading Wednesday, palladium declined while gold, silver and platinum gained for a second day in a row following several straight session losses.

Gold for December delivery tacked on $21.60, or 1.3%, to settle at $1,753.30 an ounce on the Comex division of the New York Mercantile Exchange.

"The precious metals bulls have stabilized their markets at mid-week, following recent selling pressure," Jim Wyckoff, a senior analyst at Kitco Inc, said in a daily research note.

Gold futures ranged from a low of $1,724.30 to a high of $1,754.40. They rose 0.3% on Tuesday and they fell 2.1% on Monday, finishing at their lowest level since March 31.

In closely watched data Wednesday, the Labor Department reported that consumer prices climbed 0.5% in July from 0.9% in June. In addition, and for a second straight month, annual inflation increased 5.4% for the quickest pace since August 2008.

Elsewhere, silver for September delivery added 9.6 cents, or 0.4%, to close at $23.488 an ounce. Silver futures traded between $23.19 and $23.56. They gained 0.5% on Tuesday and they tumbled 4.4% on Monday.

In PGM futures on Wednesday:

  • October platinum advanced $28.60, or 2.9%, to $1,015.60 an ounce, ranging from $990 to $1,018.30.

  • Palladium for September delivery declined $17.20, or 0.7%, to $2,632.80 an ounce, trading between $2,610 and $2,660.

US Mint Bullion Sales in 2021

Published United States Mint bullion sales were unchanged Wednesday. 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 / 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

My best metallic friend silver continues to be frozen below $23.50 an ounce. Oh boy, oh boy, if this is all due to some price suppressors out there doing their usual dirty work there is going to be trouble. Now all I have to do is find someone capable of making good on my “promise”…

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