Gold and Silver Rise Monday, Aug. 16

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In their start to the new trading week on Monday, precious metals split with gold and silver rising and platinum and palladium falling.

Gold for December delivery rose $11.60, or 0.7%, to settle at $1,789.80 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the highest since Aug. 5.

"The bulls have momentum on their side and stepped in to do some bargain hunting on the overnight/early-morning dip in prices. The yellow metal has made a solid recovery from the August lows and the bulls and bears are now back on a level overall near-term technical playing field," Jim Wyckoff, a senior analyst at Kitco Inc, said in a daily research note.

Gold futures ranged from a low of $1,772 to a high of $1,791.30. They gained 0.9% last week.

Silver for September delivery added 1.2 cents, or 0.5%, to end at $23.791 an ounce. Silver futures traded between $23.38 and $23.88. They dropped 2.3% last week.

In other precious metals futures prices on Monday:

  • October platinum declined $4.90, or 0.5%, to $1,021.10 an ounce, ranging from $1,001.30 to $1,027.

  • Palladium for September delivery lost $58.50, or 2.2%, to $2,598 an ounce, trading between $2,576 and $2,650.

Last week platinum soared 5.5% and palladium increased 1%.

US Mint Bullion Sales in 2021

Published United States Mint bullion sales increased Monday by a combined 22,000 ounces in gold coins and 668,000 ounces in silver coins.

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 13,500 40,000 158,000 49,500 69,000 703,000
$25 American Eagle 1/2 Oz Gold Coin 13,000 0 15,000 10,000 13,000 69,000
$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 30,000 310,000
$50 American Buffalo 1 Oz Gold Coin 2,000 13,500 27,500 14,500 18,500 226,500
$1 American Eagle 1 Oz Silver Coin 668,000 968,500 2,800,000 3,104,000 2,249,000 21,259,500
$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 added 1.2 cents. 1.2 CENTS! Meanwhile, everywhere you look silver is either entirely out of stock for going for the price of oxygen on Mars. To say that there seems to be a bit of a disconnect between the paper price and the actual difficulty of getting it and the physical silver price it’s going for is the understatement of the year.

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