Gold, Silver and Palladium Retreat Wednesday, Aug. 18

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Platinum increased on Wednesday while gold, silver and palladium declined. Losses for gold and silver were their second in a row following two straight session gains.

Gold for December delivery lost $3.40, or 0.2%, to settle at $1,784.40 an ounce on the Comex division of the New York Mercantile Exchange.

"Some mild profit taking from recent gains is seen in the gold market. Both metals [gold and silver] were also pressured a bit by bearish outside markets that saw a firmer U.S. dollar index that hit a 4.5-month today and by lower crude oil prices that are now trending down," Jim Wyckoff, a senior analyst at Kitco Inc, said in a daily research note.

Gold futures ranged from a low of $1,778.80 to a high of $1,795.70. They slipped 0.1% on Tuesday and they gained 0.7% on Monday.

Silver for September delivery declined 23.7 cents, or 1%, to settle at $23.422 an ounce. Silver futures traded between $23.26 and $23.83. They shed 0.6% on Tuesday and they rose 0.5% on Monday.

In PGM futures on Wednesday:

  • October platinum added $2.60, or 0.3%, to $996.40 an ounce, ranging from $985.20 to $1,009.70.

  • Palladium for September delivery dropped $72.30, or 2.9%, to $2,423.30 an ounce, trading between $2,412.50 and $2,538.50.

US Mint Bullion Sales in 2021

Published United States Mint bullion sales increased Wednesday by a combined 5,000 ounces in American Gold Eagles.

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 Last Week This Week June July August 2021 Sales
$50 American Eagle 1 Oz Gold Coin 3,000 40,000 28,000 158,000 49,500 83,500 717,500
$25 American Eagle 1/2 Oz Gold Coin 3,000 0 21,000 15,000 10,000 21,000 77,000
$10 American Eagle 1/4 Oz Gold Coin 0 0 0 30,000 0 0 86,000
$5 American Eagle 1/10 Oz Gold Coin 5,000 15,000 10,000 90,000 40,000 40,000 320,000
$50 American Buffalo 1 Oz Gold Coin 0 13,500 2,000 27,500 14,500 18,500 226,500
$1 American Eagle 1 Oz Silver Coin 0 968,500 824,000 2,800,000 3,104,000 2,405,000 21,415,500
$100 American Eagle 1 Oz Platinum Coin 0 0 0 0 0 0 75,000
Tuskegee Airmen 5 oz Silver Coin 0 0 0 0 0 0 52,900

 

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Kaiser Wilhelm

If this trend continues Mr. Silver will break through the $23 barrier…going downwards, that is. By the way, I’m still looking for an explanation as to what is causing all this downward pressure on paper silver while physical silver is still flying off the shelves. What gives?