Gold and Silver Drop for Third Day; Palladium Tumbles

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Precious metald declined Thursday, led by palladium which tumbled 5.2%. Losses for gold and silver were their third in a row after two consecutive session gains.

Gold for December delivery dipped $1.30, or 0.07%, to settle at $1,783.10 an ounce on the Comex division of the New York Mercantile Exchange.

Gold futures ranged from a low of $1,774.60 to a high of $1,795. They lost 0.2% on Wednesday, they slipped 0.1% on Tuesday, and they gained 0.7% on Monday.

Silver for September delivery declined 19.2 cents, or 0.8%, to settle at $23.23 an ounce. Silver futures traded between $23.08 and $23.52. They fell 1% on Wednesday, they shed 0.6% on Tuesday, and they rose 0.5% on Monday.

In other precious metals futures prices on Thursday:

  • October platinum ended down $25.20, or 2.5%, to $971.20 an ounce, ranging from $956 to $996.20.

  • Palladium for September delivery sank $125.40 to $2,297.90 an ounce, trading between $2,282 and $2,432.

"Palladium seems to have fallen out of favor with investors, but the market is still laboring under a wide production/consumption deficit, according to our supply/demand model," MarketWatch quoted Jim Steel, chief precious metals analyst at HSBC. "This should support the market."

US Mint Bullion Sales in 2021

Published United States Mint bullion sales were unchanged Thursday. 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)
Thursday Last Week This Week June July August 2021 Sales
$50 American Eagle 1 Oz Gold Coin 0 40,000 28,000 158,000 49,500 83,500 717,500
$25 American Eagle 1/2 Oz Gold Coin 0 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 0 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

$23.23 an ounce for silver? That’s gone beyond the pathetic and is in the process of flirting with the disastrous. So now instead of three times spot we’re on the verge of paying four multiples of spot for silver coins from the Mint. Sheesh!