Gold Falls Below $1,800/oz, Registering First Loss in Four Sessions

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Precious metals moved lower Wednesday, led by platinum which fell 1.6%. Gold’s decline was its first in four sessions and comes on the heels of it scoring a nearly three-week high.

Gold for December delivery gave back $17.50, or 1%, to settle at $1,791 an ounce on the Comex division of the New York Mercantile Exchange.

"There has been a boost in risk appetite and the dollar has also climbed up resulting in some consolidation in the metal," Reuters quoted Bart Melek, head of commodity strategies at TD Securities, adding some investors were also taking profits.

Gold futures ranged from a low of $1,784 to a high of $1,805.30. They edged 0.1% higher on Tuesday, for their highest settlement since Aug. 5, and they rose 1.3% on Monday.

Silver for September delivery shed 11.9 cents, or 0.5%, to settle at $23.775 an ounce. Silver futures traded between $23.59 and $23.89. They climbed 1% on Tuesday and they gained 2.4% on Monday.

In PGM futures on Wednesday:

  • October platinum fell $16.60 to $993.50 an ounce, ranging from $984.70 to $1,009.90.

  • Palladium for September delivery declined $11.80, or 0.5%, to $2,430.70 an ounce, trading between $2,420 and $2,480.

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 Last Week This Week June July August 2021 Sales
$50 American Eagle 1 Oz Gold Coin 0 28,000 12,000 158,000 49,500 95,500 729,500
$25 American Eagle 1/2 Oz Gold Coin 0 21,000 0 15,000 10,000 21,000 77,000
$10 American Eagle 1/4 Oz Gold Coin 0 0 6,000 30,000 0 6,000 92,000
$5 American Eagle 1/10 Oz Gold Coin 0 10,000 10,000 90,000 40,000 50,000 330,000
$50 American Buffalo 1 Oz Gold Coin 0 2,000 4,500 27,500 14,500 23,000 231,000
$1 American Eagle 1 Oz Silver Coin 0 824,000 740,000 2,800,000 3,104,000 3,145,000 22,155,500
$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

All the precious metals declined, or possibly were suppressed; we can’t know which. Regardless, the ultimate effect of this retreat is that the dollar continues to reign supreme. This latter point is an absolute must, because with the government throwing money left, right and everywhere the fiction that the dollar is worth more than the paper it’s printed on must at all costs be maintained. The money printing madness that has taken hold of the Capitol in the midst of the pandemic is accomplishing nothin more than offering a large band-aid rather than the radical surgery required. In plain English,… Read more »

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Last edited 1 month ago by Kaiser Wilhelm