Gold, Silver and Platinum Dip on Monday, Aug. 30

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Palladium surged 3% in its start to the new trading week on Monday while gold, silver and platinum each logged 0.4% losses.

Gold for December delivery shed $7.30 to settle at $1,812.20 an ounce on the Comex division of the New York Mercantile Exchange.

Prices are "seesawing between economic reality and taper expectations by the Federal Reserve and other key central banks," MarketWatch quoted Chintan Karnani, director of research at Insignia Consultants.

Gold futures ranged from a low of $1,810 to a high of $1,826.50. They advanced 2% last week, ending Friday at their highest price since Aug. 2.

Silver for December delivery — the new, most-active contract — declined 10.4 cents to settle at $24.006 an ounce. Silver futures traded between $23.95 and $24.28. They jumped 4.1% last week.

In other precious metals prices on Monday:

  • October platinum fell $4.40 to $1,002.10 an ounce, ranging from $994.80 to $1,014.20.

  • Palladium for December delivery jumped $71 to $2,479.10 an ounce, trading between $2,404 and $2,500.

Last week platinum gained 1.2% and palladium soared 5.8%.

US Mint Bullion Sales in 2021

Published United States Mint bullion sales increased Monday by 625,000 ounces in American Silver Eagles, 4,500 ounces in American Gold Buffalos, and a combined 15,000 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)
Monday Last Week June July August 2021 Sales
$50 American Eagle 1 Oz Gold Coin 9,500 17,000 158,000 49,500 110,000 744,000
$25 American Eagle 1/2 Oz Gold Coin 0 0 15,000 10,000 21,000 77,000
$10 American Eagle 1/4 Oz Gold Coin 22,000 6,000 30,000 0 28,000 114,000
$5 American Eagle 1/10 Oz Gold Coin 0 10,000 90,000 40,000 50,000 330,000
$50 American Buffalo 1 Oz Gold Coin 4,500 4,500 27,500 14,500 27,500 235,500
$1 American Eagle 1 Oz Silver Coin 625,000 775,000 2,800,000 3,104,000 3,805,000 22,815,500
$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

Since bullion pieces aren’t technically coins at all, why does the Mint spend so much time and energy producing them rather than just keeping it simple by selling bars and ingots of various sizes instead?

The Mint could instead expend more effort producing numismatic quality coinage to fulfill the needs of the collector community rather than operating so overwhelmingly tilted toward the benefit of investor hoards in mind.

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