Gold Edges Lower in September Start

2

Except for silver, precious metals declined in the mid-week session and start to the new trading month on Wednesday.

Gold for December delivery shed $2.10, or 0.1%, to settle at $1,816 an ounce on the Comex division of the New York Mercantile Exchange.

"Metals traders are seeking the next significant fundamental input, which will likely be Friday morning’s U.S. jobs report.," Jim Wyckoff, a senior analyst at Kitco Inc, said in a daily research note.

"The first trading day of September saw a busy slate of U.S. economic data released, highlighted by the monthly ADP national employment report for August, which was a miss to the downside, showing a rise of 374,000 jobs, when it was expected to show a gain of 600,000," Wyckoff added.

Gold prices ranged from a low of $1,810.60 to a high of $1,822.70. They rose 0.3% on Tuesday, marking an August increase of 0.05%, and they dipped 0.4% on Monday.

Silver for December delivery rose 21.5 cents, or 0.9%, to close at $24.221 an ounce. Silver futures traded between $23.77 and $24.33. They ended unchanged Tuesday, registering a 6% monthly decline, and they — like gold — slipped 0.4% on Monday.

In PGM futures on Wednesday:

  • October platinum fell $14.50, or 1.4%, to $999.60 an ounce, ranging from $993.80 to $1,015.30.

  • Palladium for December delivery fell $29.50, or 1.2%, to $2,441.50 an ounce, trading between $2,424 and $2,495.50.

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 / September Last Week This Week June July August 2021 Sales
$50 American Eagle 1 Oz Gold Coin 0 17,000 11,500 158,000 49,500 112,000 746,000
$25 American Eagle 1/2 Oz Gold Coin 0 0 0 15,000 10,000 21,000 77,000
$10 American Eagle 1/4 Oz Gold Coin 0 6,000 28,000 30,000 0 34,000 120,000
$5 American Eagle 1/10 Oz Gold Coin 0 10,000 0 90,000 40,000 50,000 330,000
$50 American Buffalo 1 Oz Gold Coin 0 4,500 4,500 27,500 14,500 27,500 235,500
$1 American Eagle 1 Oz Silver Coin 0 775,000 750,000 2,800,000 3,104,000 3,930,000 22,940,500
$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

 

Subscribe
Notify of
guest
2 Comments
Inline Feedbacks
View all comments
Kaiser Wilhelm

Palladium fell by more than silver is worth.

On the other hand, silver was the only precious metal that didn’t show a decline.

Inked61d917704e67f52c7fdc8d061dc5aecc_LI.jpg
Kaiser Wilhelm

If this substantial drop in pre-orders for all of the 2021 Morgan Dollars and the 2021 Peace Dollar continues like this for week after week between now and November, I will take that as a message I can’t ignore and may decide to cancel all of my orders.

InkedInkedbqeg3_LI.jpg
Last edited 18 days ago by Kaiser Wilhelm