Precious Metals Decline Thursday, Sept. 2

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Precious metals moved lower Thursday. Gold retreated the least, slipping 0.3%, while palladium dropped the most, falling 1.7%.

Gold for December delivery settled down $4.50 to $1,811.50 an ounce on the Comex division of the New York Mercantile Exchange.

"The gold market right now is consolidating and does not care about anything else until the jobs number comes up," Reuters quoted Phillip Streible, chief market strategist at Blue Line Futures in Chicago.

The U.S. Labor Department will release the non-farm payrolls report for August on Friday.

Gold prices ranged from a low of $1,806.50 to a high of $1,819.60. They shed 0.1% on Wednesday, they rose 0.3% on Tuesday, marking an August increase of 0.05%, and they dipped 0.4% on Monday.

Silver for December delivery fell 30.3 cents, or 1.3%, to settle at $23.918 an ounce. Silver futures traded between $23.81 and $24.28. They rose 0.9% on Wednesday, they ended unchanged Tuesday, registering a 6% monthly decline, and they — like gold — slipped 0.4% on Monday.

In other precious metals futures Thursday:

  • October platinum slipped $5.40, or 0.5%, to $994.20 an ounce, ranging from $986 to $1,006.80.

  • Palladium for December delivery fell $41.10 to $2,400.40 an ounce, trading between $2,381 and $2,446.50.

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 / 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

 

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Kaiser Wilhelm

It appears we’ve somehow entered that rather peculiar territory again where the precious metals are, rather than as would normally be expected going up in value as the stock market declines, counter-intuitively headed in the very same direction.

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Last edited 17 days ago by Kaiser Wilhelm