Precious Metals Decline Wednesday, Sept. 8

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Precious metals registered across-the-board losses for a second straight session on Wednesday. The setbacks ranged from 0.3% for gold to 4.9% for palladium.

Gold for December delivery shed $5 to settle at $1,793.50 an ounce on the Comex division of the New York Mercantile Exchange.

Gold and silver prices declined "on some follow-through selling pressure from sharp losses seen Tuesday. A higher U.S. dollar index this week is a negative outside market force working against the metals," said Jim Wyckoff, senior analyst at Kitco Metals.

Gold futures ranged from a low of $1,783.10 to a high of $1,804.40. They gave back 1.9% in their start to the trading week on Tuesday.

Silver for December delivery declined 31.7 cents, or 1.3%, to close at $24.056 an ounce. Silver futures traded between $23.94 and $24.48. They fell 1.7% on Tuesday.

In PGM futures on Wednesday:

  • October platinum fell $19.80, or 2%, to $976.10 an ounce, ranging from $971 to $1,003.80.

  • Palladium for December delivery dropped $116.20 to $2,237.30 an ounce, trading between $2,206.50 and $2,380.50.

US Mint Bullion Sales in 2021

The United States Mint published bullion sales for the first time this month. Posted gains include 750,000 ounces in American Silver Eagles; 5,000 ounces in American Gold Buffalos; and a combined 10,000 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)
Wednesday / Week / September Last Week June July August 2021 Sales
$50 American Eagle 1 Oz Gold Coin 9,500 11,500 158,000 49,500 112,000 755,500
$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 0 28,000 30,000 0 34,000 120,000
$5 American Eagle 1/10 Oz Gold Coin 5,000 0 90,000 40,000 50,000 335,000
$50 American Buffalo 1 Oz Gold Coin 8,000 4,500 27,500 14,500 27,500 243,500
$1 American Eagle 1 Oz Silver Coin 750,000 750,000 2,800,000 3,104,000 3,930,000 23,690,500
$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

Silver is close to slipping below the $24 level again. These days you can’t win for losing.

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Last edited 10 days ago by Kaiser Wilhelm