Gold and Platinum Edge Higher Monday, Sept. 13

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Precious metals split Monday with gold and platinum edging higher and silver and palladium ending lower.

Gold for December delivery rose $2.30, or 0.1%, to settle at $1,794.40 an ounce on the Comex division of the New York Mercantile Exchange.

"Technically, gold bulls have the slight overall near-term technical advantage but need to show more power soon to keep it. A four-week-old price uptrend on the daily bar chart has stalled out. Bulls’ next upside price objective is to produce a close above solid resistance at the July high of $1,836.20," Jim Wyckoff, a senior analyst at Kitco Inc, said in a daily research note.

Gold futures ranged from a low of $1,784.40 to a high of $1,800.20. They declined 2.3% last week, for their first weekly loss in five weeks.

Silver for December delivery shed 10.4 cents, or 0.4%, to settle at $23.796 an ounce. Silver futures traded between $23.36 and $23.89. They fell 3.6% last week.

In other metal precious metals futures prices on Monday:

  • October platinum added $1, or 0.1%, to $957.50 an ounce, ranging from $942.20 to $958.40.

  • Palladium for December delivery lost $46.50, or 2.2%, to $2,079.80 an ounce, trading between $2,047 and $2,156.50.

Last week platinum dropped 6.4% and palladium plunged 12%.

US Mint Bullion Sales in 2021

Published United States Mint bullion sales increased Monday by 1,229,000 ounces in silver coins and a combined 16,000 ounces in gold coins.

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 August September 2021 Sales
$50 American Eagle 1 Oz Gold Coin 9,500 19,500 112,000 29,000 775,000
$25 American Eagle 1/2 Oz Gold Coin 2,000 0 21,000 2,000 79,000
$10 American Eagle 1/4 Oz Gold Coin 4,000 0 34,000 4,000 124,000
$5 American Eagle 1/10 Oz Gold Coin 0 5,000 50,000 5,000 335,000
$50 American Buffalo 1 Oz Gold Coin 4,500 10,000 27,500 14,500 250,000
$1 American Eagle 1 Oz Silver Coin 1,229,000 750,000 3,930,000 1,979,000 24,919,500
$100 American Eagle 1 Oz Platinum Coin 0 0 0 0 75,000
Tuskegee Airmen 5 oz Silver Coin 0 0 0 0 52,900

 

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Kaiser Wilhelm

My favorite silver, instead of heading up to $25 an ounce which I think of as the absolute minimum of where it should be, is instead occasionally beginning to flirt with dropping below $23 an ounce. How pathetic is that.

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Last edited 6 days ago by Kaiser Wilhelm