Gold Climbs from Five-Week Settlement Low

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Gold rebounded from a more than five-week low on Monday while silver, platinum and palladium declined. Silver marked another fourteen-month low while palladium posted its worse settlement in nearly fifteen months.

Gold for December delivery rose $12.40, or 0.7%, to settle at $1,763.80 an ounce on the Comex division of the New York Mercantile Exchange.

"Gold prices are moderately up in midday U.S. trading Monday, on some safe-haven demand amid a rough start to the trading week for world stock markets. Still, gold bulls have to be disappointed their safe-haven metal did not perform better today, given the scope of losses in the U.S. stock indexes,” Jim Wyckoff, a senior analyst at Kitco Inc, said in a daily research note.

Gold futures ranged from a low of $1,742.30 to a high of $1,768.40. They declined 2.3% last week, ending Friday at their lowest price since Aug. 10.

Silver for December delivery shed 13.3 cents, or 0.6%, to close at $22.204 an ounce. The settlement was the lowest since silver ended at $21.557 an ounce on July 21, 2020. Silver futures traded between $22.02 and $22.50. They tumbled 6.5% last week.

In other precious metal futures prices on Monday:

  • October platinum fell $31.40, or 3.4%, to $899.20 an ounce, ranging from $892.60 to $934.30.

  • Palladium for December delivery plunged $118.60, or 6%, to $1,865.20 an ounce, trading between $1,827.50 and $2,016.50. The close was the lowest since palladium finished at $1,845.10 an ounce on June 25, 2020.

Last week platinum lost 2.7% and palladium dropped 6.7%.

US Mint Bullion Sales in 2021

Published United States Mint bullion sales increased Monday by 404,000 ounces in sivler coins and a combined 11,000 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 9,000 29,500 112,000 58,000 804,000
$25 American Eagle 1/2 Oz Gold Coin 0 3,000 21,000 3,000 80,000
$10 American Eagle 1/4 Oz Gold Coin 0 6,000 34,000 6,000 126,000
$5 American Eagle 1/10 Oz Gold Coin 5,000 5,000 50,000 15,000 345,000
$50 American Buffalo 1 Oz Gold Coin 1,500 5,500 27,500 17,000 252,500
$1 American Eagle 1 Oz Silver Coin 404,000 1,500,000 3,930,000 2,654,000 25,594,500
$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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Mammoth

Kaiser, there are those who state the price of Gold & Silver are manipulated downwards on the ‘paper market.’