Gold Marks Six-Week Low on Thursday, Sept. 23

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Precious metals dropped as a group Thursday after they climbed together for two days in a row. Gold’s loss was its first in four sessions, and severe enough to mark a six-week settlement low for the yellow metal.

Gold for December delivery declined $29, or 1.6%, to finish at $1,749.80 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the weakest since Aug. 10 when gold ended at $1,731.70 an ounce.

"Gold positioning is actually fairly clean so we don’t expect this weakness to morph into a rout," Reuters quoted TD Securities’ commodity strategist Daniel Ghali.

"On the contrary, gold is going to remain range bound in the same range that has prevailed over the last few weeks and months."

Gold futures ranged from a low of $1,745.70 to a high of $1,777.10. They inched up 0.03% on Wednesday, they climbed 0.8% on Tuesday, and they rose 0.7% on Monday.

Silver for December delivery lost 22.8 cents, or 1%, to close at $22.679 an ounce. Silver futures traded between $22.47 and $22.88. They tacked on 1.3% on Wednesday, they gained 1.8% on Tuesday, and they dipped 0.65% on Monday for their worst settlement since July 21, 2020.

In other precious metals futures on Thursday:

  • October platinum shed $4.10, or 0.4%, to $997 an ounce, ranging from $981 to $1,011.

  • Palladium for December delivery declined $64.40, or 3.2%, to $1,971.80 an ounce, trading between $1,943.50 and $2,067.50. On Monday, they posted their lowest finish since June 25, 2020.

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 Last Week This Week August September 2021 Sales
$50 American Eagle 1 Oz Gold Coin 0 29,500 18,500 112,000 67,500 813,500
$25 American Eagle 1/2 Oz Gold Coin 0 3,000 1,000 21,000 4,000 81,000
$10 American Eagle 1/4 Oz Gold Coin 0 6,000 2,000 34,000 8,000 128,000
$5 American Eagle 1/10 Oz Gold Coin 0 5,000 25,000 50,000 35,000 365,000
$50 American Buffalo 1 Oz Gold Coin 0 5,500 8,500 27,500 24,000 259,500
$1 American Eagle 1 Oz Silver Coin 0 1,500,000 485,000 3,930,000 2,735,000 25,675,500
$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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Larry T

Kaiser,

I’m doing the same! More so because of the stock market. I’ll take them anyway I can! How long is your infinity pool?