Gold, Silver and Palladium Post Multi-month Lows Wed., Sept. 29

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Precious metals registered losses Wednesday that ranged from 0.8% for gold to 4.4% for silver. Gold, silver and palladium also marked multi-month settlement lows.

Gold for December delivery fell $14.60 to settle at $1,722.90 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the weakest since gold ended March 31 at $1,715.60 an ounce.

"Technically, December gold futures bears have the firm overall near-term technical advantage. A three-week-old price downtrend is in place on the daily bar chart. Bulls’ next upside price objective is to produce a close above solid resistance at this week’s high of $1,760.90. Bears’ next near-term downside price objective is pushing futures prices below solid technical support at $1,700.00," Jim Wyckoff, a senior analyst at Kitco Inc, said in a daily research note.

Gold futures ranged from a low of $1,733.20 to a high of $1,746. They fell 0.8% on Tuesday and they climbed 0.02% on Monday.

Silver for December delivery tumbled 98.2 cents to close at $21.485 an ounce. The settlement was the lowest since silver finished at $20.192 an ounce on July 20, 2020. Silver futures traded between $21.41 and $22.57. They lost 1% on Tuesday and they gained 1.2% on Monday.

In PGM futures on Wednesday:

  • January platinum shed $14.90, or 1.6%, to $947 an ounce, ranging from $941.40 to $972. The close was the lowest for platinum since it settled at $899.20 an ounce on Sept. 20.

  • Palladium for December delivery declined $23.90, or 1.3%, to $1,830.30 an ounce, trading between $1,825.50 and $1,898.50. The settlement was the worst since palladium closed at $1,798.20 an ounce on May 14, 2020.

US Mint Bullion Sales in 2021

Published United States Mint bullion sales were unchanged Wednesday. 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/ This Week Last Week August September 2021 Sales
$50 American Eagle 1 Oz Gold Coin 0 18,500 112,000 67,500 813,500
$25 American Eagle 1/2 Oz Gold Coin 0 1,000 21,000 4,000 81,000
$10 American Eagle 1/4 Oz Gold Coin 0 2,000 34,000 8,000 128,000
$5 American Eagle 1/10 Oz Gold Coin 0 25,000 50,000 35,000 365,000
$50 American Buffalo 1 Oz Gold Coin 0 8,500 27,500 24,000 259,500
$1 American Eagle 1 Oz Silver Coin 0 485,000 3,930,000 2,735,000 25,675,500
$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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Rich

Out of the big 4 PMs, Palladium has really crashed and burned. It’s down -$650 in the last 30 days. The semiconductor/computer chip shortage stalling car industry production, particularly in China, has Palladium on the ropes of late. And tracking the US Mint’s American Eagle Palladium coins, they have correspondingly dropped in price from $3,350 to $2,900.

Mammoth

Worked hard all my lifetime, no help from my friends.”

OR THE GOVERNMENT!

Rich

What a Pearl, “Minter” Mammoth and Sir Kaiser.

Mammoth

Well, PM’s are sure bouncing back today.
No doubt that we’re headed to the Moon now.

Sarcasm/off

Last edited 20 days ago by Mammoth
sam tweedy

Cheers to all you “whining” “OLD LADIES” WHINE WHINE WHINE GO TAKE A “NAP” !!!!!! YOU NEED IT !!!!! LOL!!!!

Rich

“Let’s not be L7”!!

Tweedy.jpg