Gold and Silver Notch Third Straight Gain

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Precious metals split in kicking off the new trading week on Monday. Gold and silver gained, logging their third straight session increase, while platinum and palladium declined.

Gold for December delivery rose $9.20, or 0.5%, to settle at $1,767.60 an ounce on the Comex division of the New York Mercantile Exchange.

"We’re seeing more risk aversion in the markets and gold appears to be benefiting from that. Quite often we’ve seen the dollar do well in these conditions which has dragged on gold, but we’re seeing the opposite today," Reuters quoted OANDA analyst Craig Erlam.

Gold futures ranged from a low of $1,747.70 to a high of $1,771.50. They edged 0.4% higher last week.

Silver for December delivery climbed 10.8 cents, or 0.5%, to close at $22.644 an ounce. Silver futures traded between $22.90 and $22.81. They gained 0.5% last week.

In other precious metal futures prices on Monday:

  • January platinum lost $12, or 1.2%, to $961.60 an ounce, ranging from $943 to $981.10.

  • Palladium for December delivery fell $28.70, or 1.5%, to $1,875 an ounce, trading between $1,858 and $1,929.50.

Last week platinum lost 0.6% and palladium dropped 2.4%.

US Mint Bullion Sales in 2021

The United States Mint published bullion sales gains for the first time this month. Increases include a 396,000 ounces in silver coins and a combined 72,500 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 / Oct. Last Week August September 2021 Sales
$50 American Eagle 1 Oz Gold Coin 59,500 0 112,000 67,500 873,000
$25 American Eagle 1/2 Oz Gold Coin 0 0 21,000 4,000 81,000
$10 American Eagle 1/4 Oz Gold Coin 0 0 34,000 8,000 128,000
$5 American Eagle 1/10 Oz Gold Coin 5,000 0 50,000 35,000 370,000
$50 American Buffalo 1 Oz Gold Coin 12,500 0 27,500 24,000 272,000
$1 American Eagle 1 Oz Silver Coin 396,000 0 3,930,000 2,735,000 26,071,500
$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

Now that the reign of Director Ryder has come to a rather sudden and clearly ignoble end, one may not be out of line in wondering if any of the Mint’s silver pricing practices will be under the scrutiny they more than deserve as the inexorable mess he leaves behind is slowly but hopefully surely examined from all angles. For example, a 2021 Morgan and/or Peace Dollar consists of just under 86% of an ounce of silver. With that metal currently going for roughly $22.50 an ounce, those dollars contain what amounts to a total of $19.35 of silver. With… Read more »

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Last edited 18 days ago by Kaiser Wilhelm
SENZA

Maybe he was a Rock Star after-all = NAH!

What say you about that plot extending beyond our borders and to many of the Mints around the World = Universal $85 an ounce silver.

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Kaiser Wilhelm

SENZA,

That meme correctly identifies Rocky Ryder as having been a sell out to all the coin profiteers, and likely the precious metal manipulators also.

I love that even as the paper spot price of silver is being severely suppressed the real value of physical silver in the form of coins has been pushed sky-high. Parties unknown (or otherwise?) having their whole crooked cake and eating it huge pieces of it too, I suppose one might call it.

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Larry T

Kaiser, I agree with you that the pricing for the silver coins is way out of line with current spot prices of Ag, not to mention gold, platinum, and palladium coins. My question is, why are we surprised by this? With apologies to those folks who prefer to stick their heads in the sand, the Mint is run by our government. Does anyone here actually believe the government is going to look at this and come to the conclusion that ‘Holy sh*t, we’ve been overcharging these poor collectors and must make reparations asap!’ I’m not going to hold my breath… Read more »

Rich

Larry T and Sir Kaiser, if you think the Mint’s pricing practices, mark-ups and premiums are super crazy, then check out this Trillion Dollar Baby — A trillion-dollar platinum coin could be minted “within hours of the Treasury Secretary’s decision to do so,” Philip Diehl, former director of the United States Mint. The Mint already produces a one-ounce Platinum Eagle and has no shortage of platinum blanks already in stock. Producing a trillion-dollar Eagle would require only the denomination to be changed. “This could be quickly executed on the existing plaster mold of the Platinum Eagle,” says Diehl. Then an… Read more »

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Mammoth

That is Insane. A better solution to this problem would be for the government to get it’s spending under control.

Kaiser Wilhelm

Mammoth,

Am I missing something here, or isn’t in fact the combining of the concepts of government and insanity an all too obvious redundancy?

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Rich

A most sensible alternative solution, Mammoth.

Kaiser Wilhelm

Rich,

Well, that all seems pretty reasonable, straightforward and fully thought out. The only other requirement will be the renaming of our nation as Western Zimbabusa in honor of the only other country on the planet to have trillion dollar denominations.

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Rich

Right out of the Zimbabwe playbook, Sir Kaiser.

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Kaiser Wilhelm

Rich,

What am I supposed to do with one of these small denomination bills? Where are you keeping the really big money?

Here, by the way, is the all-time record holder.

In 1946 a bankrupt Hungary printed bills for:
100 Quadrillion Pengo
100 Quintillion Pengo

Eventually, with currency reformation, 400 Octillion Pengo, the equivalent of 4 billion of the 100 Quintillion Pengo bills, could be exchanged for 1 Forint.

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SENZA

I think it would destroy the value of all precious metals and our hobby! Don’t forget the big picture; Biden wants to give $65 Billion to Jennifer Granholm who is one of the biggest criminals in politics and already fleeced us with a fake cyber attack, Biden and Granholm will live happily ever after at our expense – while they don’t even throw us a crumb. Most Politicians employ 80 unnecessary aides and California pays life guards $400k salaries to watch the oil roll into the empty beaches – perhaps we could start by trimming some of this fat. Government… Read more »

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Rich

SENZA, you are exactly right. This proposal is a wicked combination of our hobby (coin collecting), precious metals and government politics.

Kaiser Wilhelm

Larry,

Congrats on receiving the Reverse Proofs, those singular gems!

The gummint isn’t coming to our rescue, especially since it would have to save us from itself. Everything it gets its grubby (not little) hands on turns to either enormously extra or entirely wasted expense and not all that rarely, both.

Yes, “Order History” is back on line; I think we’ll blame that one on Zuckerberg.

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SENZA

This one looks looks totally normal = NOT.

Zuckerturd picked a winner – she just reduced his legacy of money laundering to not being nice to teenage girls.

I vote we employ her at a coin grading company.

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Rich

Why, SENZA? The best you could probably expect is a 69.