Gold Dips Thursday, Oct. 7, As Other Metals Gain

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Gold eased lower on Thursday while silver, platinum and palladium advanced. Gains in silver and platinum were modest. Palladium, however, soared 4.7%.

Gold for December delivery shed $2.60, or nearly 0.2%, to settle at $1,759.20 an ounce on the Comex division of the New York Mercantile Exchange.

"Gold has essentially been a battleground for bulls and bears this week with conflicting themes pulling and pushing the metal in a relatively narrow range," MarketWatch quoted Lukman Otunuga, senior research analyst at FXTM. "The choppy price action illustrates the growing struggle for power ahead of the key jobs data."

Gold futures ranged from a low of $1,752 to a high of $1,767.70. They edged up 0.05% on Wednesday, they dipped 0.4% on Tuesday, and they rose 0.5% on Monday.

Silver for December delivery rose 12.6 cents, or 0.6%, to close at $22.658 an ounce. Silver futures traded between $22.39 and $22.84. They fell 0.3% on Wednesday, they shed 0.2% on Tuesday, and they climbed 0.5% on Monday.

In other precious metals future prices Thursday:

  • January platinum added $8.10, or 0.8%, to $985.30 an ounce, ranging from $975.30 to $997.70.

  • Palladium for December delivery added $87.20 to $1,955 an ounce, trading between $1,865.50 and $1,992.

US Mint Bullion Sales in 2021

Published United States Mint bullion sales increased Thursday by a combined 12,500 ounces in American Gold Eagles.

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 August September This Week / Oct. 2021 Sales
$50 American Eagle 1 Oz Gold Coin 11,000 0 112,000 67,500 78,500 892,000
$25 American Eagle 1/2 Oz Gold Coin 0 0 21,000 4,000 0 81,000
$10 American Eagle 1/4 Oz Gold Coin 4,000 0 34,000 8,000 4,000 132,000
$5 American Eagle 1/10 Oz Gold Coin 5,000 0 50,000 35,000 20,000 385,000
$50 American Buffalo 1 Oz Gold Coin 0 0 27,500 24,000 12,500 272,000
$1 American Eagle 1 Oz Silver Coin 0 0 3,930,000 2,735,000 500,000 26,175,500
$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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Kaiser Wilhelm

Is it my imagination or is the gap between the price of gold and palladium a lot smaller than it was a few months or even weeks ago? What’s next; platinum shooting back into its former place in the lead of everything?

Mammoth

Kaiser, once chips become available again and the pent-up demand for new vehicles is released – then Palladium will shoot back up in price, as it is used in catalytic converters.

Kaiser Wilhelm

Thanks, Mammoth. I knew there had to be a reason, but it just didn’t occur to me exactly what it was.

It’s amazing how much production is being held up by the shortage – or in some cases complete lack of, I suppose – those chips.

Kaiser Wilhelm

There’s yet another vital reason to keep Taiwan independent. Should Communist Chinese overrun that island nation yet another industrial powerhouse will be folded into their burgeoning economic empire.

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Last edited 11 days ago by Kaiser Wilhelm
Rich

… and platinum lost it’s Mojo after the German Volkswagen diesel engine/emissions dieselgate scandal back in 2015.

Kaiser Wilhelm

It always amazes me, Rich, how companies that already make such huge amounts of money will still stoop to cutting corners to even further enlarge their profit margins.

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Last edited 11 days ago by Kaiser Wilhelm
SENZA

Supply Demand Plan -Demic Fake Scarcity the key ingredients of fraud and manipulation

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Kaiser Wilhelm

So, essentially the same as Wall Street, the Fed, and Mike “Money For Nothing And My Checks For Free” Sleazack. Cool.

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