Precious Metals Decline Thursday, Oct. 21

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Precious metals registered losses Thursday that ranged from 0.2% for gold to 3.1% for palladium. Drops in gold, silver and platinum were their first in three sessions.

Gold for December delivery shed $3 to settle at $1,781.90 an ounce on the Comex division of the New York Mercantile Exchange.

"Gold and silver prices are modestly lower in midday U.S. trading Thursday, on normal corrective pullbacks after recent gains. Both metals remain in near-term price uptrends on the daily bar charts. A firmer U.S. dollar index on this day is also a negative outside market element for the metals markets," Jim Wyckoff, a senior analyst at Kitco Inc, said in a daily research note.

Gold futures ranged from a low of $1,776.80 to a high of $1,790.30. They advanced 0.8% on Wednesday — marking their highest settlement since Oct. 14, they rose 0.3% on Tuesday, and they shed 0.2% on Monday.

Silver for December delivery gave back 27.5 cents, or 1.1%, to close at $24.17 an ounce. Silver futures traded between $24.07 and $24.55. They ralllied 2.4% on Wednesday — logging their best finish since Sept. 3, they surged 2.7% on Tuesday, and they lost 0.4% on Monday.

In other precious metals futures prices Thursday:

  • January platinum declined $2.60, or 0.3%, to $1,049.70 an ounce, ranging from $1,038 to $1,066.80.

  • Palladium for December delivery dropped $64.30 to $2,018.10 an ounce, trading between $1,978 and $2,093.50.

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 October 2021 Sales
$50 American Eagle 1 Oz Gold Coin 0 12,000 21,000 112,000 67,500 114,500 928,000
$25 American Eagle 1/2 Oz Gold Coin 0 0 3,000 21,000 4,000 3,000 84,000
$10 American Eagle 1/4 Oz Gold Coin 0 0 8,000 34,000 8,000 12,000 140,000
$5 American Eagle 1/10 Oz Gold Coin 0 5,000 30,000 50,000 35,000 55,000 420,000
$50 American Buffalo 1 Oz Gold Coin 0 20,000 4,000 27,500 24,000 36,500 296,000
$1 American Eagle 1 Oz Silver Coin 0 0 576,000 3,930,000 2,735,000 1,076,000 26,751,500
$100 American Eagle 1 Oz Platinum Coin 0 0 0 0 0 0 75,000
Tuskegee Airmen 5 oz Silver Coin 0 0 0 0 0 0 52,900

 

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Mammoth

Is PM’s recent price increase a flash in the pan, or is this a result of inflation driving the price up?

Seth Riesling

Mammoth –

I have a feeling inflation is starting to show up a little in the precious metals on some days it seems, but silver, gold, platinum &palladium futures are all down for the first 3 quarters of the year. Not sure which way they are going, but I’m paying more for the same groceries for sure! But we S.S. recipients are getting a 5.9% COLA for the new year – the largest adjustment in like almost 30 years. More money for coins! Lol.

Happy collecting/investing!

NumisdudeTX

Kaiser Wilhelm

Seth,

Most unfortunately for us oldsters, COLA means exactly that and nothing more: Cost Of Living Adjustment. Its intent is to keep us as dead even as possible with the rate of inflation, as in more money plus higher prices equals running in place or treading water, whichever depiction you prefer. If you choose there can be more money in your budget for coins, this is true, but only by cutting back on other expenses, not thanks to COLA.

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Rich

Looks like a Rough Ryder – where his person meets the saddle. Rawhide!

Kaiser Wilhelm

Yee haw to that, Rich! And since even Kaisers have been known to experience the occasional exotic daydream, yours truly might be apt to prefer a gender reversal of the above depicted stance. Hooo…ahhh!