Gold and Silver Decline Monday, Nov. 29

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Precious metals split on Monday with gold and silver falling and platinum and palladium rising. Gold’s loss was its first in three sessions.

Gold for February delivery – the new, most-active contract — lost $2.90, 0.2%, to settle at $1,785.20 an ounce on the Comex division of the New York Mercantile Exchange.

"The metals [gold and silver] are being pressured by negative outside forces on this day, including a stronger U.S. dollar index, a bounce in the U.S. stock market and rising bond yields,” Jim Wyckoff, a senior analyst at Kitco Inc, said in a daily research note.

Gold futures ranged from a low of $1,782 to a high of $1,801.50. They gave back 3.6% last week.

Silver for March delivery — the new, most-active contract — declined 28.3 cents, or 1.2%, to end at $22.852 an ounce. The settlement was the lowest since Oct. 12 when silver finished at $22.514 an ounce.

Silver futures traded between $22.77 and $23.46. They sank 6.8% last week.

In other precious metals futures prices on Monday:

  • January platinum added $10.20, or 1.1%, to $964.50 an ounce, ranging from $951.30 to $979.50.

  • Palladium for March delivery — the new, most-active contract — added $8, or 0.5%, to $1,789.20 an ounce, trading between $1,705 and $1,804.50.

Last week platinum fell 7.9% and palladium plunged 13.7%.

US Mint Bullion Sales in 2021

Published U.S. Mint bullion sales increased on Monday by 448,000 ounces in silver coins and a combined 24,500 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 Last Week September October November 2021 Sales
$50 American Eagle 1 Oz Gold Coin 19,500 24,000 67,500 135,500 116,500 1,065,500
$25 American Eagle 1/2 Oz Gold Coin 0 0 4,000 7,000 6,000 94,000
$10 American Eagle 1/4 Oz Gold Coin 2,000 2,000 8,000 22,000 10,000 160,000
$5 American Eagle 1/10 Oz Gold Coin 5,000 0 35,000 85,000 40,000 490,000
$50 American Buffalo 1 Oz Gold Coin 4,000 8,500 24,000 41,000 39,000 339,500
$1 American Eagle 1 Oz Silver Coin 448,000 0 2,735,000 1,076,000 1,447,000 28,198,500
$100 American Eagle 1 Oz Platinum Coin 0 0 0 0 0 75,000
$25 American Eagle 1 Oz Palladium Coin 0 0 0 0 8,700 8,700
Tuskegee Airmen 5 oz Silver Coin 0 0 0 0 0 52,900

 

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Rich

Oh no, I don’t want to be number 1 and spoil the game for SENZA and Sir Kaiser. But speaking of tag, it looks like palladium tagged gold today for number 1 with gold back to number 2 from being number 1 at last Friday’s close.

one.jpg
Kaiser Wilhelm

One cannot always be number one, Sir Rich, and I’m good with that reality. That being said, may I humbly point out that palladium is valued above gold only on the futures market and not at today’s exchange rate where gold is currently priced $76.70 higher than palladium. Silver on the other hand, at $22.85 today, is just $0.02 lower down the road.

WheresThePalladium.jpg
Last edited 1 month ago by Kaiser Wilhelm