Gold Ends at 7-Week Low

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Palladium gained on Thursday while gold, silver and platinum declined. Gold ended the day at a seven-week low.

Gold for February delivery fell $21.60, 1.2%, to settle at $1,762.70 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the lowest since Oct. 12 when gold ended at $1,759.30 an ounce.

"The near-term chart posture for the gold market is deteriorating now, and that has invited some technical-based sellers into the market. Also, weak-handed longs in the gold futures markets are being forced to liquidate their positions amid the recent sell off. A slumping crude oil market this week is also a negative 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 $1,762.20 to a high of $1,785.20.

Silver for March delivery settled down 2.3 cents, or 0.1%, to $22.316 an ounce. The settlement was the lowest since Sept. 30 when silver closed at $22.047 an ounce. Silver futures traded between $22.21 and $22.51.

In other precious metals prices on Thursday:

  • January platinum declined $2.10, or 0.2%, to $933.10 an ounce, ranging from $926.90 to $947.

  • Palladium for March delivery tacked on $17.90, or 1%, to $1,771.40 an ounce, trading between $1,705 and $1,780.

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 October November December 2021 Sales
$50 American Eagle 1 Oz Gold Coin 0 24,000 21,500 135,500 116,500 2,000 1,067,500
$25 American Eagle 1/2 Oz Gold Coin 0 0 0 7,000 6,000 0 94,000
$10 American Eagle 1/4 Oz Gold Coin 0 2,000 2,000 22,000 10,000 0 160,000
$5 American Eagle 1/10 Oz Gold Coin 0 0 5,000 85,000 40,000 0 490,000
$50 American Buffalo 1 Oz Gold Coin 0 8,500 5,500 41,000 39,500 1,000 341,000
$1 American Eagle 1 Oz Silver Coin 0 0 448,000 1,076,000 1,447,000 0 28,198,500
$100 American Eagle 1 Oz Platinum Coin 0 0 0 0 0 0 75,000
$25 American Eagle 1 Oz Palladium Coin 0 0 0 0 8,700 0 8,700
Tuskegee Airmen 5 oz Silver Coin 0 0 0 0 0 0 52,900

 

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Kaiser Wilhelm

I had no idea that the precious metals markets and the oil markets were in any way price-connected. Apparently dropping oil prices are dragging the precious metals down with them; I wonder if that means it can work the other way around too?

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Last edited 1 month ago by Kaiser Wilhelm
Rich

Good question Sir Kaiser. Yes, the “price-connected” correlation works both ways. Changes and co-movement in gold and oil prices have always been the subject of worldwide attention. According to Shahbaz et al. (2017), there has been a positive price correlation between gold and oil prices more than 80% of the time in the past 50 years. In such a scenario, an oil price increase leads to a rise in demand for (and hence the price of) gold. … Hence, inflation, which is strengthened by high oil prices, causes an increase in demand for gold and thus leads to a rise… Read more »

Kaiser Wilhelm

Thank you so very much, Rich, and thank you again since you have been so kind as to consistently provide extremely enlightening and exceptionally thorough answers and explanations to all manner of weighty questions posed on this site. I’ve long assumed that gold has often served as a hedge against inflation, but I’ve never had any idea as to what the part the price of oil had in the inflation and gold equation. Your very complete and exceedingly comprehensible “essay” has essentially served as a great crash course in how to understand these particular economic interactions and what the most… Read more »

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Last edited 1 month ago by Kaiser Wilhelm
Rich

You’re most welcome, Sir Kaiser. And thank you for posing the important, meaningful questions that spark the process.

Kaiser Wilhelm

Absolutely my pleasure, Rich, I can assure you. I am here to learn, not to teach, and if my questions can elicit answers that can be of service to our community in general, then all the better.

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Rich

Looks like Palladium is back on top versus gold in both the futures and spot markets, although not by much. And certainly a far cry from the almost $1,000 difference just a few months ago.

Kaiser Wilhelm

So here we are again, Rich, with another query on our mind. Why is it that palladium would take such an incredibly long fall from grace, especially as compared with the other precious metals, in the midst of a such a major inflationary jump?

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Rich

Wow Sir Kaiser, let me take a stab at this one. For starters, the Platinum Group Metals, Palladium and Platinum, are more industrial metals than Gold and Silver. Gold and Silver (silver to a lesser extent since it also has primary industrial uses) are more monetary metals that respond greater to inflation. The main demand and use for platinum and palladium is from the automotive industry for use in catalytic converters for reducing automobile emissions (Let’s Go Greta!). Following the Volkswagen emissions scandal (Dieselgate or Emissionsgate) in 2015 the auto industry changed over to palladium-based catalytic convertor technology, in place… Read more »

Rich

P.S. “Inflation is always and everywhere a monetary phenomenon.” – Milton Friedman (1963) … Inflation, by definition, means that money loses its purchasing power and, therefore, is a monetary phenomenon.

Kaiser Wilhelm

I wonder though, what exactly causes there to be such an existential imperative for inflation, which is to say, does inflation have to always be in effect. Or perhaps the more pertinent, important and on balance much bigger question is why inflation is accepted as being inevitable.

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Last edited 1 month ago by Kaiser Wilhelm
Rich

Sir Kaiser, years ago Richard Russel of the Dow Theory Letters coined the phrase that described the United States’ predicament. The phrase was “inflate or die.” Inflate or die is even more to the point today in the out-of-control credit-based/credit fueled, debt driven/debt-based US economy. A fragile economy like we have today could never withstand deflation. Without inflation the economy would die and possibly usher in The Greatest Depression.

Kaiser Wilhelm

What that means, Rich, at least to my own understanding, is that we as an only marginally financially sound through paradoxically being buried-in-debt nation are currently just barely managing to keep our heads above water solely through the accruing of ever more of said-same overburdening debt. This strategy can only serve to temporarily forestall the inevitable, and as it is accompanied and effectively maintained by the absolute necessity of implementing a policy of the continuous raising of commodity and goods prices the most dire of consequences are only made all that more likely. While this system staves off, at least… Read more »

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Rich

Sir Kaiser, you hit the nail on the head with a monkey hammer. Your appreciation and understanding of the Austrian School of Economics is unmistakable.

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Kaiser Wilhelm

I suppose it is rather fitting that I should be cognizant of the Austrian School considering the natural impetus provided by my having been born and lived in Vienna from 1947 to 1955, with German being my first language, that my mother was Viennese, and the practice of my immediate family making multiple visits back to visit my grandparents’ there in subsequent years. It was rather fortunate that until 1955 we technically lived behind the Iron Curtain the fact that Austria agreed to perpetual post WWII neutrality left us free to travel not just around but in and out of… Read more »

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Last edited 1 month ago by Kaiser Wilhelm
Rich

Thanks for sharing with us your wonderful life background story and incredible experiences in your early boyhood.

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SENZA

Can you identify the Demon in this photo?

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Rich

SENZA, it’s hard to tell. Would it be Brandon the Supernatural?

Kaiser Wilhelm

Well, SENZA, I do see Matt Gaetz, Ted Cruz, and Ron DeSantis in the three photos on the right, so it must be a Diabolical Unholy Trinity.

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Last edited 1 month ago by Kaiser Wilhelm
Kaiser Wilhelm

Oh, you’re very welcome, Rich. I do consider myself fortunate to have been able to experience a completely different culture, not just in comparison to the U.S.A. but also in regard to living in Central as opposed to Western Europe. I am also grateful for the following nine years spent in Stuttgart and Heidelberg, Germany, before coming to America for good in 1965. Those eighteen years residence across the pond provided me with a unique outlook that has served me well in the ensuing five and a half decades that I’ve now lived in the U.S.A.

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Last edited 1 month ago by Kaiser Wilhelm
SENZA

Remember the 70’s when Nixon said he would raise the debt ceiling and punish the middle class so they could suffer instead of their children?

Debt ceiling is a psychological tool to make the common man feel guilty when politicians print money for themselves

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Kaiser Wilhelm

Whatever Tricky Dick said, SENZA, he said it backwards, since in reality an ever growing national debt is guaranteed to hurt each successive generation far more than the one before it.

Even “debt ceiling” is in a very real sense a misnomer, since ceiling implies height while the effect of the national debt is to press ever more ponderously on those under the unbearable weight of its floor as it proceeds to crush them completely.

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Kaiser Wilhelm

What an astoundingly clear explanation, Sir Rich. I know by now that I can always count on you to make the confusing understandable and the mysterious accessible. It doesn’t matter that I could google this material, since I already know from experience that whatever site(s) I would arrive at to do my personal research wouldn’t have either as thorough or as concise an explanation for what I’m trying to acquire knowledge about as you so kindly and thoughtfully are consistently able and willing to provide. It appears that things are never as straightforward and simple as one might like, i.e.… Read more »

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Last edited 1 month ago by Kaiser Wilhelm
SENZA

OK you guys are getting just a bit too serious here so I want you to turn up your volume and jump up and down like there is no tomorrow
https://www.youtube.com/watch?v=QYbWAKhCNh4

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Rich

Much obliged, SENZA.
We can dance if we want to
We can leave your friends behind
‘Cause your friends don’t dance
And if they don’t dance
Well, they’re no friends of mine
We can dance, we can dance
Everybody’s taking the chance
Safety dance
Oh well, the safety dance
Ah yes, the safety dance

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Kaiser Wilhelm

Rich, I love songs with “fuzzy” lyrics that when first heard are somewhat difficult to decipher. When this song made its debut on the radio I thought they were singing “it’s safe to dance.”

My and likely many others people’s all-time favorite goof is the misinterpretation of Jimi Hendrix’s Purple Haze line “Excuse me, while I kiss this guy” for the actual “while I kiss the sky.”

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Rich

Sir Kaiser, how funny… from Men Without Hats to Men At Work! Remember this one, “Where women groan and then thunder Can’t you hear, can’t ya hear the thunder… He just smiled and gave me a Benjamite sandwich”
Real Lyric: Where women glow and men chunder Can’t you hear, can’t ya hear the tunder… He just smiled and gave me a Vegemite sandwich
(source: KISSTHISGUY, the archive of misheard lyrics)

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Kaiser Wilhelm

Misheard lyrics are a practically endless source of fascination and humor and I love them! I think what makes them even more of a draw is that occasionally one might find the wrongly interpreted lyrics to be superior to the actual. For example, I would contend that “Where women groan and then thunder” is far and away more impressive than the original “Where women glow and men chunder”. And by the way just out of curiosity, what in heck is “chundering” anyway?

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Last edited 1 month ago by Kaiser Wilhelm
SENZA
Kaiser Wilhelm

I think that bit of “news”, whatever it was, played with my head a bit.

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Last edited 1 month ago by Kaiser Wilhelm
Rich

Sir Kaiser, my initial thought was if anyone knows the meaning of the word “chunder” it would be you. But then of course Men At Work are Australian, not Austrian, and not both Aussie.

Rich

BTW, Sir Kaiser, have you ever tried a Vegemite sandwich? And do you think a Benjamite sandwich might have been what the American Patriots served the British with their fists in the Revolutionary War?

SENZA

Rich one can actually explain these strange phenom for example Iron Butterfly In a Godda Da Vidda is the lyrics of a song when the singer is wasted on LSD and when the singer is sober the same songs is In the Garden of Eden – it’s all about the pills Brotha

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Kaiser Wilhelm

SENZA & Rich,

Some songs like In-A-Gadda-Da-Vida, TV shows like “The Prisoner”, and movies like “Blow Up” were so spacy to begin with that they practically demanded that several bowls of the good stuff be consumed before and during the performance. Oh, and of course, also afterwards.

I had this vision of the photo below as being a fairly accurate predictor of Keith Richards’ appearance another decade or so from now.

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Last edited 1 month ago by Kaiser Wilhelm
Kaiser Wilhelm

Rich,

I wouldn’t know one if I saw one. A full plate schnitzel I’m familiar with.

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Last edited 1 month ago by Kaiser Wilhelm
Kaiser Wilhelm

It didn’t take long for you to figure that out, Rich; good for you! When I was at the Heidelberg American High School in Germany in the early sixties one of my fellow students (American) asked me what kangaroos where like up close and personal. I almost didn’t have the heart to tell them that I came from the land of the mountain goats instead. But then another one wanted to know if they had telephones in France, which was about an hour away from where we all lived. When you hear stuff like that you don’t know whether to… Read more »

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Last edited 1 month ago by Kaiser Wilhelm