Gold Ends at 7-Week Low

18

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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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 »

Rich

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

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.

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.

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.

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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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?

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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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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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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SENZA
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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