Precious Metals Decline Thursday, Dec. 9

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Precious metals fell Thursday. Their losses ranged from 0.5% for gold to 2.1% for palladium. Palladium’s drop was its first in seven sessions.

Gold for February delivery declined $8.80 to settle at $1,776.70 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the lowest since Dec. 2.

"Price pressure on the metals is coming from the key outside markets being in bearish daily postures — weaker crude oil prices and a higher U.S. dollar index. This week’s rise in U.S. Treasury bond yields and keener trader and investor risk appetite this week are also negatives for the safe-haven metals," Jim Wyckoff, a senior analyst at Kitco Inc, said in a daily research note.

Gold futures ranged from a low of $1,774 to a high of $1,788.40. They edged up 0.04% on Wednesday, for their highest close since Nov. 29, they rose 0.3% on Tuesday, and they shed 0.3% on Monday.

Silver for March delivery dropped 41.9 cents, or 1.9%, to settle at $22.013 an ounce. The settlement was the lowest since Sept. 29 when silver finished at $21.485 an ounce. Silver futures traded between $21.84 and $22.48. They dipped 0.4% on Wednesday, they added 1.2% on Tuesday, and they lost 1% on Monday.

In other precious metals futures prices on Thursday:

  • January platinum fell $18.20, or 1.9%, to $937.70 an ounce, ranging from $928.70 and $953.30.

  • Palladium for March delivery lost $39.20 to $1,813.20 an ounce, trading between $1,741.50 and $1,868.50.

US Mint Bullion Sales in 2021

Published United States Mint bullion sales increased Thursday by 6,000 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 This Week October November December 2021 Sales
$50 American Eagle 1 Oz Gold Coin 6,000 24,500 135,500 125,500 26,500 1,101,000
$25 American Eagle 1/2 Oz Gold Coin 0 2,000 7,000 6,000 2,000 96,000
$10 American Eagle 1/4 Oz Gold Coin 0 0 22,000 10,000 0 160,000
$5 American Eagle 1/10 Oz Gold Coin 0 0 85,000 40,000 0 490,000
$50 American Buffalo 1 Oz Gold Coin 0 7,000 41,000 39,500 8,000 348,000
$1 American Eagle 1 Oz Silver Coin 0 0 1,076,000 1,523,500 0 28,275,000
$100 American Eagle 1 Oz Platinum Coin 0 0 0 0 0 75,000
$25 American Eagle 1 Oz Palladium Coin 0 0 0 8,700 0 8,700
Tuskegee Airmen 5 oz Silver Coin 0 0 0 0 0 52,900

 

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Kaiser Wilhelm

Silver appears to be getting ready to dip below the $22 mark for the first time in over two months. Things could technically get very interesting if this trend continues, but I’ll bet you dollars to donuts that the US Mint won’t follow suit and lower the price of their silver products like they’re supposed to.

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Last edited 1 month ago by Kaiser Wilhelm
SENZA

Big 10-4 Kaiser no chance in hell precious metals prices at the Mint will go down and Congrats another first-one-done award for you – I bet your hall of fame is filling up fast

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Kaiser Wilhelm

Thanks, SENZA, I really appreciate that! I find it so hypocritical and disingenuous of the Mint to be jacking up prices, and so considerably at that, with the first hint of a rise in price of any of the precious metals but on the other hand being so much slower to react, if indeed at all, when the opposite occurs with the metals value-wise. And as far as regards silver, I see the Mint’s retail prices consistently going only one way, that happens to be always up and never down, which is an even more egregiously unfair situation. Once again… Read more »

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SENZA

I also frequent the foreign Mints and the prices are not just similar they are almost exactly the same which demonstrates a Global price-gouging scheme but damn it man somebody keeps paying these prices

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Kaiser Wilhelm

SENZA, I suppose it all goes back to the old Pogo quote of “We have met the enemy and he is us.” Supply follows demand and if the demand is strong and urgent enough then the prices go up correspondingly. I’m not saying each and every one of us collector/consumers is always equally guilty of contributing to the continuing operation of this excess profit machine; unfortunately, there seem to be a sufficient number of us who for at least enough of the time are willing and apparently able to pay whatever the ask is for what we believe we need.… Read more »

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Last edited 1 month ago by Kaiser Wilhelm