Precious Metals Decline Wednesday, Dec. 15

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Precious metals retreated as a group for a second straight session on Wednesday. Losses in platinum and palladium were actually their fifth in row. Gold, meanwhile, marked a fresh, near two-week low.

Gold for February delivery shed $7.80, or 0.4%, to settle at $1,764.50 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the lowest since Dec. 2 when gold ended at $1,762.70 an ounce.

“Technically, February gold futures bulls have lost their the slight overall near-term technical advantage as trading turns choppy and sideways trading. Bulls’ next upside price objective is to produce a close above solid resistance at $1,800.00. Bears’ next near-term downside price objective is pushing futures prices below solid technical support at the September low of $1,723.70," Jim Wyckoff, a senior analyst at Kitco Inc, said in a daily research note.

Gold futures on the day ranged from a low of $1,753 to a high of $1,774.30. They fell 0.9% on Tuesday and they climbed 0.2% on Monday.

Silver for March delivery declined 37.9 cents, or 1.7%, to settle at $21.545 an ounce. The settlement was the lowest since Sept. 29 when silver finished at $21.485 an ounce. Silver futures traded between $21.41 and $22.07. They dropped 1.8% on Tuesday and they rose 0.6% on Monday.

In PGM futures on Wednesday:

  • January platinum settled down $16.70, or 1.8%, to $894.20 an ounce, ranging from $886 to $918.

  • Palladium for March delivery lost $71.10, or 4.4%, to $1,551.60 an ounce, trading between $1,531 and $1,634.50.

US Mint Bullion Sales in 2021

Published United States Mint bullion sales were unchanged Wednesday.

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)
Wednesday Last Week This Week October November December 2021 Sales
$50 American Eagle 1 Oz Gold Coin 0 24,500 14,500 135,500 125,500 41,000 1,115,500
$25 American Eagle 1/2 Oz Gold Coin 0 0 1,000 7,000 6,000 1,000 95,000
$10 American Eagle 1/4 Oz Gold Coin 0 2,000 0 22,000 10,000 2,000 162,000
$5 American Eagle 1/10 Oz Gold Coin 0 0 0 85,000 40,000 0 490,000
$50 American Buffalo 1 Oz Gold Coin 0 7,000 2,500 41,000 39,500 10,500 350,500
$1 American Eagle 1 Oz Silver Coin 0 0 0 1,076,000 1,523,500 0 28,275,000
$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

While the spot price of gold exceeds that of silver by a factor of 80 to 1, the annual global recovery of silver from the earth exceeds that of gold by a ratio of only 8 to 1. Taking that relative extraction figure into account there is a case to be made for the logical price ratio of gold to silver to be not 80 to 1 but 8 to 1 instead. This means that either the gold price should be lowered to $178.24 while leaving silver where it is or the price of silver should be increased to $221.30… Read more »

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