Gold Dips while Silver Climbs on Monday, Dec. 27

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Silver finished Monday at a more than four-week high while gold, platinum and palladium declined.

Gold for February delivery shed $2.90, or 0.2%, to settle at $1,808.80 an ounce on the Comex division of the New York Mercantile Exchange.

Gold futures traded between $1,803.60 and $1,814.60. They rose 0.4% last week, ending Friday at their highest point since Nov. 19.

"Technically, February gold futures bulls have the overall near-term technical advantage. Bulls’ next upside price objective is to produce a close above solid resistance at $1,840.00. Bears’ next near-term downside price objective is pushing futures prices below solid technical support at $1,775.00," Jim Wyckoff, a senior analyst at Kitco Inc, said in a daily research note.

Silver for March delivery added 4.9 cents, or 0.2%, to close at $22.989 an ounce. The settlement was the highest since Nov. 26 when silver ended at $23.107 an ounce. Silver prices ranged from a low of $22.65 to a high of $23.15. They gained 1.8% last week.

In other precious metals futures prices on Monday:

  • January platinum shed $5.90, or 0.6%, to $969.20 an ounce, trading between $951.30 and $977.30.

  • Palladium for March delivery declined $10.40, or 0.5%, to $1,946.50 an ounce, ranging from $1,934.50 to $1,998.50.

Last week platinum advanced 4.3% and palladium soared 9.6%.

US Mint Bullion Sales in 2021

Published United States Mint bullion sales were unchanged on Monday. Below is a sales breakdown of U.S. Mint bullion products with columns listing the number of coins sold during varying periods. Products with an asterisk (*) are no longer available.

US Mint Bullion Sales (# of coins)
Monday Last Week October November December 2021 Sales
$50 American Eagle 1 Oz Gold Coin 0 0 135,500 125,500 41,000 1,115,500
$25 American Eagle 1/2 Oz Gold Coin 0 0 7,000 6,000 1,000 95,000
$10 American Eagle 1/4 Oz Gold Coin 0 0 22,000 10,000 2,000 162,000
$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 0 41,000 39,500 10,500 350,500
$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

I have no idea how many other commenters here are of this opinion, but I have long believed that the premium over actual precious metal value that the Mint charges its Authorized Purchasers for bullion coinage is not just ridiculously but consequently also very unfairly low when compared to the various multiples over spot that we collectors are consistently required to pay for proof and uncirculated coin products. Just sayin’.

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Last edited 20 days ago by Kaiser Wilhelm
Rich

Sir Kaiser, Objection Overruled! Here is the evidence on just how low those premiums are that the US Mint charges its Authorized Purchasers for American Eagle Bullion Coins (source: US Mint, February 24, 2021): Prices for American Eagles are based on the prevailing price of gold, silver, platinum, or palladium plus a modest premium to cover minting, distribution, and marketing costs. Prices change on a daily basis, as the gold, silver, platinum and palladium markets fluctuate. American Eagle Silver Bullion United States Mint Authorized Purchasers are charged the LBMA Silver Price plus a $2.35 per coin premium. Minimum ordering requirement:… Read more »

Kaiser Wilhelm

Rich,

Thanks so very much for providing such extensive and precise details regarding the miniscule premiums charged to the Authorized Purchasers. It appears one could justifiably say that their sheer insignificance is verging on the criminal in that it is evidence of what amounts to a pattern of ongoing collusion between the Mint and those resellers.

As for what the public is charged for premiums, especially on silver products, they are simply outrageous, ranging from a minimum of 200% to the sky’s the limit.

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Last edited 19 days ago by Kaiser Wilhelm
Rich

Sir Kaiser, thank you for calling attention to this important concern. Now for the other half of the evidence. Here are the details of the corresponding premiums the US Mint charges the general public for precious metal numismatic American Eagle Proof and Uncirculated coins: American Eagle Silver Proof premium = $48 per coin American Eagle Silver Uncirculated premium = $42 per coin American Eagle Gold 1-ounce Proof premium = 49.3% American Eagle Gold 1-ounce Uncirculated premium = 47.6% American Eagle Platinum Proof premium = $570 per coin American Eagle Palladium Proof/Uncirculated premium = 52.1% Note: US Mint American Eagle Proof/Uncirculated… Read more »

Kaiser Wilhelm

Rich, Thanks for explaining in such extremely clear and helpful detail the United States Mint’s entire terribly imbalanced premium developing mechanism and subsequently onerous price setting system. We can accept there are higher costs involved in striking proof and uncirculated as opposed to bullion grade coins. It is, however, very difficult to believe that these additional expenses would add up to the huge amount that the Mint would like us to believe. As for “special handling” and “plastic capsules”, the first is a well known fictional trope and the second involves perhaps a dollar per coin. Finally, these days the… Read more »

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