Precious Metals Drop in 2022 Start

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Precious metals kicked off the start to the new trading year on Monday with losses that ranged from 1.3% for platinum to 4.5% for palladium. Gold and silver each ended near a two-week low.

Gold for February delivery lost $28.50, or 1.6%, to settle at $1,800.10 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the weakest since Dec. 21.

"Bearish daily elements that include a solidly higher U.S. dollar index sharply rising U.S. Treasury yields today are negatives for the precious metals. Also, mostly higher stock indexes Monday suggest still-scant trader and investor risk aversion in the marketplace at present — and that’s bearish 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 $1,798.20 to a high of $1,833. They rose 0.9% last week to end at their highest price since Nov. 19, but they marked a 3.5% loss in 2021.

Silver for March delivery dropped 54.2 cents, or 2.3%, to close at $22.81 an ounce. The settlement was also the lowest since Dec. 21. Silver futures traded between $22.69 and $23.44. They gained 1.8% last week to score their best finish since Nov. 24, but they plunged 11.6% last year.

In other precious metals futures prices on Monday:

  • April platinum fell $12.20 to $954 an ounce, ranging from $928.70 to $985.

  • Palladium for March delivery declined $86.10 to $1,826 an ounce, trading between $1,818 and $1,907.50.

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

If inflation keeps accelerating precious metals values will be the least of our problems.

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Last edited 13 days ago by Kaiser Wilhelm
Kaiser Wilhelm

So this…

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Kaiser Wilhelm

matters a lot less than this…

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Rich

Sir Kaiser, as per your example above, and underscoring gold’s characteristic as a store of value and wealth preservation, consider that in 1929 a $20 Gold Double Eagle coin (1-oz gold) bought you $20 worth of groceries and in 2021 that same coin/ounce of Gold bought you $1,800 worth of groceries (i.e., the cart of food in 1929 and 2021 remained the same size).

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Kaiser Wilhelm

Rich,

Roosevelt took all of our gold in 1933 to insure that the government would be the primary entity, in conjunction with the Fed and the other Banks, to determine the value of the money in our pockets and as such consistently be in a position to control every aspect of our individual economic lives and the financial status of the nation as a whole.

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Kaiser Wilhelm

Furthermore:
1913 – Fed established
1929 – Great Depression
1933 – Gold confiscated
2008 – Great Recession
2020 – Runaway inflation

For well over a hundred years the Federal Government has done everything in its power to keep the great majority of us American citizens in a perpetual state of financial insecurity as the single best option to keep us thinking about anything else other than how we willingly continue to support the means of our own oppression.

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Last edited 13 days ago by Kaiser Wilhelm
Rich

I guess you just can’t win…

Kaiser Wilhelm

Rich, I personally have no truck with religious texts, but if there is one universal truth to be found there and elsewhere it is that “As it was in the beginning is now and ever shall be.” The reality is that it has always been the case that whoever controls whatever represents the wealth of any society has the charge of that society and conversely whoever has the power comes into continued possession of the wealth, and this cycle is not liable to being easily broken. Granted, occasionally there is a major “overhaul” such as in the case of a… Read more »

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Last edited 12 days ago by Kaiser Wilhelm
Rich

Sir Kaiser, thank you very much for caring and sharing your edifying thoughts on where we stand. It’s Sad but true.

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Kaiser Wilhelm

You are so very welcome, Good Sir Rich. As an afterthought or a footnote if you will, I would like it to be very clear that I don’t present that scenario as a way of bemoaning some untoward, tragic aspect of human existence. Rather, this is just how things happen to be and as with all the many other situations that over seven billion people on earth happen to encounter in their lives this reality too is best dealt with through comprehension as opposed to consternation.

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Last edited 11 days ago by Kaiser Wilhelm