Gold, Silver and Other Metals Tumble Thursday, Jan. 6

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Following two days of gains, precious metals tumbled on Thursday. Their losses ranged from 2% for gold to 4.2% to silver. Silver ended at its worst price in over three weeks. Gold marked a more than two-week low.

Gold for February delivery fell $35.90 to settle at $1,789.20 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the lowest since Dec. 21.

"The metals are reeling after a surprisingly hawkish report from the Federal Reserve Wednesday afternoon," Jim Wyckoff, a senior analyst at Kitco Inc, said in a daily research note. "The Federal Reserve’s FOMC minutes that were released Wednesday afternoon indicated a ‘very tight’ U.S. job market and rising inflation might require the central bank to raise interest rates even sooner than many already expected, and begin reducing its overall asset balance sheet."

Gold futures ranged from a low of $1,785.40 to a high of $1,811.60. They added 0.6% on Wednesday, they climbed 0.8% on Tuesday, and they fell 1.6% on Monday.

Silver for March delivery plunged 98 cents to settle at $22.19 an ounce. The settlement was the lowest since Dec. 15. Silver futures traded between $22 and $22.85. They rose 0.5% on Wednesday, they advanced 1.1% on Tuesday, and they dropped 2.3% on Monday.

In other precious metals prices Thursday:

  • April platinum lost $41.20, or 4.1%, to $960.70 an ounce, ranging from $952 to $987.70.

  • Palladium for March delivery declined $28.70, or 1.5%, to $1,873.90 an ounce, trading between $1,822 and $1,897.

US Mint Bullion Sales in 2022

Published United States Mint bullion sales increased Thursday by 3,001,000 ounces in silver coins and a combined 142,500 ounces in gold coins.

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)
Thursday/ This Week Last Week October November December 2021 Sales
$50 American Eagle 1 Oz Gold Coin 73,500 0 135,500 125,500 41,000 1,115,500
$25 American Eagle 1/2 Oz Gold Coin 26,000 0 7,000 6,000 1,000 95,000
$10 American Eagle 1/4 Oz Gold Coin 38,000 0 22,000 10,000 2,000 162,000
$5 American Eagle 1/10 Oz Gold Coin 115,000 0 85,000 40,000 0 490,000
$50 American Buffalo 1 Oz Gold Coin 35,000 0 41,000 39,500 10,500 350,500
$1 American Eagle 1 Oz Silver Coin* 3,001,000 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

At this rate it won’t be long before silver is priced alongside the base metals. The horror!

Last edited 11 days ago by Kaiser Wilhelm