Gold Retreats; Palladium Scores Over 4.5-Month High

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Palladium finished at its highest price since Sept. 7
Palladium finished at its best price since Sept. 7

Gold and silver prices declined on Wednesday while platinum and palladium advanced. Palladium’s gain was its seventh in a row. The metal also notched its highest settlement since early September.

Gold for February delivery lost $22.80, or 1.2%, to end at $1,829.70 an ounce on the Comex division of the New York Mercantile Exchange.

"Bulls still have the overall near-term technical advantage. Prices are in a six-week-old uptrend on the daily bar chart. Bulls’ next upside price objective is to produce a close above solid resistance at the November high of $1,881.90. Bears’ next near-term downside price objective is pushing futures prices below solid technical support at $1,800.00,” Jim Wyckoff, a senior analyst at Kitco Inc, said in a daily research note.

Gold futures ranged from a low of $1,822.80 to a high of $1,850.20. They tacked on 0.6% on Tuesday and marked their best settlement since Nov. 18. Gold prices rose 0.5% on Monday.

Silver for March delivery shed 8.9 cents, or 0.4%, to settle at $23.807 an ounce. Silver futures traded between $23.62 and $24.03. They gained 0.4% on Tuesday and they lost 2.1% on Monday.

In PGM futures on Wednesday:

  • April platinum added $20.40, or 2%, to $1,045.90 an ounce, ranging from $1,024.40 to $1,064.60.

  • Palladium for March delivery soared $161.70, or 7.4%, to $2,350.60 an ounce, trading between $2,173 and $2,380. The settlement was the highest since Sept. 7 when palladium ended at $2,353.50 an ounce.

"Geopolitical drama with Russia is causing real concern as to the future supply of palladium," MarketWatch quoted Chris Blasi, president of Neptune Global.

"An all-out conflict with Russia would exasperate an already critical supply issue in the palladium space," and would likely drive palladium "well north of $4,000 per ounce," he said.

US Mint Bullion Sales in 2022

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 December 2021 Sales 2022 Sales
$50 American Eagle 1 Oz Gold Coin 0 0 22,500 41,000 1,115,500 110,000
$25 American Eagle 1/2 Oz Gold Coin 0 0 1,000 1,000 95,000 45,000
$10 American Eagle 1/4 Oz Gold Coin 0 0 10,000 2,000 162,000 62,000
$5 American Eagle 1/10 Oz Gold Coin 0 0 30,000 0 490,000 180,000
$50 American Buffalo 1 Oz Gold Coin 0 0 11,000 10,500 350,500 53,000
$1 American Eagle 1 Oz Silver Coin 0 0 1,000,000 0 28,275,000 4,501,000
$100 American Eagle 1 Oz Platinum Coin 0 0 0 0 75,000 0
$25 American Eagle 1 Oz Palladium Coin 0 0 0 0 8,700 0
Tuskegee Airmen 5 oz Silver Coin 0 0 0 0 52,900 0

 

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Rich

The US Mint pricing for all the Palladium American Eagles increased today from $2,850 to $3,050 as a results of palladium’s price gains between 1/19/22 and 1/25/22. And if today’s palladium “score” of over $125 (spot) / $160 (futures) holds up on average during the next pricing cycle of 1/26/22 to 2/1/22, next Wednesday (Ground Hog Day) the Mint’s pricing will go up another $100-$150 for the Palladium American Eagles.

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Rob S

Stop the insanity!!! lolz I think I paid “MAXIMUM wage” for my 2021 Pd (then they dropped – ha), so hope I can afford one this year. yikes. As it is, I still have to prep my bank acct for the massive HIT. I thought I read somewhere they source Pd from Russia? Maybe the world events are leading to some fluctuation? … And Kaiser, on our annual Myrtle Beach golf trip, “whatabout” (one word) is my moniker. I’ve been getting it personalized on my golf balls lately. (but I still havent seen that flick all the way thru. …… Read more »

Rich

Rob, you are correct about Russia being the world’s primary source for Palladium (and geopolitical events as well as forecasts of global automobile production and demand have recently contributed to Palladium price increases). Also, South Africa is still the world’s primary source for Platinum.

Antonio

So we have to relive this over and over and over again until we get it “right”?

SENZA

Rich,

It’s all about Ronald Reagan – The 1980’s and the fraud called the “Cold War” oh and this weird homosexual named Roger Stone whom has controlled American Politics and the price of your Metals since the 1980’s and history is currently repeating itself.

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Rich

Yeah, SENZA. He sure is a Tricky Dick fan.

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SENZA

Hey guys have I ever shown you my: Native American $1 Coin & Currency Set 2019 US MINT ERROR SET?
The first item of interest is the error itself ( improperly loaded $1 note) the next issue is that it made it out of the US Mint building and into our hands.

Just imagine if the US Mint built airplanes or airplane engines – guess we would just call them Boeing………………………

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