Gold and Silver Fall in January as Palladium Soars; U.S. Mint Bullion Sales Jump

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Standing Gold Eagle and Silver Eagles Jan 31, 2022
In January, gold and silver prices dropped and U.S. Mint gold and silver bullion sales jumped

Gold, silver and platinum gained on Monday while palladium logged its first loss in ten sessions, after reaching a 21-week high on Friday.

Gains in gold and silver were their first in four sessions. The pair of metals dropped in January, however, even as platinum and palladium scored sharp gains for the month.

Gold for April delivery on Monday added $9.80, or 0.6%, to end at $1,796.40 an ounce on the Comex division of the New York Mercantile Exchange.

"Gold and silver futures prices higher in midday U.S. trading Monday, on short covering in the futures markets and perceived bargain hunting in the cash markets, following recent solid losses. Both metals are still somewhat oversold on a short-term technical basis and are due for some additional corrective upside action this week," Jim Wyckoff, a senior analyst at Kitco Inc, said in a daily research note.

Gold futures traded between $1,785.80 and $1,799.20. They lost 2.5% last week, closing Friday at their lowest level since Dec. 15. Gold prices fell 1.8% in January.

Silver for March delivery tacked on 9.2 cents, or 0.4%, to settle at $22.393 an ounce. Silver futures ranged from $22.25 to $22.66. They sank 8.3% last week, ending Friday at their lowest price since Jan. 6. Silver prices tumbled 4.1% in January

In other precious metals futures prices on Monday:

  • April platinum added $14.20, or 1.4%, to $1,020.80 an ounce, trading between $1,007.40 and $1,022.80.

  • Palladium for March delivery gave back $19.50, or 0.8%, to $2,355.80 an ounce, ranging from $2,350 to $2,449.50.

Last week platinum dropped 2.8% while palladium rallied 12.9%. On Friday, palladium marked its best settlement since Sept. 3. For January, platinum advanced 5.7% and palladium surged 23.2%.

US Mint Bullion Sales in 2022

Published United States Mint bullion sales increased on Monday by 500,000 ounces in silver coins and a combined 24,000 ounces in gold coins.

As for January, the Mint’s bullion products performed better than they did in December — supported by the release of newly 2022-dated coins. In headline monthly comparisons:

  • American Eagle gold coins advanced 181,500 ounces in January, jumping 332.1% from sales of 42,000 ounces in December but falling 17.7% from sales of 220,500 ounces in January 2021.

  • American Eagle silver coins rose this month by 5,001,000 ounces, after registering flat in December. The month’s sales are 4.7% higher than sales of 4,775,000 ounces in January of last year.

  • American Buffalo gold coins advanced 61,500 ounces in January, matching January 2020 sales and soaring 485.7% from sales of 10,500 ounces in December.

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)
Monday Last Week December 2021 Sales 2022 Sales
$50 American Eagle 1 Oz Gold Coin 13,500 22,500 41,000 1,115,500 123,500
$25 American Eagle 1/2 Oz Gold Coin 0 1,000 1,000 95,000 45,000
$10 American Eagle 1/4 Oz Gold Coin 2,000 10,000 2,000 162,000 64,000
$5 American Eagle 1/10 Oz Gold Coin 15,000 30,000 0 490,000 195,000
$50 American Buffalo 1 Oz Gold Coin 8,500 11,000 10,500 350,500 61,500
$1 American Eagle 1 Oz Silver Coin 500,000 1,000,000 0 28,275,000 5,001,000
$100 American Eagle 1 Oz Platinum Coin 0 0 0 75,000 0
$25 American Eagle 1 Oz Palladium Coin 0 0 0 8,700 0
Tuskegee Airmen 5 oz Silver Coin 0 0 0 52,900 0

 

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Rich

For January, palladium surged 23.2%. That’s its biggest monthly gain since Feb. 2008 and its best month in 14 years. What a bounce!