Gold and Silver Mark Third Gains and 1-Week Highs

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Precious metal prices increased Wednesday. Gains in gold, silver and platinum were their third in a row. Gold and silver each edged 0.5% higher, and they both also marked a one-week high.

Gold for April delivery settled up $8.80 to $1,810.30 an ounce on the Comex division of the New York Mercantile Exchange. The close was gold’s best since Jan. 26.

"Gold is hovering right above $1,800 and there is meaningful safe haven interest with market volatility along with the Ukraine crisis to support this level," Jeff Wright, chief investment officer at Wolfpack Capital, told MarketWatch. "I do not see gold breaking out much higher, but rather having a measure of support at $1,750 on any pullback."

Gold futures traded between $1,794.60 and $1,812. They climbed 0.3% on Tuesday and they rose 0.6% on Monday.

Silver for March delivery gained 11.2 cents to settle at $22.707 an ounce. Like for gold, the finish was the strongest for silver since Jan. 26. Silver futures ranged from $22.46 to $22.88. They rose 0.9% on Tuesday and they increased 0.4% on Monday.

In PGM futures on Wednesday:

  • April platinum added $20.50, or 2%, to $1,043.70 an ounce, trading between $1,025.80 and $1,047.60.

  • Rising for the first time in three sessions, following nine straight gains, palladium for March delivery advanced $23, or 1%, to $2,369.50 an ounce. Prices ranged from $2,338.50 to $2,424. On Friday, palladium at $2,375.30 an ounce registered its highest settlement since Sept. 3.

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 January 2022 Sales
$50 American Eagle 1 Oz Gold Coin 0 22,500 13,500 41,000 123,500 123,500
$25 American Eagle 1/2 Oz Gold Coin 0 1,000 0 1,000 45,000 45,000
$10 American Eagle 1/4 Oz Gold Coin 0 10,000 2,000 2,000 64,000 64,000
$5 American Eagle 1/10 Oz Gold Coin 0 30,000 15,000 0 195,000 195,000
$50 American Buffalo 1 Oz Gold Coin 0 11,000 8,500 10,500 61,500 61,500
$1 American Eagle 1 Oz Silver Coin 0 1,000,000 500,000 0 5,001,000 5,001,000
$100 American Eagle 1 Oz Platinum Coin 0 0 0 0 0 0
$25 American Eagle 1 Oz Palladium Coin 0 0 0 0 0 0
Tuskegee Airmen 5 oz Silver Coin 0 0 0 0 0 0

 

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Rich

The US Mint pricing for all the Palladium American Eagles had a “Groundhog Day” price increase again today to $3,300. Last Wednesday the price increased from $2,850 to $3,050, and today it increased from $3,050 to $3,300. That’s a $450 whopper!

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