Gold Tops 8.5-Month High; Mint Logs First 2022 Platinum Eagle Sales

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Precious metals kicked off the new trading week on Tuesday with gains ranging from 0.4% for gold to 1.5% for palladium. U.S. markets closed Monday for Presidents Day. Gold ended the day at another, more than 8.5-month high.

Gold for April delivery rose $7.60 to settle at $1,907.40 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the highest since June 2 when gold ended at $1,909.90 an ounce.

"Bulls have the solid overall near-term technical advantage. Prices are in a steep uptrend on the daily bar chart. Bulls’ next upside price objective is to produce a close above solid resistance at the May 2021 high of $1,922.40. Bears’ next near-term downside price objective is pushing futures prices below solid technical support at $1,850.00," Jim Wyckoff, a senior analyst at Kitco Inc, said in a daily research note.

Gold futures traded between $1,889.70 and $1,918.30. They shot up 3.1% last week.

Silver for March delivery tacked on 31.9 cents, or 1.3%, to finish at $24.311 an ounce. The settlement was the highest since Jan. 21 when silver finished at $24.32 an ounce. Silver futures traded between $23.71 and $24.39. They advanced 2.7% last week.

In other precious metals prices on Tuesday:

  • April platinum added $9.20, or 0.9%, to $1,086 an ounce, ranging from $1,069.80 to $1,095.90.

  • Palladium for March delivery gained $33.90 to $2,371.80 an ounce, trading between $2,301 and $2,437.

Last week, platinum surged 5.7% and palladium soared 6.6%.

US Mint Bullion Sales in 2022

Published United States Mint bullion sales increased on Tuesday by 500,000 ounces in American Silver Eagles, a combined 18,000 ounces in American Eagle and Buffalo gold coins, and the first increase this year for American Platinum Eagles which advanced 25,300 ounces.

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)
Tuesday / This Week Last Week January February 2022 Sales
$50 American Eagle 1 Oz Gold Coin 13,000 10,500 123,500 44,500 168,000
$25 American Eagle 1/2 Oz Gold Coin 0 0 45,000 0 45,000
$10 American Eagle 1/4 Oz Gold Coin 2,000 0 64,000 4,000 68,000
$5 American Eagle 1/10 Oz Gold Coin 0 5,000 195,000 15,000 210,000
$50 American Buffalo 1 Oz Gold Coin 4,500 6,500 61,500 16,500 78,000
$1 American Eagle 1 Oz Silver Coin 500,000 480,500 5,001,000 1,480,500 6,481,500
$100 American Eagle 1 Oz Platinum Coin 25,300 N/A N/A 25,300 25,300
$25 American Eagle 1 Oz Palladium Coin 0 0 0 0 0
Tuskegee Airmen 5 oz Silver Coin 0 0 0 0 0

 

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ASE Collector

I’m new to this, so I don’t understand. When I see ~6.5MM ASE coins sold in 2022, I’m confused. How have there already been ASE sales when the earliest release date isn’t until April? And ~6.5MM coins seems like A LOT more than mintage limits? Help me understand oh wise ones.