Gold Settles At More Than 13.5-Month High

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Precious metals gained for a second straight session Wednesday, led by palladium. Gold’s climb was the lowest, but the yellow metal still ended the day at a more than 13.5-month high.

Gold for April delivery edged up $3, or 0.2%, to settle at $1,910.40 an ounce on the Comex division of the New York Mercantile Exchange. The finish was the highest since Jan. 7, 2021, when gold ended at $1,913.60 an ounce.

"Risk aversion is still elevated at mid-week, and that’s also supportive for the safe-haven metals markets," Jim Wyckoff, a senior analyst at Kitco Inc, said in a daily research note.

"On the front burner of the marketplace remains the Russian incursion into Ukraine. The U.S. and other nations have slapped sanctions on Russia, but it appears the West has no intention of military action against Russia. That has somewhat assuaged the marketplace, for now," Wyckoff said.

Gold futures traded between $1,891.10 and $1,912.90. They rose 0.4% in their start to the trading week on Tuesday.

Silver for March delivery increased 24.2 cents, or 1%, to end at $24.553 an ounce. The settlement was the highest since Jan. 20 when silver settled at $24.716 an ounce. Silver futures traded between $24.05 and $24.60. They advanced 1.3% on Tuesday.

In PGM futures on Wednesday:

  • April platinum added $5.70, or 0.5%, to $1,091.70 an ounce, ranging from $1,078.50 to $1,096.90.

  • Palladium for March delivery tacked on $68.80, or 2.9%, to $2,440.60 an ounce, trading between $2,342 and $2,462.

US Mint Bullion Sales in 2022

Published United States Mint bullion sales increased on Wednesday by 19,500 ounces in American Silver Eagles; 3,000 ounces in American Gold Eagles; and 500 ounces in American Platinum Eagles.

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 January February 2022 Sales
$50 American Eagle 1 Oz Gold Coin 3,000 10,500 16,000 123,500 47,500 171,000
$25 American Eagle 1/2 Oz Gold Coin 0 0 0 45,000 0 45,000
$10 American Eagle 1/4 Oz Gold Coin 0 0 2,000 64,000 4,000 68,000
$5 American Eagle 1/10 Oz Gold Coin 0 5,000 0 195,000 15,000 210,000
$50 American Buffalo 1 Oz Gold Coin 0 6,500 4,500 61,500 16,500 78,000
$1 American Eagle 1 Oz Silver Coin 19,500 480,500 519,500 5,001,000 1,500,000 6,501,000
$100 American Eagle 1 Oz Platinum Coin 500 N/A 25,800 N/A 25,800 25,800
$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

And add to that the terrible twin, inflation fear.

Major D

Kaiser and Rich, I’m interested in your thoughts on the Purple Heart pre-orders starting tomorrow (Thur 2-24) at noon? Based on sales of NLB to date, I don’t expect to see any one day sell outs given the amounts the Mint has on hand. It’s backwards to me that the price of the 3-coin proof set is more than the sum total of the three coins individually. Do you see any numismatic value worth paying 147% over spot for the gold coin, and 350% over spot for the silver? I’m planning on sitting this out and may sit out the… Read more »

Rich

Major D, good points and valid concerns, especially with respect to the very high premiums. IMHO, the one coin to purchase from the lot of Purple Heart coins is the Colorized Silver Dollar, which will not be available tomorrow as it’s release date is still TBD. The Purple Heart Colorized Silver Dollar will probably sell out in one day when it is offered, similar to what we saw with the Negro Leagues Baseball Privy Proof Silver Dollar (which was the go-to coin out of that group). The Purple Heart Colorized Silver Dollar will sell for $95 with a product limit… Read more »

Major D

Rich, thanks for your reply and thoughts on this!

Major D

Kaiser, thank you for your insight! I refrained from buying the NLB 3-coin set, which shares the same price and product limit as the 3-coin PH. As of Feb 20, the NLB 3-coin set had 3,185 sold- and 1,788 available as of Feb 23. I’m going to refrain from going in on any PH coins tomorrow- as I think they’ll be available for several months if not until the end of the year. I’m interested to see how the 1st week sales of PH compare with NLB– if they start to look like sell-outs I might change my tune.

SENZA

“13.5 months” That’s almost like when they say “That’s the most it moved since yesterday”

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Last edited 3 months ago by SENZA
Larrry T

Senza,

Don’t worry, biden is sanctioning 2 Russian banks. Whew, thank God he is taking such incredibly harsh measures against Putin. Putin will rue the day he invaded Ukraine.

I’m glad I purchased my gold coins last year. It’ll be interesting to see what the Mint will charge for the gold coins this year. They aren’t listing any prices yet, but I’m guessing it’ll be more, more, more!

Last edited 3 months ago by Larrry T
Larry T

Kaiser, You didn’t have to spell Larry with 3 r’s, as I mistakenly did. I’m not a war hawk and have been opposed to all of these senseless conflicts we’ve stuck our noses into. What was the point of the Afghan conflict? We spent trillions of dollars, lost a lot of blood, and left $90 billion worth of weaponry behind for our foes. Currently, we are $30 trillion plus in debt and borrow from our real threat…China. We haven’t won a conflict since WW2. So yeah, I’d call us a paper tiger. I’m not big on gambling, but I’d bet… Read more »

Rich

Sir Kaiser, while we are quoting Zappa…

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Rich

Tomorrow when the markets open you’re going to hear a giant sucking sound.

SENZA

Crypto trades 24/7 Doge .11 cents BitCon near $30k The HODL’s and Stonkers are toast

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SENZA

Yeah Toast

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Rich

Here comes the PPT to the rescue