Gold and Silver Retreat Wednesday, March 2

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Precious metals divided Wednesday with platinum and palladium extending gains while gold and silver retreated some from their sharp, prior-day increases which tagged them near 14-month and 7-month settlement highs.

Gold for April delivery gave back $21.50, or 1.1%, to settle at $1,922.30 an ounce on the Comex division of the New York Mercantile Exchange.

"We’re seeing a more of a technically motivated pullback as there is a bit of a lesser need for safe havens. We’ve seen equity markets stabilize," Reuters quoted David Meger, director of metals trading at High Ridge Futures.

Gold futures traded between $1,916 and $1,951.40. They jumped 2.3% on Tuesday, for their highest settlement since Jan. 5, 2021, and they rose 0.7% on Monday.

Silver for May delivery shed 35.1 cents, or 1.4%, to settle at $25.19 an ounce. Silver futures ranged from $24.96 to $25.55. They soared 4.8% on Tuesday, for their best close since Aug. 3, and they climbed 1.5% on Monday.

In PGM futures on Wednesday:

  • April platinum added $16.10, or 1.5%, to $1,068 an ounce, trading between $1,051.70 and $1,078.

  • Palladium for June delivery rallied $127.10, or 5%, to $2,664.90 an ounce, ranging from $2,550 to $2,671.

US Mint Bullion Sales in 2022

Published U.S. 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 / March Last Week This Week January February 2022 Sales
$50 American Eagle 1 Oz Gold Coin 0 35,500 19,000 123,500 86,000 209,500
$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 2,000 0 64,000 4,000 68,000
$5 American Eagle 1/10 Oz Gold Coin 0 10,000 0 195,000 25,000 220,000
$50 American Buffalo 1 Oz Gold Coin 0 10,000 4,500 61,500 26,500 88,000
$1 American Eagle 1 Oz Silver Coin 0 519,500 0 5,001,000 1,500,000 6,501,000
$100 American Eagle 1 Oz Platinum Coin 0 25,800 0 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

The Financial Times is reporting today: Gold fetishism has had its day; and Money is not an asset, its a privilege. Six years ago the Wall Street Journal claimed that Gold is a pet rock. …Now its a fetish (LOL)!