Gold and Other Metals Soar on Week; Palladium Notches Record

61
Pd and simui bars Mar 4, 2022
Precious metals soared this week, led by palladium which also notched a record settlement at $2,981.90 an ounce

Precious metals rallied on Friday, padding what turned out to be very exceptional weekly gains. Palladium logged a record settlement after soaring more than 9%, and gold finished the day near a 1.5-year high.

On Friday, gold for April delivery rose $30.70, or 1.6%, to finish at $1,966.60 an ounce on the Comex division of the New York Mercantile Exchange. The close was the highest since Sept. 16, 2020, when gold ended at $1,970.50 an ounce.

"Gold is clearly elevated and headline sensitive now and [in the] foreseeable weeks," Jeff Wright, chief investment officer at Wolfpack Capital, told MarketWatch. Prices "could quickly accelerate above $2,000 or fall sharply — if there was some substantive settlement" in the Russia-Ukraine conflict, which is becoming less likely by each passing day, he said.

Gold prices jumped 4.2% this week after sliding 0.6% last week. They are 7.6% higher on the year to date. In looking ahead to next week, Kitco News offers the following forecasts via their Wall Street & Main Street surveys:

"This week 14 Wall Street analysts participated in Kitco News’ gold survey, who all said they see higher prices in the near term. 

Meanwhile, 1,013 votes were cast in online Main Street polls. Of these, 714 respondents, or 70%, looked for gold to rise next week. Another 166, or 16%, said lower, while 113 voters, or 13%, were neutral in the near term."

Elsewhere, silver for May delivery tacked on 57.7 cents, or 2.3%, to settle at $25.789 an ounce. The close was the best since July 16 when silver finished at $25.795 an ounce. Silver prices surged 7.4% this week, for their fifth consecutive weekly gain. Immediate prior weekly gains were 0.1%; 2.7%; 4%; and 0.8%. They are 10.4% higher on the year.

In PGM futures on Friday and for the week:

  • April platinum added $36, or 3.3%, to end at $1,116.80 an ounce, for a 6.4% weekly increase.

  • Palladium for June delivery soared $251.10, or 9.2%, to a record settlement of $2,981.90 an ounce. Palladium advanced 26.1% on the week.

The pair is higher on the year so far with gains of 15.6% for platinum and 56% for palladium.

US Mint Bullion Sales in 2022

Weekly sales of United States Mint bullion products slowed overall for gold coins and were flat for silver coins, according to published bureau figures. In week-over-week comparisons:

  • American Gold Eagles rose 27,500 ounces against 37,000 ounces last week,
  • American Gold Buffalos added 11,500 ounces compared to 10,000 ounces last week,
  • American Silver Eagles were flat this week against 519,500 ounces last week, and
  • American Platinum Eagles rose 4,700 ounces compared to 25,800 ounces last week — their first gains of the year.

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)
Friday Last Week This Week January February March 2022 Sales
$50 American Eagle 1 Oz Gold Coin 0 35,500 27,500 123,500 86,000 8,500 218,000
$25 American Eagle 1/2 Oz Gold Coin 0 0 0 45,000 0 0 45,000
$10 American Eagle 1/4 Oz Gold Coin 0 2,000 0 64,000 4,000 0 68,000
$5 American Eagle 1/10 Oz Gold Coin 0 10,000 0 195,000 25,000 0 220,000
$50 American Buffalo 1 Oz Gold Coin 0 10,000 11,500 61,500 28,500* 5,000 95,000
$1 American Eagle 1 Oz Silver Coin 0 519,500 0 5,001,000 1,500,000 0 6,501,000
$100 American Eagle 1 Oz Platinum Coin 0 25,800 4,700 N/A 25,800 4,700 30,500
$25 American Eagle 1 Oz Palladium Coin 0 0 0 0 0 0 0
Tuskegee Airmen 5 oz Silver Coin 0 0 0 0 0 0 0

*The U.S. Mint on March 3 published adjusted February American Gold Buffalo sales. Their total moved up 2,000 ounces to 28,500 ounces.

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Rich

Gold and the other metals are making a ’74 JAILBREAK

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Rich

Sir Kaiser, as always you are right on the money. Besides Russia-Ukraine, here is a short list of a few other factors putting upward pricing pressure on the precious metals: inflation, inflation, inflation; rising price of oil (black gold); interest rates (i.e., negative real rates); Fed monetary policy reversals (raising interest rates, quantitative tightening and balance sheet reduction); global recession – slowing economic growth and stagflation; other geopolitical risks (China-Taiwan, Iran-Israel); the eventual bursting of the everything bubble (stock bubble, bond bubble, real estate bubble). Are we having fun yet… Yesterday, Michael Oliver on King World News put it this… Read more »

SENZA

Holy Silver Linings Sir Kaiser – Can you feel the Value

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Last edited 2 months ago by SENZA
Antonio

This won’t last indefinitely and then the price will crash. Good timing for best profits. On the other hand, for us real collectors, it’s just amusing. I enjoy my collection over potential profits. I only wonder what the Mint will sell the ASEs for this year. If the prices are too high, that may equate to a lower mintage. I still remember the 1994 proof ASE I missed out on because I thought the price was more than I was willing to pay. My regret. Also the prices for the proof Morgan and Peace dollars later this year.

Larry T

I take it this gentleman isn’t one of the 15 Laureates that Biden keeps referencing when touting his Build Back Better (or Broke) initiative. If ‘or when’ the world removes the Dollar as the standard reserve currency, then all bets are off.

Antonio

Only hope China doesn’t take this as an opportunity to invade Taiwan, then there really will be a widening war as the U.S. will not back down on defending Taiwan and war with China may spell war with Russia as well.

SENZA

India is quietly siding with Russia – Trump challenged China and China took out nearly a million Americans without firing a single shot The White House is full of Geriatrics gawking at iphones and inside trades – the writing is on the wall……

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SENZA

All we have to do is send a few turds like this to Russia and it will soon fail

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Major D

and….Thin Lizzy ’76 JAILBREAK

SENZA

Rich

SENZA, Whiskey in the Jar and this Hard & Heavy one, Emerald are my favorite Thin Lizzy songs.

SENZA

Metallica definitely ripped them off but took it to the next level but you ain’t heard nothing until your dread Zeppelin https://www.youtube.com/watch?v=CZHWy6W00oM

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Last edited 2 months ago by SENZA
SENZA

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SENZA

They like butterflies can you find one in this image to give them and your in like Flint

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Rich

Just imagine Elvis singing Led Zeppelin songs. Its better than Jello Biafra singing Elvis Presley tunes.

Last edited 2 months ago by Rich
SENZA

Rich,

It just works – I have no explanation

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Rich

Sir Kaiser, spot Gold price kissed $2,001 an hour ago. Let’s pour a hot, strong cup of our favorite brew – Prosit!

SENZA

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SENZA

I’m still having trouble moving Gold on Feebay I threw some old Morgans on and they went fast – I think the absence of Stimmies and Unemployment maybe????

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SENZA

Trump did the most damage to us little trend players in the Markets when he dismantled TVIX

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SENZA

I can only describe what I see and hear Reggae Elvis Impersonating Led Zeppelin Cover Band Maybe……And I have no explanation for the Diaper or the Dude Gown https://www.youtube.com/watch?v=bSZcSqnvY9Y

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SENZA

Just close your eyes and listen…………………………

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Rich

Breakout!

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SENZA

That’s Livin’ on The Edge Kaiser https://www.youtube.com/watch?v=uLbDdbGgMwY

SENZA

Gold is Blasting off but will it fly https://www.youtube.com/watch?v=BfrUQA2tb6M

Phil

Pd has been crazy. Be prepped for bezerk! Ya could get in high now & still profit!

SENZA

Ummm No!

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SENZA

Hate to argue with the almighty and the answer to your prayer is “Options”

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Rich

Blastoff, Sir Kaiser. Bang, Zoom! Straight to the Moon!

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SENZA

I have a feeling we may use our Gold differently this time around https://www.youtube.com/watch?v=hvLoWJ5yRBg

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Rich

Sir Kaiser, if I may step in here before SENZA addresses your question(s)… Officially, all of the gold in Fort Knox and at the West Point Depository is entirely owned by The U.S. Department of the Treasury. Fort Knox’s gold is now an asset on the Federal Reserve’s balance sheet, not a key part of our monetary system. Before the United States went off the gold standard in 1971, the gold stored at Fort Knox gave people faith in the country’s currency. In the words of Antal Fekete: “The essence of the gold standard is not the fixing of the… Read more »

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SENZA

Right On Bro but the “Fixing” part kinda ruined it all. Did somebody say “Oil $130.00”

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SENZA

Damn it Sir Kaiser,

It’s yours buddy – it’s a s simple as that – i want you to go there and I want you to tell them I sent you and I want you to take as much of that as Damn Well pleases you!

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SENZA

If anyone questions you Kaiser just display the universal secret language by raising your middle finger high into the air and tell them:

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c_q

although technically yes we each own a little sliver of fort knox gold holdings (assuming there is anything left), but in reality federal property can be restricted as to who is allowed to use it, and for what purpose, etc – this is known as the government having ‘custody’ of an asset. the government then acts as a custodian, supposedly using the asset for the best use of the owners (us, collectively). for obvious example, we all own area 51 but no way in heck are they going to allow any of us in there without clearance, much less let… Read more »

SENZA

There is that other minor issue: although many people have paper claims to their share of that Gold as asserted, insiders say there are 250 pieces of paper issued for each piece of physical Gold in storage (if there’s any) the math does not work for most of the population any way you look at it.

Didn’t somebody say 1,000,000,000,000times if you don’t hold it you don’t own it! Go GLD and SLV.

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Last edited 2 months ago by SENZA
Rich

Sir Kaiser, True as you have mentioned in the past regarding the precious metals – gold, silver, platinum and palladium – there is a time to buy (and add to our holdings), a time to sell (and take some profits from selling the high-priced metal to use toward buying more of the lower- priced metal [e.g., cashing in some palladium to buy platinum or cashing in some gold to buy silver]), and a time to be right and sit tight (and be patient, waiting for opportunities). For those who have skin in the game, now is not the time to… Read more »

Antonio

So it’s an alien metal.

SENZA

It’s time to ride on the Gold Train Rich, https://www.youtube.com/watch?v=sFUGvdxuQGQ

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Rich

I’m with you SENZA, the train has left the station – “Fasten your seat belt. It’s going to be a bumpy ride”

SENZA

Speaking of bumpy rides I had to replace the fillings in my teeth since riding the wood Coaster at Cedar Point – that thing is Brutal Hell

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George Wolfe

As metals sore our country is headed downward. What would
Gen Patton or Eisenhower do. ??

SENZA

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SENZA

FDR saved America – if you receive a Social Security check remember to thank FDR – so an 80 year old man does not have to compete for a job with a 20 year old man

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Antonio

Just smile 🙂

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Kia99

Love it! Positivity Rules

…but did you guys notice the Mint has just published a new 2022 pricing grid with increased premiums for Gold and Palladium strikes.

SENZA

Isn’t it funny how Metals can move in one direction for one group of criminals and the other direction for the rest of us and at the same time.

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SENZA

Kaiser, can you find Lady liberty or USA?

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Rich

Thanks for letting us know. That’s probably why the three Palladium Eagles are “Not Available” today and the price is TBD, and it explains the price increases on the Gold coins which would normally change price on Wednesday afternoons.

Kia99

My error, it is only the Palladium coin that got the increase. Guess I was per-conditioned to see what I expected.

SENZA

It’s never what it looks like

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SENZA

Right On Bro!

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SENZA

Let’s make it a Triple Threat

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Rich

Sir Kaiser, maybe they never got the chance. Maybe the people are good but their leaders are bad. And sadly, some are forced into just obeying orders. Like every human being, they long for life, liberty and the pursuit of happiness.

Rich

One more of Father Flanagan’s Famous Sayings: “There are no bad boys. There is only bad environment, bad training, bad example, bad thinking.”

SENZA

And the worst of all Bad Breath

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SENZA

Where is George when we need him

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SENZA

OK I think I got it

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SENZA
SENZA
Mike

What is the prospects for gold in 2022