Gold Prices Settle Above 1.5-Year High

21

Gold rallied on Monday to a more than one-and-a-half-year high while silver, platinum and palladium declined.

Gold for April delivery tacked on $29.30, or 1.5%, to settle at $1,995.90 an ounce on the Comex division of the New York Mercantile Exchange. The close was the highest since Aug. 18, 2020, when gold ended at $2,013.10 an ounce.

"Gold remains an attractive asset to own beyond the geopolitical issues currently dominating the headlines, as the second order consequence of events in the form of stagflation takes root," Ross Norman, chief executive officer at Metals Daily, told MarketWatch.

Gold futures ranged from $1,964.20 to $2,007.50. They jumped 4.2% last week.

Silver for May delivery shed 6.9 cents, or 0.3%, to settle at $25.72 an ounce. Silver futures traded between $25.46 and $26.37. They soared 7.4% last week, ending Friday at their highest price since July 16.

In other precious metals futures on Monday:

  • April platinum dipped 20 cents, or 0.02%, to $1,116.80 an ounce, ranging from $1,106 to $1,162.40.

  • Palladium for June delivery declined $80, or 2.7%, to $2,901.90 an ounce after scoring a record settlement on Friday. Palladium traded between $2,800.50 and $3,425.

Last week, platinum gained 6.4% and palladium rallied 26.1%.

US Mint Bullion Sales in 2022

Published United States Mint bullion sales increased on Monday by 482,000 ounces in silver coins; 2,500 ounces in platinum coins, and a combined 41,500 ounces in gold coins.

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)
Monday Last Week January February March 2022 Sales
$50 American Eagle 1 Oz Gold Coin 25,000 27,500 123,500 86,000 33,500 243,000
$25 American Eagle 1/2 Oz Gold Coin 0 0 45,000 0 0 45,000
$10 American Eagle 1/4 Oz Gold Coin 6,000 0 64,000 4,000 6,000 74,000
$5 American Eagle 1/10 Oz Gold Coin 20,000 0 195,000 25,000 20,000 240,000
$50 American Buffalo 1 Oz Gold Coin 10,500 11,500 61,500 28,500* 15,500 105,500
$1 American Eagle 1 Oz Silver Coin 482,000 0 5,001,000 1,500,000 482,000 6,983,000
$100 American Eagle 1 Oz Platinum Coin 2,500 4,700 N/A 25,800 7,200 33,000
$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

This article was edited to include updated U.S. Mint bullion figures.

Subscribe
Notify of
guest
21 Comments
Inline Feedbacks
View all comments
Major D

For the minor leaguers, a nickel is now worth 8.8 cents

Rich

That’s the best deal out there, as a quarter is now worth 7.3 cents and a dime is worth 2.9 cents. At least a penny is still worth 1 cent!

Major D

I never thought I’d see the Zinc cent get to equal its value in metal.

c_q

neither did the mint

Kaiser Wilhelm

c_q, Major D and Rich,

I saw a report this A.M. that zinc is at $4,248/ton. The sky’s the limit!

51gRc40kKfL.jpg
Last edited 2 months ago by Kaiser Wilhelm
Kaiser Wilhelm

Addendum:

The above affects the cent as it consists of 97.5% Zinc and 2.5% copper. It appears that one by one the metals the Mint employs to make our circulating coinage are becoming far more valuable than the face values of the coins they make up. Which of course leads me to wonder how long the Mint can afford to let this situation not just go on but get much more costly and therefore ever more urgent and serious.

20171017_132241-e1522872049152.jpg
Last edited 2 months ago by Kaiser Wilhelm
Rich

Yeah, Sir Kaiser, as I just mentioned to Major D, the penny is now worth over 3 times its face value! As of today’s (3/8/22) current circulating coin values, the penny (cent) Melt Value is 3.1 cents with a Metal % of Face Value = 311%. Time to bust open the coin jars and empty those jugs (and fire-up the furnace [not]).

Major D

Kaiser, going down the list of metals- if the Mint ever starts using aluminum for coins I’m done with collecting!

Rich

Major D, regarding your report on the metal value of a Nickel, today nickel prices soared as much as 82% to $52,700 a metric ton, the highest in the 35-year history of the contract trading on the London Metal Exchange, as fears over Russian supplies triggered a historic short squeeze according to Bloomberg. The metal added more than $22,700 to trade at a record-high $52,700 a metric ton. That builds on nickel’s 19% surge last week

Major D

Thanks for the info. I wonder how much the nickel needs to climb before the Mint stops production of the current metal mix (75% copper, 25% nickel)- 10 cents? If that happens the 2022 nickel might become a collector’s item.

Last edited 2 months ago by Major D
Rich

Major D, the explosive, parabolic rise in nickel prices continues today with Nickel Halted After Historic 250% Surge – here is the latest update: Commodity trading houses and hedging producers are being forced out of their short nickel bets adding to an unprecedented short squeeze that had sent nickel prices on the London Metal Exchange (LME) up as much as 250% in two trading days above $100k per ton, before the exchange issued an unprecedented trading suspension on Tuesday morning.
FYI, by today’s current melt value, a penny is worth 3 cents.

Antonio

Canadian 5 cents were 100% nickel when I lived there in the ’70s. I still have some. My oldest is 1937 when the beaver design was first introduced. Now Canadian 5 cents are nickel plated steel. That’s an option the mint could take.

Rich

The Mint may be having difficulties at this time offering their Palladium products for sale at the price set on Wednesday (3/6/22). As of today all three of the Palladium coins that had been available to order are now “Currently Not Available” and price is TBD. Through Sunday (3/6/2022), all three of these coins had been for sale and the sales figures for each were: 2021 Palladium Proof = 4,943 (product limit = 12,000) 2020 Palladium Uncirculated = 9,646 (product limit = 10,000) 2019 Palladium Reverse Proof = 18,736 (product limit = 30,000) On another note, we now know the… Read more »

Rich

Correction to the above: in the first sentence, …”for sale at the price set on Wednesday (3/6/22)” should read …for sale at the price set on Wednesday (3/2/22)

SENZA

JUST THE FACTS……………………………….

03-08-2022_039.jpg
SENZA
SENZA

BRANDS WHO CONTINUE TO SUPPORT PUTIN

03-08-2022_041.jpg
Rich

Mickey D just closed their 850 food joints in Russia today nearly 2 weeks after the invasion. Their food may be fast but their pulling out wasn’t fast enough.

SENZA

That’s Great News Rich,

Let’s Celebrate https://www.youtube.com/watch?v=0OY5lIWslhs

03-08-2022_044.jpg
Rich

SENZA, you may have started something. And now Coca Cola Suspends Business In Russia. Hours after McDonald’s announced plans to shutter every restaurant in Russia, Coca Cola followed suit, announcing on Tuesday that the company would no longer sell its products in the country, according to Bloomberg.

Rich

Damn, SENZA! Now Starbucks and Pepsi have jumped on the bandwagon and have suspended business in Russia.