Gold Marks First Loss in Five Sessions After 19-Month High

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Precious metals declined on Wednesday. Their losses ranged from 0.6% for palladium to 4% for both silver and platinum. Gold’s decline was its first in five sessions and comes after scoring a 19-month settlement high.

Gold for April delivery dropped $55.10, or 2.7%, to settle at $1,988.20 an ounce on the Comex division of the New York Mercantile Exchange.

"Gold and silver prices are sharply down in midday U.S. trading Wednesday, on heavy profit-taking from the shorter-term futures traders after gold futures hit a record intra-day high and silver hit an eight-month high on Tuesday. Strong losses in crude oil and other commodity markets today are also helping to pressure the precious metals markets," Jim Wyckoff, a senior analyst at Kitco Inc, said in a daily research note.

Gold futures ranged from $1,981 to $2,068.50. They jumped 2.4% on Tuesday to score their highest settlement since Aug. 6, 2020, and they gained 1.5% on Monday.

Silver for May delivery tumbled $1.08 to settle at $25.816 an ounce. Silver futures traded between $25.73 and $27.39. They soared 4.6% on Tuesday for their strongest finish since June 16, and they shed 0.3% on Monday.

In PGM futures on Wednesday:

  • April platinum fell $45.60 to $1,107.60 an ounce, ranging from $1,088.20 to $1,197.

  • Palladium for June delivery shed $18.70 to $2,949.80 an ounce, trading between $2,866 and $3,289. On Friday, palladium posted a record settlement of $2,981.90.

US Mint Bullion Sales in 2022

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

 

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Rich

Fast and Furious update on ordering the Palladium coins from the Mint. After suspending sales of the three Palladium American Eagle coins for the past three days due to the Palladium price shock and awe, they are now back for sale at $3,900, a mere $600 price increase from last weekend’s price of $3,300, and only carrying an approximate $1,000 premium (with Palladium spot price at about $2,920 at time of writing). Talk about demand destruction.

Kaiser Wilhelm

That’s a dead on precise appellation, Good Sir Rich, by which I mean your choice of the expression “Fast and Furious”; who could possibly have come up with a more appropriate one in this situation? Clearly the Mint decided to base the price of its current Palladium inventory at eventual replacement rather than original purchase cost; no dummies there. The price of the Mint’s Palladium coinage – which is quite likely soon to be followed by that of its Gold and Platinum products also – has now gone from simply prohibitive to completely preposterous. For the moment the Mint’s Silver… Read more »

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Rich

It does feel like the Mint is squeezing us between a Phalanx and a Pincer.

Kaiser Wilhelm

Good Sir Rich,

Thank you for the politeness. Gruff old me would say a Vice and a Nutcracker.

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Last edited 2 months ago by Kaiser Wilhelm