Gold and Silver Rebound as US Inflation Hits 7.9%

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Platinum and palladium declined on Thursday, for a second straight session, while gold and silver reclaimed a portion of their prior-day losses after news that U.S. inflation hit a fresh 40-year high.

Advancing for the fifth time in six sessions, gold for April delivery rose $12.20, or 0.6%, to end at $2,000.40 an ounce on the Comex division of the New York Mercantile Exchange.

"Gold and silver prices are higher in midday U.S. trading Thursday, on more safe-haven demand amid risk aversion that is still keen in the marketplace. Global stock markets and the U.S. stock indexes are still on shaky ground amid the biggest geopolitical crisis in decades that appears to be worsening. Some hot U.S. inflation data today was also bullish for the metals markets," Jim Wyckoff, a senior analyst at Kitco Inc, said in a daily research note.

The Labor Department reported Thursday that consumer prices rose 0.8% in February from 0.6% in January, boosting annual inflation to 7.9% for the biggest gain since January 1982.

For the day, gold futures ranged from $1,975 to $2,015.10. They dropped 2.7% on Wednesday, they jumped 2.4% on Tuesday to $2,043.30 an ounce for their highest settlement since Aug. 6, 2020, and they gained 1.5% on Monday.

Meanwhile, silver for May delivery advanced 44 cents, or 1.7% to settle at $26.256 an ounce. Silver futures traded between $25.60 and $26.43. They tumbled 4% on Wednesday, they soared 4.6% on Tuesday to $26.895 an ounce for their strongest finish since June 16, and they shed 0.3% on Monday.

In other precious metals prices on Thursday:

  • April platinum declined $12.40, or 1.1%, to $1,095.20 an ounce, ranging from $1,080.10 to $1,116.70.

  • Palladium for June delivery declined $29.30, or 1%, to $2,920.50 an ounce, trading between $2,850 and $2,975. On Friday, palladium posted a record settlement of $2,981.90.

US Mint Bullion Sales in 2022

Published United States Mint bullion sales increased on Thursday by 118,000 ounces in silver coins; 4,000 ounces in platinum coins; and a combined 51,500 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)
Thursday Last Week This Week January February March 2022 Sales
$50 American Eagle 1 Oz Gold Coin 35,500 27,500 60,500 123,500 86,000 69,000 278,500
$25 American Eagle 1/2 Oz Gold Coin 1,000 0 1,000 45,000 0 1,000 46,000
$10 American Eagle 1/4 Oz Gold Coin 6,000 0 12,000 64,000 4,000 12,000 80,000
$5 American Eagle 1/10 Oz Gold Coin 25,000 0 45,000 195,000 25,000 45,000 265,000
$50 American Buffalo 1 Oz Gold Coin 11,500 11,500 22,000 61,500 28,500 27,000 117,000
$1 American Eagle 1 Oz Silver Coin 118,000 0 600,000 5,001,000 1,500,000 600,000 7,101,000
$100 American Eagle 1 Oz Platinum Coin 4,000 4,700 6,500 N/A 25,800 11,200 37,000
$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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SENZA

Who needs Gold! the old NGC “Proof Like” scam has returned and it’s lucrative – however, that is the old holder that falls open when you grab it so perhaps that’s an unauthorized – modified grade but the bids look real enough.

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Last edited 3 months ago by SENZA
Kaiser Wilhelm

SENZA,

That makes me to wonder if sellers use shills on ebay like shifty grifters are wont to do.

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Last edited 3 months ago by Kaiser Wilhelm
SENZA

I just sold a $25 Roll MA-D for $200.00 on Feebay

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Kaiser Wilhelm

SENZA,

I don’t know what to make of that. Is price no object for so many people?

Last edited 3 months ago by Kaiser Wilhelm
SENZA

I think the dealers are buying my Rolls then selling the coins individually which I don’t have the time or patience for.

The Telescope or Maryland coin is Hot right now too but it came out close to the George Bush coin and I didn’t buy as many as I usually do – my bad.

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Kaiser Wilhelm

SENZA,

I missed the boat on those entirely so I would say you did great!

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Larry T

Thanks for confirming my opinion about the financial literacy of our highly intelligent populous.

Rich

American Exceptionalism at its best.

Kaiser Wilhelm

You better believe it…

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Rich

Ahoy! All hands on deck! Tomorrow (March 11th) at noon ET the U.S. Navy 2.5-oz Silver Medal launches. Priced at $160 (the same as last year’s price for the Air Force and Coast Guard medals). its silver valued at $64 per ounce.

Last edited 3 months ago by Rich
Kaiser Wilhelm

Collectors, man your buying stations. Hostile ordering expected from the usual quarters!

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Last edited 3 months ago by Kaiser Wilhelm
SENZA

Rich and Kaiser,

I can’t afford that one but I hope to tune in and hear what you guys report about your experience. I’m still in shock that the US Mint already shipped my Women’s proof sets.

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Kaiser Wilhelm

SENZA,

My definition of what I can afford comes down to which Mint releases are most important to me. That is, am I willing to not get some others that I want and would ordinarily get just so I can afford to buy one that I think is really special.

Last edited 3 months ago by Kaiser Wilhelm
Major D

At first, I thought this was high for the Mint, being $38 over spot (spot= $26). Then I compared it to the NLB silver $ ($74 / 0.859 oz) which is $60 over spot. In that respect, it looks downright reasonable. There are 9,825 available.

Kaiser Wilhelm

Major D,

Seems you’ve helped me think more favorably about the Navy Silver 2.5 oz. Medal.

Last edited 3 months ago by Kaiser Wilhelm
Kaiser Wilhelm

But, in all honesty, not enough to buy it. I’m holding out for the United States Army.

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Rich

Sir Kaiser, coming from an U.S. Army family your choice of acquiring the Army Silver Medal is most understandable. Not sure if you have seen the two design for the U.S. Army 2.5 oz Silver Medal recommended by the Commission of Fine Arts (CFA) back in September, 2020, depicted below. One obverse symbolizes the history of the United States Army through depictions of soldiers from different eras. The foreground features a modern day soldier in combat uniform aiming an M4 rifle and a Continental soldier brandishing a musket. The smaller figures in the background include a Civil War-era Union cavalryman… Read more »

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