Precious Metals Tumble Monday, March 14

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Precious metals plunged in starting the new trading week on Monday. Their losses ranged from 1.2% for gold to 13.6% for palladium.

Gold for April delivery gave back $24.20 to settle at $1,960.80 an ounce on the Comex division of the New York Mercantile Exchange. The close was gold’s weakest since March 3.

"Gold and silver prices are solidly lower in midday U.S. trading Monday, as trader/investor risk appetite is just a bit better to start the trading week. Also, crude oil prices have dropped sharply from last week’s 14-year highs, including Nymex crude at one point today dipping below $100.00 a barrel. That’s putting downside pressure on most of the raw commodity sector,” Jim Wyckoff, a senior analyst at Kitco Inc, said in a daily research note.

Gold futures traded between $1,952 and $1,994.80. They rose 0.9% last week. Last Tuesday, gold at $2,043.30 an ounce scored its highest settlement since Aug. 6, 2020.

Silver for May delivery dropped 86.2 cents, or 3.3% to settle at $25.298 an ounce. Silver futures ranged from a low of $25.16 to a high of $26.29. They gained 1.4% last week.

In other precious metals futures prices on Monday:

  • April platinum fell $36.30, or 3.3%, to $1,052.30 an ounce, trading between $1,037.90 and $1,100.

  • Palladium for June delivery plummeted $379.20 to $2,417.60 an ounce, ranging from $2,310 and $2,788.

Last week, platinum lost 2.5% and palladium tumbled 6.2%.

US Mint Bullion Sales in 2022

Published United States Mint bullion sales were unchanged on Monday. 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 0 60,500 123,500 86,000 69,000 278,500
$25 American Eagle 1/2 Oz Gold Coin 0 1,000 45,000 0 1,000 46,000
$10 American Eagle 1/4 Oz Gold Coin 0 12,000 64,000 4,000 12,000 80,000
$5 American Eagle 1/10 Oz Gold Coin 0 45,000 195,000 25,000 45,000 265,000
$50 American Buffalo 1 Oz Gold Coin 0 22,000 61,500 28,500 27,000 117,000
$1 American Eagle 1 Oz Silver Coin 0 600,000 5,001,000 1,500,000 600,000 7,101,000
$100 American Eagle 1 Oz Platinum Coin 0 6,500 N/A 25,800 11,200 37,000
$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

 

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SENZA

LMAO Anyone buying Gold on Thursday?

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Kaiser Wilhelm

SENZA,

Even the 1/10 oz. version of that series is now too steep for my taste, but I prefer 99.99 pure as oppose to the Mint’s watered down version of “gold” anyway. Now I’ll save money both that way and on the cancelled 2022 Morgan and Peace Silver Dollars.

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Last edited 2 months ago by Kaiser Wilhelm
Phil

Isn’t the actual content of the gold the same?

Rich

Yes Phil, the actual gold weight content is the same. The 22K gold (composition = 91.67% pure gold) Gold American Eagle Gold Fine Weight = 1.000 troy ounce and the 24K gold (composition = 99.99% gold) Gold American Buffalo Weight = 1.0000 troy ounce. The Gold Canadian Maple Leaf is also 24K gold (.9999 fine) with actual gold weight = 1.0000 troy ounce. The Royal Canadian Mint even produces .99999 fine gold 1 troy ounce coins. In all cases these 1-oz gold coins contain exactly 1 troy ounce of gold.

Last edited 2 months ago by Rich
Kaiser Wilhelm

Good Sir Rich, We seem to be at logical loggerheads here. If the total weight of an American Eagle gold coin is one troy ounce including the silver and copper components then how could 91.67% of that one troy ounce coin possibly weigh a full one troy ounce of gold all by itself? The American Buffalo gold coin has almost exactly one troy ounce of gold in it since it consists of 99.99% gold with only .01% of it not being gold, so its gold content is virtually identical to the weight of the coin itself. However, the American Eagle… Read more »

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Last edited 2 months ago by Kaiser Wilhelm
Major D

Kaiser,
The $50 American Gold Eagle (91.67% gold) contains one troy ounce of gold: 33.931 grams x 0.9167 x 0.032151 troy oz/gram = 1.000 troy oz.
The $50 American Buffalo (99.99% gold) also contains one troy ounce of gold: 31.1035 grams x 0.9999 x 0.032151 troy oz/gram = 1.000 troy oz
This is because the coins do not have the same number of grams.

Rich

Sir Kaiser, seemingly dazed and confused, its really all right, all right, all right. I should have discerned between (actual) weight (i.e., what the coin weighs) and gold fine weight (the metal [gold] content). The Mint’s 22K and 24K One Ounce Gold Coins all contain 1 troy ounce of fine gold, gold (metal) content = 1 troy ounce. As Major D posted, the differences in composition is adjusted for in grams weight. Here are the Mint’s specifications: $50 GAE 22K composition = 91.67% gold weight = 1.0909 troy ounce = 33.931 grams gold fine weight (gold content) = 1.000 troy… Read more »

Kaiser Wilhelm

Good Sir Rich and Esteemed Major D, Now, Gentlemen, I finally understand. As the heretofore unfamiliar, all-powerful but not antagonistic aliens said of Captain Picard after he learned to comprehend and be able to converse with them in their entirely metaphoric language, “His eyes are open.” I had been fixated on my consistently erroneous belief that the weight of a gold coin is based on its total weight rather than on the weight of its gold content. As a result, I all too plainly and clearly wasn’t allowing any information to the contrary penetrate my thick skull, facts that that… Read more »

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Last edited 2 months ago by Kaiser Wilhelm
SENZA

Those tricky troy ounces explained

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Antonio

It’s like an Imperial Gallon is slightly more than a U.S. gallon.

SENZA

Right On Bro

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Kaiser Wilhelm

Phil,

24K gold, which is 99.99% pure, has .9999 ounce of gold per one ounce coin. 22K gold, which is 91.67% pure, has .9167 ounce of gold per one ounce coin. The balance of the metals in a 22K gold coin is 5.33% copper and 3% silver.

The American Eagle gold coins (1 oz., 1/2 oz., 1/4 oz., 1/10 oz.) the Mint is releasing this Thursday, March 16, are 22K gold. Example of the Mint’s 24K gold coins are the American Buffalo and American Liberty one ounce coins.

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Last edited 2 months ago by Kaiser Wilhelm
Major D

Kaiser, the big question is why mix in the copper and silver at all? If the point is to provide one troy oz of gold, the other stuff is just plain unnecessary.

Rich

Major D, as you probably know the first gold bullion coin was the iconic South African Krugerrand, issued years before the Gold American Eagle came out in 1986. The Krugerrand was first minted in 1967 in 22K gold with gold composition = 91.67% purity (the remaining 8.33% is copper), setting the standard for gold bullion coins at the time. The reason for alloying gold with more common, harder metals is to make it less prone to scratches and other damage. Silver, zinc, and copper are all commonly combined with gold to make it more durable and less susceptible to visible… Read more »

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Kaiser Wilhelm

Phil,

You are absolutely right! It doesn’t matter what the percentage of gold in the coin is, it’s still the same amount of gold. Many thanks for the very illuminating wake up call!

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Last edited 2 months ago by Kaiser Wilhelm
SENZA

Did you say ???????????? Oh My!

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SENZA

I always get the 1/10th but if you buy it plan on keeping it for a while because nobody is buying Gold right now https://www.youtube.com/watch?v=0fJh2gIBOto

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Kaiser Wilhelm

SENZA,

No 1/10 or even a 1/20 like at some foreign mints, even if there was one.

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Last edited 2 months ago by Kaiser Wilhelm
Kaiser Wilhelm

MORGAN AND PEACE SILVER DOLLAR PROGRAM POSTPONED UNTIL 2023!

http://www.numismaticnews.net/us-coins/morgan-peace-dollars-suspended

What an unwelcome surprise, but not totally unexpected considering all of the financial upheavals affecting the entire world at this pivotal moment in history.

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Last edited 2 months ago by Kaiser Wilhelm
Rich

Thanks for the heads up, Sir Kaiser. Looks like the Mint is shooting blanks again! Here is the copy of the Mint’s press release today: The United States Mint (Mint) today announced it will forgo the production and sales of Morgan and Peace Silver Dollars in 2022. This calculated pause is directly related to the global pandemic’s impact upon the availability of silver blanks from the Mint’s suppliers. The suspension will give the Mint time to evaluate the best way to allocate our limited supply of silver to ensure the best customer experience we can. “We’ll be required to make… Read more »

Kaiser Wilhelm

Good Sir Rich,

You’re very welcome. And thanks to you for providing us all with the full text of the Mint’s announcement; that’s extremely helpful.

SENZA

So, we will probably be able to buy the Gold but they won’t be able to ship it until 2525 https://www.youtube.com/watch?v=zKQfxi8V5FA

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SENZA
Kaiser Wilhelm

Or, SENZA, RasPutin will instruct his Secret Numismatic Booty Agents to seize all of the gold from Fort Knox and the U.S. Mint as Spoils of War!

http://www.youtube.com/watch?v=DuGX188Wmhy

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Last edited 2 months ago by Kaiser Wilhelm
SENZA

As long as the booty agents arrest and abuse me I’m good with that

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Kaiser Wilhelm

SENZA, that’s the spirit!

Nothing like being securely tied up and getting mercilessly motorboated by the She-Wolf of the KGB.

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Last edited 2 months ago by Kaiser Wilhelm
Antonio

They took this one down. Who you ask? The YouTube police.

Kaiser Wilhelm

Antonio, I’ve always wondered. Do they in fact wear uniforms?

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SENZA

Next year will be another excuse the US Mint is just another failed Zombie company walking dead with all the printed FED phoniness – it’s finally Toast

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Kaiser Wilhelm

But, SENZA, does it have any religious symbolism to show for it?

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SENZA

Damn I never win anything

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Kaiser Wilhelm

SENZA,

Sixth place was the ultrasonic nutcracker. Not at all interested?

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Last edited 2 months ago by Kaiser Wilhelm
Phil

Maybe shortage of silver blanks, but ZERO shortage of silver.

Kaiser Wilhelm

Phil,

I understand your point, but unfortunately that fact doesn’t do the Mint one bit of good. In the same way, while the ingredients for semiconductors are available, as long as there is not a sufficient number of the specialized factories necessary to put these parts together into functioning chips none of that matters.

Last edited 2 months ago by Kaiser Wilhelm
SENZA

The Rich are drunk on free FED money – there is no supply chain issues – all of the supplies are going directly to the wealthy as planned.

Footnote: I googled “wealthy loser” for my image and it brought back a perfect match

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Kaiser Wilhelm

Oh lordy, SENZA, you’ve gone and done it now. You better get that Pompeo-type permanent gummint protection since you’ve outed and alerted the klepto-pluto-oligarchic-autocratic Bilderberg Masonic Rothschild conspirators to your “Aware Presence”. Zeus help you!

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Last edited 2 months ago by Kaiser Wilhelm
SENZA

There is only one problem with that

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Kaiser Wilhelm

SENZA,

We start with the idea that the “fallen angels” came from Giedi Prime.

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Last edited 2 months ago by Kaiser Wilhelm
Antonio

Or

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SENZA

Somehow that makes perfect sense

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Kaiser Wilhelm

And then, SENZA, they all sat around the big table and ate a brioche.

Last edited 2 months ago by Kaiser Wilhelm
Kaiser Wilhelm

But some people still insist on having a traditional piece of cake.

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Kaiser Wilhelm

Antonio,

Exactly. How else could a simple lad from Austria become Kaiser?

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Kaiser Wilhelm

SENZA,

Everything does go to the wealthy; that’s the name of the game.

Last edited 2 months ago by Kaiser Wilhelm
SENZA

I collect PAMP’s and I have not seen any new bars produced since the Plandemic began…..

You have to be careful buying them because somebody told me APMEX had a few bars recently but ——– those were repurchased bars from customers not pamp direct bars and I don’t buy those repurchased bars.

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Kaiser Wilhelm

SENZA,

Maybe the shortage of PAMPS isn’t due to the Plandemic but the PAMPDEMIC.

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Last edited 2 months ago by Kaiser Wilhelm
Kaiser Wilhelm

You were right, Phil; all 1 ounce gold coins contain the same amount of gold.

SENZA

They might as well shut the doors and turn out the lights that place is toast – I been looking into a new hobby anyways

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Kaiser Wilhelm

SENZA,

I don’t know what it’s known as today but it was called the Lingerie Football League, I kid you not. One thing for sure…it never gets boring. Hoooahhh!

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Last edited 2 months ago by Kaiser Wilhelm
SENZA

Right up there with nude volleyball – no hands allowed of course

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Kaiser Wilhelm

SENZA,

This gives a whole new world of meaning to the term “flag football”!

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Last edited 2 months ago by Kaiser Wilhelm
Major D

Well, that’s certainly two less things to worry about! On a separate note, I’ve been quite lucky of late finding silver war nickels in regular bank rolls. I know it’s not a lot of silver (only 0.056 troy oz/nickel) but I’ve found my odds are better than getting a free ticket in a scratch-off lottery ticket– and I never loose any money! Oh, there’s also the added 3 cents per nickel in the metal in a jar.

Antonio

I was really hoping for those this year. I may not even buy the ASEs when available. That’s fine, they’ll probably sell out in 2 minutes anyway to the dealers and flippers.

SENZA

On this day in history the US Mint has failed The People

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SENZA

🙂

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Kaiser Wilhelm

SENZA,

Should I have the feeling that deep down all these characters are laughing at us?

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Last edited 2 months ago by Kaiser Wilhelm
SENZA

I have a feeling there is no shortage for them

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Rich

On another thread, Chris Terp just mentioned that the Mint is sending out email notifications to all concerned advising about the cancellation/postponement of the 2022 release of the Morgan & Peace Proof Silver Dollars. The Mint sure is struggling with their 2022 Product Schedule this year.

Kaiser Wilhelm

Regarding the last, Good Sir Rich, are we going to regret losing Director Ryder?

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Last edited 2 months ago by Kaiser Wilhelm
SENZA

It’s a new race to the bottom

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Kaiser Wilhelm

SENZA,

At the possible risk of sounding pessimistic, sometimes I think the “race to the bottom” begins with million of kids in school who spend all day texting when they should be learning what they are there for instead.

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Last edited 2 months ago by Kaiser Wilhelm
SENZA

Have I ever told you how I feel about Twitter

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Kaiser Wilhelm

SENZA,

Apparently one often sees precisely what one expects to see, because at first glance I thought you had posted a picture of a toilet brush to represent all the sh*t that twitter is so relentlessly full of.

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SENZA

Save those notices they will be collectibles – I know it’s going to be worth something someday

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Kaiser Wilhelm

SENZA,

And here I was told those MRIs of my brain were going to be confidential!

Antonio

Not to silverfish.

Last edited 2 months ago by Antonio
Kaiser Wilhelm

Antonio,

Is it okay if I don’t know what that means?

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Antonio

Hey! Where’s mine? I haven’t gotten an email about this. I found out about it from Coin World.

Kaiser Wilhelm

Antonio,

Coin World? What’s that? Never heard of it. Coin World, huh? Don’t know.

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Last edited 2 months ago by Kaiser Wilhelm
Antonio

Beware the Ides of March. Julius Caesar by William Shakespeare.

SENZA

Hell Yeah the shizz seems to be piling up rather high this month https://www.youtube.com/watch?v=7LuSP4QaXiQ

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Kaiser Wilhelm

SENZA,

I have no idea how to process all that in the video; the sexy girl, the cool car, the wild mohawk, the hot guitar, and the dead airplane. What a collection!

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Last edited 2 months ago by Kaiser Wilhelm
Rich

Call it Frankenstein Recycled!

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Kaiser Wilhelm

Antonio,

We survived.

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Kaiser Wilhelm

SENZA,

And on the day before that and the day before that. I think you get the picture.

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Larry T

Well, since the Mint is postponing the Morgan and Peace dollars till 2023 and seem hell bent on only producing comm’s, it looks like I too will save mucho bucks.I’ll purchase a couple ASE’s, assuming the mint has enough silver planchettes to mint them. Is there a part of our government that isn’t currently incompetent? At least we don’t have to read ‘mean tweets’ any longer, that should be worth the extra few thousand dollars the average family will pay this year for ‘everything.’

Kaiser Wilhelm

Larry,

I sympathize with your question, but on a purely philosophical level I do have to ask; when exactly did the terms government and incompetence stop being synonyms?

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Last edited 2 months ago by Kaiser Wilhelm
SENZA

Amen

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SENZA

US Mint too big to fail too stupid to succeed

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Kaiser Wilhelm

SENZA,

Oh no, does that mean the Mint is now emulating the financial giants of America?

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Last edited 2 months ago by Kaiser Wilhelm
Kaiser Wilhelm

Larry,

If you want to get your ASE’s with the least amount of fuss and bother I would highly recommend ordering them by way of Enrollments. I for one put in for two of each of the three varieties that the Mint makes, and that was well before the postponement of collector products announcement reared its ugly head. Hold on tight…here we go again!

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Last edited 2 months ago by Kaiser Wilhelm