Gold and Silver Settle Near Two-Week Highs

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Precious metals posted gains on Thursday that ranged from 0.5% for palladium to 2.9% for silver. Both gold and silver finished today at nearly two-week highs.

Gold for April delivery advanced $24.90, or 1.3%, to finish at $1,962.20 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the highest since March 11.

"Gold and silver prices are are sharply higher in midday U.S. trading Thursday, as safe-haven demand is featured amid marketplace risk aversion that remains elevated amid the Russia-Ukraine war. Sharp gains in crude oil prices this week are also bullish for the metals markets, even though oil prices backed off today," Jim Wyckoff, a senior analyst at Kitco Inc, said in a daily research note.

"The other element impacting the marketplace is inflation, which has intensified because of the war. Rising inflation is historically bullish for metals markets. Global bond market yields have been rising sharply recently, with U.S. Treasury yields nearing three-year highs," Wyckoff added.

Gold futures ranged from $1,937.40 to $1,967.20. They rose 0.8% on Wednesday, they shed 0.4% on Tuesday for their lowest settlement since March 16, and they inched 0.01% higher on Monday.

Silver for May delivery surged 73.1 cents to end at $25.92 an ounce. The close was also silver’s highest since March 11. Silver futures traded between $25.17 and $26.16. They gained 1.1% on Wednesday, they dropped 1.6% on Tuesday, also for their lowest settlement since March 16, and they rose 0.9% on Monday.

In other precious metals futures prices on Thursday:

  • April platinum climbed $10.20, or 1%, to $1,031.20 an ounce, ranging from $1,014.70 to $1,039.10.

  • Palladium for June delivery added $11.30 to $2,530.60 an ounce, trading between $2,483 and $2,563.

US Mint Bullion Sales in 2022

Published United States Mint bullion sales were unchanged on Thursday. 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 0 0 41,500 123,500 86,000 110,500 320,000
$25 American Eagle 1/2 Oz Gold Coin 0 0 3,000 45,000 0 4,000 49,000
$10 American Eagle 1/4 Oz Gold Coin 0 0 4,000 64,000 4,000 16,000 84,000
$5 American Eagle 1/10 Oz Gold Coin 0 0 20,000 195,000 25,000 65,000 285,000
$50 American Buffalo 1 Oz Gold Coin 0 0 20,500 61,500 28,500 47,500 137,500
$1 American Eagle 1 Oz Silver Coin 0 0 480,500 5,001,000 1,500,000 1,080,500 7,581,500
$100 American Eagle 1 Oz Platinum Coin 0 0 3,000 N/A 25,800 14,200 40,000
$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

Sir Kaiser, you left out mention of Hopium. We been waiting for you to win the First One Prize. Finally, Congratulations! SENZA will post your certificate and then some…

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Major D

I have a problem with the market lumping Silver in with the other three: Palladium $2,530.60/oz; Gold $1,962.20/oz; Platinum $1,031.20/oz. Silver’s only at $25.92/oz. Why include a metal in this group that trades at 1.02% of Palladium, 1.32% of Gold and 2.51% of Platinum? I have no idea why silver is so cheap relative to the other three but considering that nickel trades at 4.76% of the cost of silver I’d say lump silver into this secondary group.

Rich

Maybe Silver could be replaced by Ruthenium, currently priced at $625/oz, to round out the Big Four Precious Metals.

SENZA

Nickel and Rhodium are currently out of this World

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Rich

They’re following the path of the Furon

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SENZA

Kaiser, you may have a tiny OBSESSION with this = just saying

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SENZA

It’s Magical Silver never runs out and it always goes up for the Government while going down for Collector’s

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Rich

Sir Kaiser, excellent discussion on the Gold-Silver ratio. If I may add the following notes to your comment: The gold-silver ratio is the oldest continuously tracked exchange rate in history. The Roman Empire officially set the ratio at 12:1. The U.S. government fixed the ratio at 15:1 with the Coinage Act of 1792. Many silver investors believe the ratio should be set at 16:1, which is the ratio of gold to silver in the earth’s crust. For the whole of the 20th century, the average gold-silver ratio was 47:1. In the 21st century, the ratio has ranged mainly between the… Read more »

Rich

Point well taken, Sir Kaiser. As they say, you can’t have it both ways. In the scenario you described of Silver rising to $100 per ounce, which could possibly happen, then, as I have previously remarked, it would be an opportunity and time to liquidate our silver holdings rather than add to it. Cycles Happen!

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Major D

Thanks for your insight, Kaiser. I’m perplexed by this. Perhaps it is the other way around and gold is artificially priced too high? I’m pretty sure the US doesn’t control the world’s precious metal prices any more than it controls oil prices, so what or who is driving the marketplace? The imbalance in pricing between gold and silver is striking to me.

SENZA

Holy Dale Earnhardt Jr. We Salute You Kaiser, FIRST ONE ON THREAD Is it even mathematically possible to be first with such consistency https://www.youtube.com/watch?v=MS2aEfbEi7s

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Rich

And the Winner is… Sir Kaiser!