Precious Metals Mark First Gains in Four Sessions

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Precious metals rebounded Wednesday, scoring their first advances in four sessions. The gains ranged from 1.1% for gold to 6.2% for palladium.

Gold for June delivery rose $21 to settle at $1,939 an ounce on the Comex division of the New York Mercantile Exchange.

"Gold and silver prices are higher in midday U.S. trading Wednesday, on corrective bounces from recent selling pressure that pushed the metals to five-week lows on Tuesday. A strong bounce-back in crude oil prices from this week’s low of $98.44 in Nymex futures is also a bullish element for the metals markets, as well as the rest of the raw commodity sector," Jim Wyckoff, a senior analyst at Kitco Inc, said in a daily research note.

Gold futures ranged from $1,920.10 to $1,943.40. They fell 1.4% on Tuesday, registering their lowest settlement since March 16, and they dipped 0.7% on Monday.

Silver for May delivery tacked on 37.7 cents, or 1.5%, to end at $25.113 an ounce. Silver futures traded between $24.85 and $25.27. They dropped 1.8% on Tuesday, also for their lowest finish since March 16, and they declined 1.6% on Monday.

In PGM futures on Wednesday:

  • July platinum added $22.40, or 2.3%, to $1,001.20 an ounce, ranging from $984.40 to $1,009.

  • Palladium for June delivery jumped $130.40 to $2,243.10 an ounce, trading between $2,125.50 and $2,269.

US Mint Bullion Sales in 2022

Published United States Mint bullion sales increased Wednesday, and for the first time this week, by a combined 31,500 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)
Wednesday / This Week Last Week January February March 2022 Sales
$50 American Eagle 1 Oz Gold Coin 19,000 52,500 123,500 86,000 140,500 350,000
$25 American Eagle 1/2 Oz Gold Coin 1,000 3,000 45,000 0 5,000 50,000
$10 American Eagle 1/4 Oz Gold Coin 2,000 6,000 64,000 4,000 20,000 88,000
$5 American Eagle 1/10 Oz Gold Coin 5,000 25,000 195,000 25,000 75,000 295,000
$50 American Buffalo 1 Oz Gold Coin 11,000 26,500 61,500 28,500 64,500 154,500
$1 American Eagle 1 Oz Silver Coin 0 480,500 5,001,000 1,500,000 1,080,500 7,581,500
$100 American Eagle 1 Oz Platinum Coin 0 3,000 N/A 25,800 14,200 40,000
$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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Phil

Rolla Costa, of love, say what!

Rich

The way you swerve and curve, really wrecks my nerves!