Gold Scores 1-Month High as US Inflation Spikes to 8.5%

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Precious metals divided on Tuesday as prices for gold and silver increased while those for platinum and palladium declined. Gains in gold and silver were their fourth straight. Gold also ended the day at a one-month high.

Gold for June delivery settled up $27.90, or 1.4%, to $1,976.10 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was gold’s highest since March 11.

"Gold continues to benefit from the tailwinds provided by spicy inflation numbers," including [Tuesday’s] reading, which some are calling the prelude to a peak," Adam Koos, president at Libertas Wealth Management Group, told MarketWatch. "Not even interest rates or the rise in the [U.S. dollar] can seem to stop the higher prices in the yellow metal."

The Labor Department reported Tuesday that consumer prices jumped 1.2% in March from 0.8% in February, propelling annual inflation to 8.5% — the biggest increase since 1981.

"Another U.S. inflation report that ran hot and big gains in crude oil futures today boosted the precious metals markets," Jim Wyckoff, a senior analyst at Kitco Inc, said in a daily research note

"Rising and problematic inflation have been historically bullish for hard assets like the metals."

For the day, gold futures traded between $1,953 and $1,982.70. They edged 0.1% higher on Monday.

Meanwhile, silver for May delivery rallied 74.8 cents, or 3%, to finish at $25.735 an ounce. The close was silver’s best since March 24. Silver futures ranged from $25.02 to $25.84. They rose 0.7% on Monday.

In other precious metals futures prices on Tuesday:

  • July platinum declined $5.40, or 0.6%, to $972.40 an ounce, trading between $960.50 and $987.50.

  • Palladium for June delivery dropped $62.50, or 2.6% to $2,354.30 an ounce, ranging from $2,301 and $2,458.

US Mint Bullion Sales in 2022

Published United States Mint bullion sales were unchanged on Tuesday. 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)
Tuesday / This Week Last Week January February March April 2022 Sales
$50 American Eagle 1 Oz Gold Coin 0 21,500 123,500 86,000 140,500 21,500 371,500
$25 American Eagle 1/2 Oz Gold Coin 0 1,000 45,000 0 5,000 1,000 51,000
$10 American Eagle 1/4 Oz Gold Coin 0 6,000 64,000 4,000 20,000 6,000 94,000
$5 American Eagle 1/10 Oz Gold Coin 0 25,000 195,000 25,000 75,000 25,000 320,000
$50 American Buffalo 1 Oz Gold Coin 0 7,000 61,500 28,500 64,500 7,000 161,500
$1 American Eagle 1 Oz Silver Coin 0 425,000 5,001,000 1,500,000 1,080,500 425,000 8,006,500
$100 American Eagle 1 Oz Platinum Coin 0 0 N/A 25,800 14,200 0 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

Hi Ho Silver!

SENZA

And away we go – Rich, with inflation spiking, Metals spiking and Gasoline spiking it’s only fitting that you receive the First On Thread – First Ever – Golden – Spiking Award Congratulations – the crowd cheers – it’s not always about the money or is it- https://www.youtube.com/watch?v=LmcJyQT3cPo

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Rich

SENZA’s Factory is taking care of business and working overtime. Thanks for the spiked award!

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Last edited 1 month ago by Rich
SENZA

2 days and counting until the next coin action but if you don’t feel like waiting theirs action at the inlet right now https://www.youtube.com/watch?v=t6_hjBSKkpk

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SENZA

Do you own that special quarter – oh wait they are all special lol https://www.youtube.com/watch?v=c96Vg4HKznw&t=9s

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