Gold and Silver Mark More Than Five-Week Highs

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Precious metals advanced in their start to the new trading week on Monday following an extended three-day weekend. Gains ranged from 0.6% for gold to 3.8% for palladium. Gold and silver settled at more than five-week highs.

Gold for June delivery tacked on $11.50 to end at $1,986.40 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the highest since March 10.

"Save-haven demand and chart-based buying are featured, to suggest still more upside in the near term," Jim Wyckoff, a senior analyst at Kitco Inc, said in a daily research note.

"Risk aversion remains elevated amid the Russia-Ukraine war that shows no signs of ending any time soon and the Covid surge in China that has locked down major cities in the world’s second-largest economy," Wyckoff noted.

Gold futures traded between $1,974.40 and $2,003. They advanced 1.5% last week.

Silver for May delivery added 45 cents, or 1.8%, to finish at $26.15 an ounce. The close was silver’s highest since March 11. Silver futures ranged from $25.80 to $26.50. They surged 3.5% last week.

In other precious metals prices on Monday.

  • July platinum ended up $26.30, or 2.7%, to $1,020.50 an ounce, trading between $991.20 and $1,024.90. Platinum gained 1.9% last week.

  • Palladium for June delivery jumped $89.70 to $2,445.10 an ounce, ranging from $2,345 and $2,467. Palladium dropped 2.7% last week.

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 April 2022 Sales
$50 American Eagle 1 Oz Gold Coin 0 0 123,500 86,000 140,500 21,500 371,500
$25 American Eagle 1/2 Oz Gold Coin 0 0 45,000 0 5,000 1,000 51,000
$10 American Eagle 1/4 Oz Gold Coin 0 0 64,000 4,000 20,000 6,000 94,000
$5 American Eagle 1/10 Oz Gold Coin 0 0 195,000 25,000 75,000 25,000 320,000
$50 American Buffalo 1 Oz Gold Coin 0 0 61,500 28,500 64,500 7,000 161,500
$1 American Eagle 1 Oz Silver Coin 0 0 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

 

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Antonio

It’s like follow the bouncing gold (or silver) ball. How could the government have run out of silver in 1905 when there is so much silver? Let’s be honest, the U.S. government had so many silver dollars they couldn’t unload, they stopped minting them until 1921, after they melted much of their silver sitting in vaults. I like my silver and gold but these values are always going to be unstable. Time to sell, not to buy.

Last edited 1 month ago by Antonio
Rich

Antonio, supply and demand, and the legislation. Beside the period between 1905 and 1920 when no Silver Dollars were minted, how about the period between 1934 and 1985 where no Gold coins were minted (from FDR in 1933, through President Ford in 1974, to President Reagan in 1985).

Antonio

Yes, they melted excess silver dollars to mint the 1921 Morgan and Peace dollars as well as used other silver available to them until 1929. It’s true what Rich wrote as well. If the government told you to turn over all the gold you had, would you? I doubt it. I wouldn’t have.

SENZA

Antonio, are you thinking what I’m thinking https://www.youtube.com/watch?v=a56EIjiltrM

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Antonio

Marcia, Marcia, Marcia!

Antonio
SENZA
SENZA

Just remember your training Kaiser https://www.youtube.com/watch?v=I-AhUVGpGoU

SENZA

Speaking of bouncing Antonio,you just bounced your way to another Award https://www.youtube.com/watch?v=FCJBI7_wFts

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Rich

Happy National Coin Week!
2022 theme is dynamic designs, artistic masterpieces for Numismatics.

SENZA

🙂

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Antonio
Rich

That’s a nice token, SENZA. BTW, with the all the excitement Antonio generated, dont you have sometning special for da man…

SENZA

I gave him Marcia’s panties what else is there?????????????????????

SENZA

Kaiser, Thanks Bro……..I could watch that all night – brings back memories https://www.youtube.com/watch?v=ex6tVAb3cy0

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Rich

…this celebration of our hobby is sandwiched between two dies.

Last edited 1 month ago by Rich
Rich

Sir Kaiser, I received two emails from the Mint for my 2022-W ASE Proof enrollment and my 2022 Congratulations Set, saying “Your US Mint Order has Shipped” both via USPS: one tracking history says “Label Created, Not Yet in System” and the other “Pre-Shipment Info Sent to USPS, USPS Awaiting Item.” What’s the difference?

SENZA

None I was going to mention this on Easter but I didn’t think Major D could handle it – it means they printed the label and told you they shipped even though it’s setting in the warehouse waiting for USPS or UPS to come pick it up – USPS is also the less desrible method as they typically take longer than UPS however there has been some improvement since they took my advice and abandoned “smart post” aka Stupid and Slow Post.

Rich

“I see,” said the blind man…

SENZA

Go ahead and Sugar Coat it for him Kaiser

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SENZA

The view is definitely better in St. Barts

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SENZA

Everyone has been suckered into Gold by the Peter Schiiff’s and now they are holding the bag and waiting for the World to end so they can try and sell their worthless Gold Ha HaHaHa

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