Precious Metals Drop in May Start

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Precious metals kicked off the new trading week and month on Monday with losses that ranged from 0.7% for platinum to 3.9% for palladium. Silver drove its losing streak to ten in a row and ended the day near a three-month low. Gold, meanwhile, finished at a more than two-and-a-half-month low.

Gold for June delivery fell $48.10, or 2.5%, to end at $1,863.60 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the lowest since Feb. 15 when gold finished $1,856.20 an ounce.

The precious metals are getting hit early this week by the bearish outside market forces of a strong U.S. dollar index that is near a 20-year high, higher U.S. Treasury yields and chart-based selling pressure as the near-term technical have eroded significantly the past two weeks," Jim Wyckoff, a senior analyst at Kitco Inc, said in a daily research note.

Gold traded between $1,853.40 and $1,900.40. It traded higher on Friday, trimming its losses on the week and in April, respectively, to 1.2% and 2.2%.

Silver for July delivery dropped 50.1 cents, or 2.2%, to end at $22.584 an ounce. The settlement was silver’s weakest since it closed Feb. 4 at $22.475 an ounce. Silver futures ranged from $22.13 to $22.88. On Friday, they marked weekly and monthly losses of 4.8% and 8.2%.

In other precious metals futures prices on Monday:

  • July platinum shed $6.80 to $932.80 an ounce, trading between $908.80 and $937.40.

  • Palladium for June delivery tumbled $91 to $2,216 an ounce, ranging from $2,155.50 to $2,314

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 / May Last Week March April 2022 Sales
$50 American Eagle 1 Oz Gold Coin 0 19,500 140,500 80,500 430,500
$25 American Eagle 1/2 Oz Gold Coin 0 0 5,000 3,000 53,000
$10 American Eagle 1/4 Oz Gold Coin 0 0 20,000 14,000 102,000
$5 American Eagle 1/10 Oz Gold Coin 0 0 75,000 25,000 320,000
$50 American Buffalo 1 Oz Gold Coin 0 10,000 64,500 27,000 181,500
$1 American Eagle 1 Oz Silver Coin 0 17,000 1,080,500 850,000 8,431,500
$100 American Eagle 1 Oz Platinum Coin 0 0 14,200 0 40,000
$25 American Eagle 1 Oz Palladium Coin 0 0 0 0 0
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Antonio

And there it goes, until next time when it will rise again.

Rich

like a red rubber ball

SENZA

Or a Pink Cadillac

SENZA

CONGRATS Antonio, with a winning record like yours there’s no doubt your over qualified when it comes to winning and that calls for a celebration https://www.youtube.com/watch?v=8ylutqF6iO0

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Rich

Antonio is too hot (to handle)

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SENZA

That’s a gooood one Rich, your striking Gold with that suggestion – here’s your award enjoy https://www.youtube.com/watch?v=zF4MvVgmHSI

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Antonio

I own a few gold coins.

Rich

Sovereigns?

SENZA

Antonio, it’s been a while since I have given away a car but your winning record deserves this Cadillac – https://www.youtube.com/watch?v=V4PeT6aeytU

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Antonio

If only I had a garage and street parking is a bear to find.

SENZA

It’s important to know what this chart is really telling us; as Don Knotts said 9 times “Let Me ClarifyThis” 2007 – 2008 The economy was suffering before Wall Street or the Fake News would admit something was wrong. Those who understood fundamentals and the environment around them purchased gold and silver until it peaked and then unloaded and took profits. 2009 The Fake News and Wall Street admitted their shortcomings and wrongdoings but it was after-the-fact, the economic cycle had already gone from trough to peak to trough again and that’s where it should have ended………… But something odd… Read more »

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Rich

SENZA, could this chart of the 15 year gold price possibly be a massive inverse head and shoulders pattern predicting a reversal in the down trend and, which upon completion, may signal a bull market (matching your At World’s End scenario).

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Last edited 25 days ago by Rich
SENZA

That’s one Big Gun Rich, https://www.youtube.com/watch?v=8ylutqF6iO0

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Antonio

Feeling a little insufficient?

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Rich

The Germans had a big one

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Antonio

Stoned Trumps.

Rich

Or Stone Temple Pilots.

SENZA

I can’t imagine a better representation of the shiny stuff than that image Sir Kaiser, an Award is in order…………

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Antonio

I remembered being amazed when gold hit $800 an ounce.

SENZA

Antonio,

Gold has always been too expensive for me – I have a small amount set aside in case, someday, it has some practical use or value – today is not that day.

Here are some Golden Fool’s

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Antonio

It is not this day.

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Rich

Which time, 1980 and/or 2007?

SENZA

No worries Sir Kaiser, we expect the price of Gold and Silver to continue to go up until the end of time at the US Mint

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