Gold Ends at 3-Month Low; Silver Marks Over 21-Month Low

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Platinum rose on Tuesday while gold, silver and palladium declined. Silver closed at a more than 21-month low. Gold, meanwhile, ended at a 3-month low.

Gold for June delivery settled down $17.60, or 1%, to $1,841 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the weakest since Feb. 10 when gold ended at $1,837.40 an ounce.

"Bearish outside markets today that saw a higher U.S. dollar index and lower crude oil prices helped to pressure the precious metals markets. Fully negative near-term technical charts are also fueling the bearish short-term speculative traders. The safe-haven metals have also been punished recently by rising bond yields,” Jim Wyckoff, a senior analyst at Kitco Inc, said in a daily research note."The bulls remain perplexed that their metals are ignoring a wobbly U.S. stock market and elevated risk aversion in the overall marketplace due to a major war and rising inflation."

Gold futures ranged from $1,838.70 to $1,864.70. They fell 1.3% on Monday.

Silver for July delivery lost 39.6 cents, or 1.8%, to close at $21.424 an ounce. The settlement was the lowest since silver ended at $20.192 an ounce on July 20, 2020. Silver futures traded between $21.38 and $22.09. They dropped 2.5% on Monday.

In other precious metals futures on Tuesday:

  • July platinum rose $8.70, or 0.9%, to $947.20 an ounce, ranging from $930.50 to $970.10.

  • Palladium for June delivery declined $17.80, or 0.9%, to $2,043.70 an ounce, trading between $2,020 and $2,149.

US Mint Bullion Sales in 2022

Published United States Mint bullion sales increased on Tuesday by 5,000 ounces in American Gold Eagles. 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 March April May 2022 Sales
$50 American Eagle 1 Oz Gold Coin 0 36,000 140,500 80,500 36,000 466,500
$25 American Eagle 1/2 Oz Gold Coin 0 1,000 5,000 3,000 1,000 54,000
$10 American Eagle 1/4 Oz Gold Coin 0 4,000 20,000 14,000 4,000 106,000
$5 American Eagle 1/10 Oz Gold Coin 50,000 0 75,000 25,000 50,000 370,000
$50 American Buffalo 1 Oz Gold Coin 0 16,500 64,500 27,500 16,500 198,500
$1 American Eagle 1 Oz Silver Coin 0 425,000 1,080,500 850,000 425,000 8,856,500
$100 American Eagle 1 Oz Platinum Coin 0 0 14,200 0 0 40,000
$25 American Eagle 1 Oz Palladium Coin 0 0 0 0 0 0

 

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Antonio

Ever the bummer. Dropping again. I was told invest in gold futures rather than in actual gold.

Rich

Hang in there, Antonio.

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SENZA

Hang’Em High

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SENZA

Rich,

There is nothing like a good drink with your Hung Far Low meal – hope you remembered to order you ZZ Top “Tres Hombres” Limited Edition bottle of Rock n Roll Spirits – hurry before they are all gone https://www.youtube.com/watch?v=UvoyWlnvVxw

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SENZA

Your futures are looking bright if only they can survive the after hours

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SENZA

I like to take time to do both – we make money when the markets are up and we make money when the markets are down – and of course I’m just trying to help out poor Antonio

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Last edited 4 months ago by SENZA
Antonio

Thanks SENZA, I need all the help I can get.

Jeff Legan

Hi Antonio, I think that stuff is for if you buy and sell. Supposed to be more “liquid” than the actual stuff. If you buy to hold, then in my opinion you might as well have the real thing. I have been thinking about the effect of space mining lately. Can you imagine what will happen to the price of gold when we mine our first gold asteroid? Or mine gold off of another planet? Futures and those gold ETF things (or are they the same thing?) would certainly crash. Physical gold would certainly crash too, but I was thinking… Read more »

SENZA

Elon, said he was coming – I’ve been waiting- I guess I could start without him……

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SENZA

Elon Musk victimized millions of Americans, set America back 100 years and helped empower the Iranian terrorist cell known as Feebay further victimize and set America back – just saying………and if you don’t believe me there is a t-shirt to prove it……………

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Antonio

I thought George Soros did. I’m learning something every minute. It’s like I’m going at the speed of light.

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SENZA

I think were both correct here Antonio, there is no limit on Villains but Elon Musk is a draft dodger who fled to Canada then was ejected by Canada when they found out he was a coward and Traitor; and where do those kind end up (rhetorical) yeah right here in USA – So what does he do to contribute (again rhetorical) he creates a Ponzi-Pyramid type fraud called paypal that fleeces Americans and empowers a failed company now called ebay that was created by Iranian Terrorists. There once was a man named Nicola Tesla (A real visionary) after all… Read more »

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Jeff Legan

Hi Kaiser Wilhelm, Did you know Elon Musk did not start Tesla? I only found that out within the past year, and I started reading about him in 2013. He bought the company from whoever did start it. I am not sure he is a force for Good. What are his plans for Twitter? He says he is a “Free Speech Absolutist”. He will let Trump back on Twitter. I am not necessarily against that, but I will be if he lets Trump say what he wants but lets Trump block all the people who contradict what Trump says. That… Read more »

Antonio

We Musk have more! Elon! Did I just write that?

SENZA

Damn it man have you heard anything I’ve said 🙂

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Antonio

I thought Richard Branson was his nemesis. The things I learn on this site.

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