Gold Posts Gain, Boosted by Inflation Data

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Gold, silver and platinum gained in the mid-week trading session Wednesday, while palladium declined.

Gold for June delivery rose $12.70, or 0.7%, to settle at $1,853.70 an ounce on the Comex division of the New York Mercantile Exchange.

"Gold and silver prices are posting moderate gains near midday Wednesday, boosted by friendly outside markets that include a weaker U.S. dollar index and solid gains in crude oil prices,” Jim Wyckoff, a senior analyst at Kitco Inc, said in a daily research note." Another hot U.S. inflation report that is seen as problematic for consumers and the economy is also longer-term friendly for the metals markets."

The Labor Department reported Wednesday that consumer prices increased 0.3% in April from 1.2% in March, resulting in an annual inflation rate of 8.3% — still near 40-year highs.

"Today’s inflation report proves that Fed Chair Powell made a mistake last week when he removed the option of a 75-basis point rate hike at the next policy meeting," Edward Moya, senior market analyst at Oanda, wrote in a note reported by MarketWatch. "The overall takeaway for much of Wall Street however is that the Fed is still poised to deliver consecutive half-point rate increases at the June and July FOMC meetings."

On the day, gold futures ranged from $1,830.60 to $1,857.80. They declined 1% on Tuesday, for their lowest settlement since Feb. 10, and they fell 1.3% on Monday.

Meanwhile, silver for July delivery added 15.1 cents, or 0.7%, to end at $21.575 an ounce. Silver futures traded between $21.20 and $21.97. They lost 1.8% on Tuesday, for their lowest settlement since July 20, 2020, and they dropped 2.5% on Monday.

In PGM futures on Wednesday:

  • July platinum tacked on $42.60, or 4.5%, to $989.80 an ounce, ranging from $942.80 to $991.70.

  • Palladium for June delivery declined $35.80, or 1.8%, to $2,007.90 an ounce, trading between $1,997.50 and $2,075.50.

US Mint Bullion Sales in 2022

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

 

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Rich

Finally, some modest gains of 0.7% for both silver and gold (Antonio, put on a happy face). The price for the 2022-W $50 Gold American Buffalo Proof, to be released tomorrow, was just set at $2,790 (only $940 over spot). The Mint pricing for the 1-oz Palladium American Eagles is back down to $3,050, a far cry from the $3,900 price the Mint increased it to when the Ukraine invasion started.

Antonio

I am (-:

SENZA

Silver is already lagging in after-hours – as a seasoned trader it’s a rule that US Mint products are not considered commodities in the Trading World due to the pronounced taxation aka premiums on steroids aka Fleecing X 10. Any presumed pattern in pricing to real commodities is merely a coincidence.

That being said: Rich has returned to the First on Thread Throne and I think we should all Celebrate with Rich by partaking in a Feast Fit For a King, fine Wenches included

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Last edited 16 days ago by SENZA
Rich

Sir Kaiser, your comment on collecting silver coins is notable. Consider the case of comparing One Ounce Proof Gold and Silver American Eagles sold by the Mint, based on today’s prices/values:

One Ounce Proof GAE, Mint price = $2,750
Gold spot price = $1,852
Premium (mint price over spot/melt value) = 48%

One Ounce Proof SAE, Mint price = $73
Silver spot price = $21.55
Premium (mint price over spot/melt value) = 239%

Silver coin collectors are relatively being fleeced by the Mint in today’s precious metal coin market.

Last edited 16 days ago by Rich
Antonio

So we can expect mintages to drop.

SENZA

I don’t know, do you expect rich old men to stop buying gold and silver – there are some situations when fundamentals simply don’t matter

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Antonio

Uncirculated silver ASE from Westpoint will be selling for $67, <$6 than the proofs. I suppose it’s considered burnished rather than uncirculated.

SENZA

Your right and I can prove it

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Jeff Legan

Hi Kaiser Wilhelm,
I recently read that electric vehicles use twice the copper as gas powered ones, so I would not be surprised if copper outperforms silver for a while. I will also add electric vehicles do not need catalytic converters, so there should be less demand for platinum and palladium in the future.

SENZA

Breaking Faking Newz: We have just found out that Trump did in fact purchase all 80 millions copies of 50 Shades

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Antonio

Only dirty minds think something natural is dirty.

Antonio

Except for soil. I suppose soil is dirty, after all it is called dirt. LOL.

SENZA

Market Conditions according to APMEX

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SENZA

Market Conditions according to Scottsdale

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SENZA

Market Conditions according to the US Mint

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Antonio

;-P

SENZA

I just contacted the US Mint to inquire about enrollment limits on the next Women’s Quarters release and was told they have not made that determination yet – I have seen Feebay sellers claiming there will be a 3 set limit instead of the 5 sets last time – has anyone out there heard anything on this subject…………

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SENZA

My invisible friend gets all the good stuff and I already pre-sold 5 if I have to cancel anymore orders my Feebay reputation will be in the dumpster

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SENZA

Elon Musk and DogeCrap heading to ZERO or Mars but definitely not the Moon

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Rich

Crypto is blown to bits

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SENZA

LUNA FAILED

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Antonio

But Matt Damon says, “Fortune favors the brave.” I trust everything actors tell us. (I’m being facetious here)

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SENZA

I didn’t even know he could act –

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Rich

Shades of the Tulip Mania Craze

Antonio

Like you said.

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SENZA

Iron seems to be flying high https://www.youtube.com/watch?v=_9SSeKozjM0

Rich

Like an Iron Butterfly

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SENZA

Just drop some LSD while your hung over like the singer did and you will believe your saying “In the Garden of Eden” enjoy the 17 minute version right here https://www.youtube.com/watch?v=UIVe-rZBcm4

Jeff Legan

I always thought it was “in the Garden of Eden” in another language. Is it actually nonsense? I see it is, I just looked it up. I guess it is my day to learn something new. Ok, everyday is my day to learn something new, but I usually do not find out something new about something I thought I learned about over 40 years ago. Thanks Kaiser Wilhelm! I guess we are now even for the day.