Gold Logs Over 3-Month Low; Silver Tumbles

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Precious metals prices tumbled Thursday, led by a 7.3% drop in palladium. Silver marked a nearly 22-month low and gold finished at a more than 3-month low.

Gold for June delivery fell $29.10, or 1.6%, to settle at $1,824.60 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the lowest since Feb. 8 when gold ended at $1,821.80 an ounce.

Gold and silver were "pressured in part by a very strong U.S. dollar index that today scored a 20-year high. Bearish charts are also keeping the technically based bears active on the sell side in the futures markets,” Jim Wyckoff, a senior analyst at Kitco Inc, said in a daily research note."

Gold futures ranged from $1,820.70 to $1,858.80. They rose 0.7% on Wednesday, they declined 1% on Tuesday, and they fell 1.3% on Monday.

Silver for July delivery tumbled 80.2 cents, or 3.7%, to close at $20.773 an ounce. The settlement was the lowest since silver ended at $20.192 an ounce on July 20, 2020. Silver futures traded between $20.59 and $21.63. They added 0.7% on Wednesday, they lost 1.8% on Tuesday, and they dropped 2.5% on Monday.

In other precious metals futures prices on Thursday:

  • July platinum declined $58.40, or 5.9%, to $931.40 an ounce, ranging from $929.30 to $987.40.

  • Palladium for June delivery sank $147.30, to $1,860.60 an ounce, trading between $1,837 and $2,025.00.

US Mint Bullion Sales in 2022

Published United States Mint bullion sales were unchanged on Thursday. 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)
Thursday 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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Antonio

Everything counts in large amounts.

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Rich

Antonio,

The Dollar is

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SENZA

Your all Addicted to that Damn Dollar

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SENZA

Now that’s exactly what I’m talking about – do any of you who apparently frequently purchase gold and silver from the US Mint or anywhere else – actually have a plan to put it to tangible use someday

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Rich

Sir Kaiser, your conclusion is logical.

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Rich

I get the point.

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Jeff Legan

Hi Kaiser Wilhelm, If there is a complete national financial and social breakdown, the most valuable commodities will be food, water, and ammunition. You could trade any one of those for another. Ammunition is the only one of those you could use to acquire one of the others even if the other party is unwilling. Ammunition might be the most valuable commodity of them all. Gold and silver will be valuable again after the crisis is over, when the wealthy will want shiny trinkets again. If it is just a regional crisis (like Katrina was for New Orleans) gold and… Read more »

Jeff Legan

Hi Kaiser Wilhelm, In every civilization that crumbled and disappeared into the fog of history, the armed classes vanished to become armed individuals and start a new civilization when things stabilized. Don’t get me wrong, a herd mentality works too–for a species, just not for an individual. Sure, you might be able to survive unarmed, because the whole strength of herd mentality is there are not enough predators around to wipe out the whole herd. While being armed will not guarantee my survival during a crisis, I do know it will increase my individual chance of survival. I do not… Read more »

Jeff Legan

Hi Senza, I only have a small amount of gold, but have quite a bit of silver now. My only plan for all these has been to sell them when I have a personal income emergency, not at all for any kind of doomsday scenario involving many people. If no personal income emergency comes I plan to sell them when I feel I am a few years away from death. I do not feel I am going to go suddenly, I always felt I was going to feel it coming and suffer for it, because I noticed in my life… Read more »

SENZA

Your words echo many of my experiences and thoughts – amazing – I just hope I can kick the Cherry Garcia and exist into the Twilight Years as you and your relatives https://www.youtube.com/watch?v=krxU5Y9lCS8

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SENZA

It’s not about Chuck, Sir Kaiser, it’s about enduring the Pain and those of us who endure the pain only to break even.

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Rich

Sir Kaiser, you are right on the money! The price of gold is negatively correlated to the stock market most of the time. When the markets go down gold prices often go up. That being said, there are times when the price of gold and the stock market both go up or down in unison. Overall, however, time has shown that gold prices are not tied to the movements of stocks and bonds. Here are some factors that impact the price of gold per ounce: Strength of US dollar Industrial and commercial demand Gold supply Fed actions / monetary policy… Read more »

Last edited 4 months ago by Rich
SENZA

Antonio, you may have a First on Thread Addiction – One Superstar Award coming right up

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SENZA

A message from Coin Shops

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SENZA

Say what you will and as usual you Nailed it – there is no rationale – it’s planned chaos by those pulling the puppet strings and those who took the hook, line and sinker are now in panic-mode https://www.youtube.com/watch?v=mVuapD6rHkg

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Last edited 4 months ago by SENZA
SENZA

At risk of interrupting you talking to yourself – I agree, and being Graduation Season I have attended a few in recent days and these Graduations are more like Faculty Cults who praise and worship themselves then leave 5 minutes at the end of thier Satanic Ceremony to bestow Diploma’s upon the Graduates whom are for the most-part irrelevant to the Faculty.

I might add, all very similar to the Coin Mafia Cult always busy promoting and congratulating themselves for Dirty Deeds https://www.youtube.com/watch?v=BaWwrpBzxms

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Last edited 4 months ago by SENZA
SENZA

🙁

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