Gold and Other Metals Tumble on Monday, June 13

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Precious metals sank in kicking off the new trading week on Monday. Losses ranged from 2.3% for gold to 6.7% for palladium. The metals registered from multi-week to multi-month settlement lows.

Gold for August delivery dropped $43.70 to settle at $1,831.80 an ounce on the Comex division of the New York Mercantile Exchange. The close was the lowest since May 18 when gold ended at $1,815.90 an ounce.

"Gold and silver prices are solidly lower in midday U.S. trading Monday, pressured by a U.S. dollar index that is solidly higher and trading near a 20-year high, and by sharply rising U.S. Treasury yields that are at multi-year highs. Gold prices did hit a five-week high overnight but those gains could not be held," Jim Wyckoff, a senior analyst at Kitco Inc, said in a daily research note.

Gold futures traded between $1,824.70 and $1,882.50. They advanced 1.4% last week, ending Friday at their highest point since May 6.

Silver for July delivery plummeted 67.6 cents, or 3.1%, to end at $21.255 an ounce. The close was the weakest since May 13 when silver finished at $21.001 an ounce. Silver futures ranged from $20.91 and $22.04. They edged 0.1% higher last week.

In other precious metals prices on Monday:

  • July platinum settled down $38.70, or 4%, to $932.30 an ounce, trading between $926.90 and $975.30. The finish was the lowest since May 25 when platinum ended at $929.30 an ounce.

  • Palladium for September delivery dropped $128.60 to $1,778.40 an ounce, ranging from $1,775 to $1,924. The close was the lowest since Dec. 20 when palladium ended at $1,745.90 an ounce.

Last week, platinum dropped 4.5% and palladium fell 4%.

US Mint Bullion Sales in 2022

Published U.S. 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 April May June 2022 Sales
$50 American Eagle 1 Oz Gold Coin 0 0 80,500 137,500 0 568,000
$25 American Eagle 1/2 Oz Gold Coin 0 0 3,000 5,000 0 58,000
$10 American Eagle 1/4 Oz Gold Coin 0 0 14,000 8,000 0 110,000
$5 American Eagle 1/10 Oz Gold Coin 0 0 25,000 50,000 0 370,000
$50 American Buffalo 1 Oz Gold Coin 0 2,500 27,500 56,000 2,500 240,500
$1 American Eagle 1 Oz Silver Coin 0 0 850,000 850,000 0 9,281,500
$100 American Eagle 1 Oz Platinum Coin 0 0 0 0 0 40,000
$25 American Eagle 1 Oz Palladium Coin 0 0 0 0 0 0

 

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Antonio

Good news, oil fell a little today too.

Kaiser Wilhelm

Now if only the gasoline companies had a pricing grid like the Mint so that pump charges would go down as quickly and concertedly as they went up.

Kaiser Wilhelm

Then again, the Mint’s Precious Metal Pricing Grid has a substantial built-in margin of profit, so scratch that idea. Getting my wheelbarrow ready for gas cash.