Gold and Silver Log 1-Month Lows on Tuesday, June 14

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Palladium edged higher on Tuesday, after logging a near six-month low on Monday, while gold, silver and platinum declined and marked another round of settlement lows.

Gold for August delivery fell $18.30, or 1%, to settle at $1,813.50 an ounce on the Comex division of the New York Mercantile Exchange. The close was the lowest since May 13 when gold ended at $1,808.20 an ounce.

"A strong U.S. dollar index that this week hit a 20-year high and U.S. Treasury yields that this week hit multi-year highs are significantly bearish elements keeping the metals prices under selling pressure. Gold and silver bulls got no help from another hot U.S. inflation reading today," Jim Wyckoff, a senior analyst at Kitco Inc, said in a daily research note.

"Today’s U.S. producer price index report for May came in a up 10.8%, year-on-year and up 0.5% from April. "

Gold futures traded between $1,806.40 and $1,833.30. They dropped 2.3% on Monday.

Silver for July delivery shed 30.1 cents, or 1.4%, to close at $20.954 an ounce. The settlement was the weakest since May 12 when silver ended at $20.773 an ounce. Silver futures ranged from $20.84 and $21.36. They lost 3.1% on Monday.

In other precious metals futures on Tuesday:

  • July platinum declined $21.60, or 2.3%, to $910.70 an ounce, trading between $908.70 and $939.30. The finish was the lowest since April 27 when platinum ended at $910.40 an ounce.

  • Palladium for September delivery rose $1.80, or 0.1%, to $1,780.20 an ounce, ranging from $1,765 to $1,836. On Monday, palladium dropped 6.7% and closed at its lowest price since Dec. 20.

US Mint Bullion Sales in 2022

Published U.S. Mint bullion sales were unchanged on Tuesday. 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 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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Kaiser Wilhelm

Whenever I see these Bullion Sales figures I think about how much time and energy is expended making so much investment coinage that will simply disappear into underground vaults. Perhaps the idea someone here had of the Mint selling all bullion precious metals exclusively as bars (of assorted sizes) instead wasn’t that far off the track after all.

Last edited 5 days ago by Kaiser Wilhelm
Kaiser Wilhelm

Has anyone yet thought of coming out with a line of Bullion Bitcoins?

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