Precious Metals Rise Wednesday, June 15

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Precious metals climbed higher Wednesday, led by a 3% advance in palladium which extended its string of gains to two in a row. Gold’s increase was the weakest at 0.3%, though the metal jumped higher in after-hours trading following news of the Fed rate hike.

Gold for August delivery rose $6.10 to settle at $1,819.60 an ounce on the Comex division of the New York Mercantile Exchange.

"Safe-haven buying amide keener uncertainty in the marketplace was featured today amid problematic price inflation that could begin to more seriously impact global financial markets," Jim Wyckoff, a senior analyst at Kitco Inc, said in a daily research note.

The Fed raised its target interest rate by three-quarters of a percentage point to between 1.5% and 1.75%. The hike was the biggest since 1994.

"Inflation remains elevated, reflecting supply and demand imbalances related to the pandemic, higher energy prices and broader price pressures," the Federal Open Market Committee said in a statement.

"The committee is strongly committed to returning inflation to its 2% objective."

In normal trading hours, gold futures moved between $1,808.40 and $1,842.60. They fell 1% on Tuesday, marking their lowest settlement since May 13, and they dropped 2.3% on Monday. In after-hours activity and following the Fed statement, gold prices climbed above $1,836 an ounce.

Silver for July delivery jumped 46.6 cents, or 2.2%, to end at $21.42 an ounce. Silver futures ranged from $20.97 and $21.84. They declined 1.4% on Tuesday, registering their lowest finish since May 12, and they lost 3.1% on Monday.

In PGM futures on Wednesday:

  • July platinum added $13.90, or 1.5%, to $924.60 an ounce, trading between $911.60 and $946.90. On Tuesday, platinum fell 2.3% and closed at its lowest price since April 27.

  • Palladium for September delivery surged $54.10 to $1,834.30 an ounce, ranging from $1,798 to $1,863.50. The metal edged 0.1% higher on Tuesday. On Monday, palladium sank 6.7% to log its lowest price since Dec. 20.

US Mint Bullion Sales in 2022

Published U.S. 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 / 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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Antonio

Thing about gold, it’s shiny. I also like its weight.

Rich

It’s also precious.

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Last edited 9 days ago by Rich
Kaiser Wilhelm

But considering it’s price might it not be a rather close cousin of Unobtainium?

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Rich

Indeed, same for Palladium.