Precious Metals Advance Thursday, June 16

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Precious metals moved ahead as a group for a second straight session Thursday. Palladium’s gain was actually its third in a row. Advances on the day ranged from 1.7% for gold to 2.9% for platinum.

Gold for August delivery tacked on $30.30 to settle at $1,849.90 an ounce on the Comex division of the New York Mercantile Exchange.

"Safe-haven demand and bargain hunting are featured as marketplace anxiety has upticked, following this week’s moves by major central banks, including a Federal Reserve interest rate hike Wednesday afternoon. A sharp sell off in the U.S. dollar index today is also benefitting the metals market bulls," Jim Wyckoff, a senior analyst at Kitco Inc, said in a daily research note.

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

Gold futures traded between $1,816.30 and $1,855.30. They edged up 0.3% on Wednesday, they fell 1% on Tuesday, marking their lowest settlement since May 13, and they dropped 2.3% on Monday.

Silver for July delivery surged 46.5 cents, or 2.2%, to close at $21.885 an ounce. Silver futures ranged from $21.32 and $21.96. They jumped 2.2% on Wednesday, they declined 1.4% on Tuesday, registering their lowest finish since May 12, and they lost 3.1% on Monday.

In other precious metals futures prices on Thursday:

  • July platinum rose $26.50 to $951.10 an ounce, trading between $919 and $952.20. On Tuesday, platinum at $910.70 an ounce closed at its lowest price since April 27.

  • Palladium for September delivery added $32.20, or 1.8%, to $1,866.50 an ounce, ranging from $1,821 to $1,872. On Monday, palladium at $1,778.40 an ounce logged its lowest finish since Dec. 20.

US Mint Bullion Sales in 2022

Published U.S. 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 / 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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Rich

The price of Palladium has come back down this week to being on par with Gold at around $1,850/oz, and correspondingly the Mint prices for the 2021 and 2020 Palladium American Eagles has dropped to $2,800. That’s a far cry from the $3,900 price the Mint increased them to following the Ukraine Invasion. There is now only a $100 price difference between the 1 ounce Proof Gold American Eagle (at $2,700) and the 1 ounce Proof Palladium American Eagle (at $2,800). And this Breaking News just in… Kaiser Wilhelm is back with us after taking a little time off. Welcome… Read more »

Kaiser Wilhelm

Thank you kindly, Good Sir Rich. I’m happy to be back among my coin compadres!

Rich

And we are blessed to have you back. The comment sections were almost non-existent and so boring without you. Although, Antonio did his best to liven things up. Now all we need is the return of SENZA The Great for order to be fully restored.

Last edited 7 days ago by Rich
Kaiser Wilhelm

I am honored to hear you say all those kind words about my return, Good Sir Rich, and I have to reciprocate with the sentiment that I feel equally gratified to be in communication with you again.

This is truly a co-operative, group project here that requires all the pieces to be fully in play; luckily, it appears we are getting the band back together.

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Kaiser Wilhelm

Incidentally, Good Sir Rich, this is the first time I’ve ever been “implicated” in a Breaking News bulletin. That is really impressive!

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Last edited 7 days ago by Kaiser Wilhelm
Kaiser Wilhelm

By the way, Rich, I see that no matter how far down Silver goes in commercial value the Mint clearly isn’t budging a cent with regard to lowering the prices of its Silver products.

Last edited 3 days ago by Kaiser Wilhelm
Kaiser Wilhelm

On a more than slightly different note, I received my two Three Roll Sets of the Wilma Mankiller AWQ Series today. When I originally signed up for these via the Enrollment Program I had no idea the San Francisco versions would be going through the roof.