Precious Metal Prices Little Changed on Monday, June 27

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Prices for precious metals changed little on Monday, with silver and palladium rising slightly and gold and platinum falling modestly.

Gold for August delivery shed $5.50, or 0.3%, to settle at $1,824.80 an ounce on the Comex division of the New York Mercantile Exchange.

Gold "prices have visited both sides of unchanged today. The precious metals bulls are still holding their own early this week, in the face of a modest rise in U.S. Treasury yields and a recent rally in global stock markets," Jim Wyckoff, a senior analyst at Kitco Inc, said in a daily research note.

Gold futures traded between $1,821.80 and $1,842.80. They dipped 0.6% last week.

Silver for July delivery added 4.3 cents, or 0.2%, to settle at $21.168 an ounce. Silver futures ranged from $21.08 to $21.54. Silver lost 2.1% last week

In other precious metals futures prices on Monday:

  • October platinum — the new, most-active contract — fell $3, or 0.3%, to $900.30 an ounce, for the lowest settlement since Dec. 15 when platinum ended at $894.20 an ounce. Platinum futures traded between $888.10 and $911.90.

  • Palladium for September delivery rose $4.60, or 0.3%, to $1,858.90 an ounce, ranging from $1,853 to $1,950.

Last week, platinum declined 2.9% while palladium gained 3.1%.

US Mint Bullion Sales in 2022

Published U.S. Mint bullion sales showed gains for the first time in over two weeks. Sales increases for the month included:

  • a combined 33,500 ounces in American Gold Eagles,
  • 8,000 in American Gold Buffalos, and
  • 500,000 in American Silver Eagles.

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 17,500 0 80,500 164,500* 17,500 612,500
$25 American Eagle 1/2 Oz Gold Coin 4,000 0 3,000 7,000* 4,000 64,000
$10 American Eagle 1/4 Oz Gold Coin 16,000 0 14,000 8,000 16,000 126,000
$5 American Eagle 1/10 Oz Gold Coin 100,000 0 25,000 50,000 100,000 470,000
$50 American Buffalo 1 Oz Gold Coin 8,000 0 27,500 56,000 10,500 248,500
$1 American Eagle 1 Oz Silver Coin 500,000 0 850,000 1,350,000* 500,000 10,281,500
$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

*The U.S. Mint adjusted upwards May sales of: $50 Gold Eagles to 164,500 coins from 137,500 coins; $25 Gold Eagles to 7,000 coins from 5,000 coins; and American Silver Eagles to 1.350 million coins from 850,000 coins.

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Rich

Sir Kaiser, speaking of trends in silver and gold: over the last two years in June 2020 the gold/silver ratio = 124, in June 2021 the gold/silver ratio = 64, and now in June 2022 the gold/silver ratio = 86. So, two years ago you could have traded 1 ounce of gold for 124 ounces of silver, while a year ago 1 ounce of gold would have only got you 64 ounces of silver.

Major D

The 4-year forecast is not looking too good for silver- low of 14, high of 20. Guess the world’s supply far outweighs the demand. Good thing we’re all in it for the coins, otherwise might be better to invest in pork bellies or orange juice futures…

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Last edited 1 month ago by Major D
Antonio

Oil has been on the upswing lately. Since it’s messy, I prefer to stick with coins. LOL.

Antonio

Don’t say the Mint doesn’t have a sense of humor. I received this announcement in my email: I Got a Fever and the Only Prescription is More Cowbell Silver! with Cowbell struck out.

Rich

Yes Antonio, may we have more cowbell with our silver. On August 18th Mr. Ed returns on a one ounce silver medal, the American Liberty 2022 Silver Medal.

Rich

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Major D

I guess Lady Liberty was bucked off the horse. Is this a metaphor for the state of our country?

Rich

I guess it is what it is.