Gold Dips and Silver Logs Almost 2-Year Low on Wednesday, June 29

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Silver ended at its worst price since July 20, 2020
Silver ended at its worst price since July 20, 2020

On Wednesday, and for a second straight session, platinum and palladium gained while gold and silver declined. Gold’s loss was its third in a row. The yellow metal also posted a new, just over two-week low. Silver, meanwhile, logged an almost two-year low.

Gold for August delivery declined $3.70, or 0.2%, to settle at $1,817.50 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the weakest since June 14.

"Technically,August gold futures prices scored a mildly bearish ‘outside day’ down on the daily bar chart today. Bears have the overall near-term technical advantage. However, the recent sideways and choppy trading action at lower price levels is suggesting a market bottom is in place,” Jim Wyckoff, a senior analyst at Kitco Inc, said in a daily research note.

Gold futures traded between $1,810.70 and $1,834.90. They lost 0.2% on Tuesday and they shed 0.3% on Monday.

Silver for September delivery — the new, most-active contract — fell 13.4 cents, or 0.6%, to end at $20.738 an ounce. The settlement was the lowest since silver ended at $20.192 an ounce on July 20, 2020. Silver futures ranged from $20.61 to $21.07. They dropped 1.7% on Tuesday and they rose 0.2% on Monday.

In PGM futures on Wednesday:

  • October platinum added $4.30, or 0.5%, to $909.90 an ounce, trading between $905.20 and $933. On Monday, platinum at $900.30 an ounce marked its lowest settlement since Dec. 15.

  • Palladium for September delivery surged $84.70, or 4.6%, to $1,946.60 an ounce, ranging from $1,863 to $2,010.

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 Last Week This Week April May June 2022 Sales
$50 American Eagle 1 Oz Gold Coin 0 0 27,500 80,500 164,500* 27,500 622,500
$25 American Eagle 1/2 Oz Gold Coin 0 0 4,000 3,000 7,000* 4,000 64,000
$10 American Eagle 1/4 Oz Gold Coin 0 0 16,000 14,000 8,000 16,000 126,000
$5 American Eagle 1/10 Oz Gold Coin 0 0 105,000 25,000 50,000 105,000 475,000
$50 American Buffalo 1 Oz Gold Coin 0 0 12,500 27,500 56,000 15,000 253,000
$1 American Eagle 1 Oz Silver Coin 0 0 861,000 850,000 1,350,000* 861,000 10,642,500
$100 American Eagle 1 Oz Platinum Coin 0 0 18,500 0 0 18,500 58,500
$25 American Eagle 1 Oz Palladium Coin 0 0 0 0 0 0 0

*On Monday, 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

Don’t worry (be happy), today Goldman Sachs raised its gold price forecast to $2,500/oz by year’s end.

SENZA

Can’t beat the Dollar so maybe Gold should join the Dollar and together they shine on your First-On-Thread victory Rich, your really taking care of business https://www.youtube.com/watch?v=ybtl9qVFAjc

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Rich

Thanks for the First-On-Thread, SENZA. Right on about the Mighty Dollar, and I love to work at nothing all day…

SENZA

Attention there is now a new Thread available

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Major D

Hey SENZA, welcome back!

SENZA

Thank You Major D,

Nice to be back – Hope all is well……….

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