Gold Hits 9-Month Low on Wednesday, July 6

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Silver rose slightly on Wednesday, after tagging its lowest settlement since 2020, while gold, platinum and palladium declined. Gold’s loss was its seventh in a row, and its eleventh decline in twelve sessions. It also ended the day at a more than nine-month low.

Gold for August delivery fell $27.40, or 1.6%, to settle at $1,736.50 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the lowest since Sept. 29 when gold ended at $1,722.90 an ounce.

"The metals bulls continue to run for cover amid a stronger U.S. dollar index that hit a 20-year high today, and by crude oil prices that are down around $10 a barrel in just two trading days so far this week. The near-term technical charts for gold and silver are also fully bearish, which is prompting the chart-based traders to play the short sides of the futures markets," Jim Wyckoff, a senior analyst at Kitco Inc, said in a daily research note.

Gold futures traded between $1,730.70 and $1,771.50. They fell 2.1% in starting the new trading week on Tuesday.

Following five straight losses, silver for September delivery rose 3.8 cents, or 0.2%, to finish at $19.159 an ounce. Silver futures ranged from a low of $18.70 to a high of $19.33. They gave back 2.8% on Tuesday, registering their weakest close since July 10, 2020.

In PGM futures on Wednesday:

  • October platinum shed $9.80, or 1.2%, to $840.90 an ounce — the lowest since ending at $838 an ounce on Sept. 24, 2020. Platinum traded between $832 and $856.40.

  • Palladium for September delivery fell $22.50, or 1.2%, to $1,896.30 an ounce, ranging from $1,884 to $1,954.50.

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

 

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Rich

Gold got monkey hammered by the mighty dollar. Time for a Hammered Monkey Hefeweizen…

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SENZA

Congrats it must be Hammer Time https://www.youtube.com/watch?v=otCpCn0l4Wo

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SENZA

That Kitty didn’t even bounce Gold is DOA

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SENZA

I see this Thread is being ignored but we might as well face it –

Every piece of US Mint Gold and Silver you own might very well be worthless –

All the crooks – flippers and manipulators aka US Mint, NGC and BlackRock have made their millions and are moving on to retirement or better scams and there appears to be no more interest in the shiny stuff whatsoever

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Rich

Sounds like we are witnessing total capitulation, a good contrarian indicator.

Antonio

I’m in it for the long term. What goes does down eventually goes back up.

SENZA

Your positive outlook is music to our ears

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Rich

Right on, Antonio! Like gold in the long term.

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SENZA

Your chart omitted a certain indicator – the one that reflects that US Mint Gold is 300% + over spot which means you have experienced a 1200% loss over time not yet even compounded by the 9 month decline which could increase the loss to well over 2000%.

On the bright side Gold was up $3.20 today

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SENZA

Holy Capitulation Batman!

The Sum of Capitulation: Surrender, Succumb, Hope and denial; those are the stages of Gold holders grief.

These numbers don’t add up Robin!

These poor fools paid way too much for this Gold Batman!

Some people just have to learn the hard way Robin!

Yeah never buy Gold from those fake Prepper channels on Youtube or worse yet – the US Mint Batman!

That’s a wrap – Let’s go party with Cat Woman and it’s your turn to buy the cat treats Robin!

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SENZA

That reminds me I have $10.00 Papa Dough I need to spend before it expires

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SENZA

I’m afraid the Pizza charts are not looking any better than the Gold charts

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