Precious Metals Fall on Tuesday, July 12

9

Precious metals ended lower on Tuesday, led by palladium which fell 7.2%. Silver and platinum logged about two-year settlement lows. Gold, meanwhile, ended the day at its lowest price in nine-and-a-half months.

Gold for August delivery shed $6.90, or 0.4%, to settle at $1,724.80 an ounce on the Comex division of the New York Mercantile Exchange. The finish was the lowest since Sept. 29 when gold ended at $1,722.90 an ounce.

"The U.S. dollar index continues its assault on the major world currencies and that remains a main bearish element punishing the metals markets. Also, big losses in crude oil prices today hurt the precious metals market bulls,” Jim Wyckoff, a senior analyst at Kitco Inc, said in a daily research note.

Gold futures traded between $1,721.60 and $1,742.20. They dipped 0.6% on Monday

Registering a second loss following three straight gains, silver for September delivery gave back 17.4 cents, or 0.9%, to end at $18.958 an ounce. The close was the lowest since silver settled at $18.699 an ounce on July 7, 2020. Silver futures ranged from $18.63 and $19.14. They declined 0.5% on Monday.

In other precious metals futures Tuesday:

  • October platinum dropped $32.60, or 3.8%, to $828.10 an ounce, trading between $827.10 and $859. The settlement was the weakest since ending at $809.60 an ounce on June 26, 2020. 

  • Following three consecutive sessions gains, including two soaring ones, palladium for September delivery tumbled $156 to $2,015.60 an ounce, ranging from $2,009 to $2,143.50.

Last week platinum gained 1.3% while palladium rallied 11.3%.

US Mint Bullion Sales in 2022

Published U.S. Mint bullion sales were unchanged on Tuesday. 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)
Tuesday / This Week May June Last Week / July 2022 Sales
$50 American Eagle 1 Oz Gold Coin 0 164,500 31,000 15,000 641,000
$25 American Eagle 1/2 Oz Gold Coin 0 7,000 6,000 2,000 68,000
$10 American Eagle 1/4 Oz Gold Coin 0 8,000 18,000 2,000 130,000
$5 American Eagle 1/10 Oz Gold Coin 0 50,000 135,000 5,000 510,000
$50 American Buffalo 1 Oz Gold Coin 0 56,000 21,500 9,000 268,500
$1 American Eagle 1 Oz Silver Coin 0 1,350,000 925,000 0 10,706,500
$100 American Eagle 1 Oz Platinum Coin 0 0 23,500 14,000 77,500
$25 American Eagle 1 Oz Palladium Coin 0 0 0 0 0

 

Subscribe
Notify of
guest
9 Comments
Inline Feedbacks
View all comments
Antonio

What goes up, must come down, spinnin’ wheel got to go ’round.

Rich

Antonio, it sounds like you dropped all your troubles by the river side.

Antonio

Talkin’ ’bout your troubles it’s a cryin’ sin; ride a painted pony let the spinnin’ wheel spin.

Antonio

Not to be negative, but those wings look upside down.

Antonio

You don’t want to meet my friends, they’ll make you cry.

Antonio

Best way to do it. 😉

SENZA

It’s a good thing Antonio didn’t notice the LGBTQ Unicorn wearing the wings

07-13-2022_016.jpg
michael

How long will buyers continue to spend $5-10/oz above spot for physical silver?

Major D

I believe the answer is “all day long” and even more $/oz when it’s disguised as a coin–and when it has a mint mark, $45-$65/oz over spot.

Last edited 26 days ago by Major D