Gold and Silver Climb After U.S. June Inflation Report

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In precious metals trading Wednesday, gold, silver and platinum gained following two losses while palladium declined for a second session.

Gold for August delivery rose $10.70, or 0.6%, to settle at $1,735.50 an ounce on the Comex division of the New York Mercantile Exchange.

"Gold hit an 11-month low early on today, following a U.S. inflation report that ran the hottest in 41 years, suggesting the Federal Reserve will keep its aggressive stance on tightening U.S. monetary policy. However, the gold and silver prices reversed course later in the morning when futures market bears decided to take some profits and did some short covering,” Jim Wyckoff, a senior analyst at Kitco Inc, said in a daily research note.

The Labor Department reported Wednesday that consumer prices rose 1.3% in June from 1% in May, resulting in an annual inflation rate of 9.1% which is near a 41-year high.

Gold futures traded between $1,704.50 and $1,744.30. They fell 0.4% on Tuesday, registering their lowest close since Sept. 29, and they dipped 0.6% on Monday

Silver for September delivery tacked on 23.6 cents, or 1.2%, to close at $19.194 an ounce. Silver futures ranged from $18.79 to $19.36. They lost 0.9% on Tuesday, marking their lowest finish since July 7, 2020, and they declined 0.5% on Monday.

In PGM futures on Wednesday:

  • October platinum added $9.70, or 1.2%, to $837.80 an ounce, trading between $815.80 and $842.10. On Tuesday, they ended at their worst price since June 26, 2020.

  • Palladium for September delivery fell $44.20, or 2.2%, to $1,971.40 an ounce, ranging from $1,932.50 to $2,031.

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 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

 

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Antonio

Eventually the metals will rise, as well as fall. Keep tight and don’t let the little fluctuations fluster you. I buy when the prices fall and wait until they rise to my satisfaction to sell.

Rich

Patience is the key.

SENZA

.

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SENZA

Congrats Antonio, First On Thread – please share your award with Rich

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Major D

That is why I’m not a day trader.

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Antonio

I for one am a coin collector. I collect coins and know things about coins. I’ll drink to that.

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SENZA
Antonio

Grape Kool-Aid is good. 🙂

Antonio

She was so pretty when she was young.

SENZA

.

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SENZA

Bravo – that’s a real good one – I would have given excellence in meme award but meme’s don’t exist so……….

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SENZA

Canada sells all Gold declaring it a worthless antique

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Rich

Ag, Au Breaking Bad. Support at $18 and $1,700 should hold (with some hopium). Today’s CPI reported at 9.1% is That ’70s Show all over again. And the Social Security COLA could be 10.5% in 2023, according to new estimate.

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SENZA

I’m sure Gold will Kiss The Sky some day Rich https://www.youtube.com/watch?v=89do9o9PKA8

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Antonio

I always thought it was Kiss This Guy.

SENZA

No problem Antonio, stay calm, relax we have reserved a room at a posh resort fro you to unwind and figure things out – enjoy your stay – tghe first electric-shock therapy is complimentary – come to think of it – all of them are – you must have very good insurance

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Antonio

That man has so many talents.

SENZA

They taxed back the raise that just happened – we are at the point where the people need charge these Politicians and puppet masters with crimes against humanity and purge the whole bunch

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SENZA

There comes a point when it just won’t matter

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Antonio

Better than killing your own people, 37,500 so far.

Larry

June Producer Price Index was up 11.3% Y/Y. Keep in mind this excludes Energy and Food. Thank God we don’t need or use any of those two Line Items! My money is now on the Fed raising the interest rate a full 1% point later this month.Oh well, it’s only money. I need to find out the latest with what’s extremely important to consumers…the Jan 6th hearings.So riveting!

Rich

All while we’re going off the rails on a crazy train… the ledge, ha-ha, the edge.

Larry

I like your ‘crazy train’ reference…good one, Rich.

SENZA
SENZA

All of America should have been there (not for Trump) but for our own well being – this is a complete atrocity