Gold Logs 15.5-Month Low on Thursday, July 14

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Precious metals tumbled Thursday, posting losses that ranged from 1.7% for gold to 5.1% for silver. Gold ended the day at a 15.5-month low while silver and platinum marked new, just over 2-year lows.

Gold for August delivery fell $29.70 to settle at $1,705.80 an ounce on the Comex division of the New York Mercantile Exchange. The finish was the lowest since March 30, 2021, when gold ended at $1,686 an ounce.

"Rising U.S. Treasury bond yields, a strong U.S. dollar index and falling crude oil prices are all bearish elements working against the metals market bulls. Recession fears and the resulting reduced consumer and commercial demand for metals are also squelching the bulls,” Jim Wyckoff, a senior analyst at Kitco Inc, said in a daily research note.

Gold futures traded between $1,695 and $1,734.80. They gained 0.6% on Wednesday, they fell 0.4% on Tuesday, and they dipped 0.6% on Monday

Silver for September delivery declined 96.9 cents to end at $18.225 an ounce. The close was the lowest since silver settled at $18.218 an ounce on July 1, 2020. Silver futures ranged from $18.01 to $19.18. They advanced 1.2% on Wednesday, they lost 0.9% on Tuesday, and they declined 0.5% on Monday.

In other precious metals Thursday:

  • October platinum shed $20.50, or 2.5%, to $817.30 an ounce, trading between $806.70 and $836.10. The settlement was the weakest since ending at $809.60 an ounce on June 26, 2020.

  • Palladium for September delivery fell $73.30, or 3.7%, to $1,898.10 an ounce, ranging from $1,866.50 to $1,978.

US Mint Bullion Sales in 2022

Published U.S. Mint bullion sales were unchanged on Thursday. 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)
Thursday / 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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Major D

Turn those machines back on!

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SENZA

Congrats Major D, First-On-Thread and I would not take Antonio’s advice either

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Rich

Silver was bushwhacked today, but held the line at $18, with the gold/silver ratio hitting 93.

Last edited 25 days ago by Rich
SENZA
Antonio

Now’s the time to buy, when prices are down.

SENZA
Antonio

But gee Tennessee.

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c_q

i’m not sure gold is going to go up soon, given the strong dollar and interest rates (interest return on gold is zero) reducing consumer demand. i don’t think gold is going to crash and burn like BTC has/will, though, but it does have some room to go down. extraction price is around $1000-$1200, so I would expect it would not too close to those prices.

SENZA

Agreed – BitCon would be Zero but the exchanges won’t let people cash out –

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Antonio

Everyone lost their money but they were brave in doing so.

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SENZA

Woulda, Coulda, Shoulda

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