Gold Extends Gains Following Fed Rate Hike

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Gold prices gained on Wednesday
Gold extended its gain in electronic trade after the FOMC raised the benchmark federal-funds rate by 0.75%

Aside from platinum which logged a robust 1.5% increase, prices for precious metals changed only slightly during normal trading hours on Wednesday. Gold settled less than 0.1% higher, but then added to its gain in after-hours dealings following the Fed’s announcement about raising interest rates.

Exactly reversing its prior-day’s loss, gold for August delivery rose $1.40, or 0.08%, to end at $1,719.10 an ounce on the Comex division of the New York Mercantile Exchange. Gold futures traded between $1,709.10 and $1,724.90. They shed 0.5% on Monday.

On Wednesday following a two-day monetary policy meeting, the Fed’s FOMC raised the benchmark federal-funds rate by 0.75% to a range between 2.25% and 2.5%. It also repeated language from prior meetings saying it "anticipates that ongoing increases in the target range will be appropriate."

In after-hours trade, gold moved above $1,737 an ounce.

Silver for September delivery added 6.5 cents, or 0.4%, to settle at $18.60 an ounce. Silver futures ranged from $18.36 to $18.82. They advanced 1.1% on Tuesday and they fell 1.6% on Monday. The precious metal was last above $19 an ounce in later, electronic trading.

In PGM futures on Wednesday:

  • October platinum tacked on $12.80 to $877.20 an ounce, trading between $860.30 and $881.80.

  • Palladium for September delivery declined $6.80, or 0.3%, to $2,004.40 an ounce, ranging from $1,992 and $2,034.50.

US Mint Bullion Sales in 2022

Published United States 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 Last Week May June July 2022 Sales
$50 American Eagle 1 Oz Gold Coin 0 0 164,500 31,000 33,000 659,000
$25 American Eagle 1/2 Oz Gold Coin 0 0 7,000 6,000 3,000 69,000
$10 American Eagle 1/4 Oz Gold Coin 0 0 8,000 18,000 2,000 130,000
$5 American Eagle 1/10 Oz Gold Coin 0 0 50,000 135,000 5,000 510,000
$50 American Buffalo 1 Oz Gold Coin 0 0 56,000 21,500 23,000 282,500
$1 American Eagle 1 Oz Silver Coin 0 0 1,350,000 925,000 425,000 11,131,500
$100 American Eagle 1 Oz Platinum Coin 0 0 0 23,500 15,000 78,500
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SENZA

Congrats First-On-Thread – I got a message for the FED https://www.youtube.com/watch?v=tjl8gLao6cY

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Rich

Sir Kaiser, last weekend the top trends forecaster in the world said that the price of gold should be $2,500 and silver $70-100.

Antonio

To err is human.

SENZA

Antonio, a promotion is in order

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SENZA

It’s like waiting for the Sun to shine on your Silver Ship and it’s the craziest life I have ever known; and I have known manyyyyyyyy https://www.youtube.com/watch?v=yj5WvpkYHz0

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Antonio

Yes, that’s how long you’ll be waiting. From dust we came, to dust we’ll return.

Major D

Yes, we’ll all be dust within a relatively short amount of time– and when we all are, I predict that silver will still be silver, and gold will still be gold

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Major D

ten years have got behind me….

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SENZA

Welcome To The Machine Major D https://www.youtube.com/watch?v=8wpHW4Xko-Q

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Rich

Welcome To The Recession

SENZA

It’s a brave new World where fundamentals and traditional data are meaningless and printing machines rule

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SENZA

It will still be shiny and has anyone taken a moment to ponder why we are so preoccupied with shiny https://www.youtube.com/watch?v=cWGE9Gi0bB0

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Rich

Ditto.

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SENZA

Isn’t there a group of bag holders aka; Peter Schiff, Robert Kyiosaki, Mike Maloney and Lynette Zang to name just a few, whom are trying to sue the government for suppression of Gold prices. Their claim states that Gold should be $5k an ounce currently.

Maybe they forgot to get the Pink gold with Diamonds and it’s their own fault

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Major D

How is the government setting the price when Comex (CME) in the United States, and the London Bullion Market Association (LBMA) in the UK, operate the derivatives market?

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SENZA

Major D,

Perhaps you should ask JP Morgan aka The International Bank of Gold Manipulation

However, to answer your question, “Between 2008 and 2016, JPMorgan engaged in a pattern of manipulation in the precious metals futures and U.S. Treasury futures market, the CFTC said. Traders would place orders on one side of the market which they never intended to execute, to create a false impression of buy or sell interest that would raise or depress prices”. It’s been fun learning to fly with you Major D https://www.youtube.com/watch?v=nVhNCTH8pDs

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Major D

Well, I’m here to learn!

SENZA
SENZA

Who cut the cheese?

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SENZA

Roger Waters is on Tour with an extremely WOKE performance and I would strongly advise against wasting your coin on this crap – exactly why Pink Floyd washed their hands of him –

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