In precious metals trading Thursday, platinum dipped lower while gold, silver and palladium rallied. Gold and silver saw support, opined analysts, on news of a weakened U.S. economy.
Gold for December delivery — the new, most-active contract — tacked on $31.70, or 1.8%, to settle at $1,769.20 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the best since July 1.
"Wall Street is convinced that the Fed will likely pivot to a slower pace of tightening in September," Ed Moya, senior market analyst at Oanda Corp., said in a message reported by Bloomberg News. "The unexpected contraction of the US economy means that both the peak in Treasury yields has been made and a bottom has been formed for gold. The stagflation playbook is bullish for gold prices."
Earlier Thursday, the Commerce Department reported that the U.S. gross domestic product (GDP) fell 0.9% in the second quarter as high inflation weighed on consumer spending. That followed a 1.6% decline in the first three months of 2022.
On the day, gold futures traded between $1,750.40 and $1,773.90. They rose 0.08% on Wednesday, they declined 0.08% on Tuesday, and they shed 0.5% on Monday.
Meanwhile, silver for September delivery soared $1.27, or 6.8%, to settle at $19.868 an ounce. The finish was the highest since June 30. Silver futures ranged from $19.01 to $19.96. They added 0.4% on Wednesday, they advanced 1.1% on Tuesday, and they fell 1.6% on Monday.
In other precious metals prices Thursday:
-
October platinum dipped 40 cents, or 0.05%, to $876.80 an ounce, trading between $868.30 and $890.
- Palladium for September delivery jumped $75.80, or 3.8%, to $2,080.20 an ounce, ranging from $2,021 and $2,095. Palladium’s close was the strongest since July 11.
US Mint Bullion Sales in 2022
Published United States 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 | 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 |
Yes! I knew they would rise, until tomorrow.
Pop! Goes the Silver
Damn it Man even Coin News is drinking the “Surging” Kool-Aid
Congrats Antonio, your supereior record for First-On-Thread is congruent to your determination to be First-On-Thread
That wouldn’t happen to be grape would it? Or is it cherry?
Grape all the way with a pear and apple spritzer
Warning: disgusting graphic material
Dedicated to the on going failures at the US Mint https://www.youtube.com/watch?v=YV4oYkIeGJc
In other news, silver and gold rose today (Friday, July 29th) with silver again above $20 an ounce.
Antonio, your “SPOT” on
Ventris Must Go https://www.youtube.com/watch?v=0U-ermF-tQA