Gold and Silver Prices Surge Following GDP Report

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Gold and silver prices ended at around 1-month highs
Gold and silver prices ended at around 1-month highs

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
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Antonio

Yes! I knew they would rise, until tomorrow.

Rich

Pop! Goes the Silver

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SENZA

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

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Antonio

That wouldn’t happen to be grape would it? Or is it cherry?

SENZA

Grape all the way with a pear and apple spritzer

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SENZA

Warning: disgusting graphic material

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SENZA

Dedicated to the on going failures at the US Mint https://www.youtube.com/watch?v=YV4oYkIeGJc

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Antonio

In other news, silver and gold rose today (Friday, July 29th) with silver again above $20 an ounce.

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SENZA

Antonio, your “SPOT” on

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SENZA