Gold, Silver and Platinum Fall in July while Palladium Soars

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Gold jumped this week but still ended lower in July
Gold jumped this week but still ended lower in July

Precious metals advanced on Friday, padding their exceptional weekly gains, but only palladium posted an increase on the month.

On Friday, gold for December delivery rose $12.60, or 0.7%, to settle at $1,781.80 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the best since July 1.

"If the US economic data turn out to be weaker next week, gold is likely to make further gains," Carsten Fritsch, an analyst at Commerzbank AG, said in a note reported by Bloomberg News. "This applies in particular to the report on the labor market, as Fed Chair Powell has still been describing the market as robust, which besides the persistently high inflation is another argument in favor of further rate hikes."

Gold prices jumped 3.2% this week, trimming their loss in July to 1.4%. The weekly gain was a second in a row following five straight weekly declines. The yellow metal is 2.6% lower on the year to date.

In looking ahead to next week, Kitco News offers the following forecasts via their Wall Street & Main Street surveys:

"This week 16 Wall Street analysts participated in Kitco News’ gold survey. Among the participants, 11 analysts, or 69%, were bullish on gold in the near term. At the same time, three analysts, or 19%, were bearish on gold. Two analysts, or 13%, cast neutral votes this week.

Meanwhile, 1,543 votes were cast in online Main Street polls. Of these, 961 respondents, or 62%, looked for gold to rise next week. Another 334, or 22%, said lower, while 248 voters, or 16%, were neutral in the near term."

Elsewhere, silver for September delivery tacked on 32.9 cents, or 1.7%, to settle at $20.197 an ounce. The finish was the highest since June 30.

Silver prices rallied 8.5% this week, reducing their July loss to 0.8%. Like for gold, silver’s weekly win was its second in a row following five consecutive drops. The precious metal is 13.5% lower on the year.

In PGM futures on Friday, for the week and for the month:

  • October platinum added $13, or 1.5%, to end at $889.80 an ounce, for a 2.6% weekly gain. Platinum edged 0.6% lower in July.

  • Palladium for September delivery surged $49.50, or 2.4%, to end at $2,129.70 an ounce — the highest close since July 11. Palladium scored gains of 5.5% this week and 11.2% in July.

The two are divided on the year so far with platinum 7.9% lower and palladium 11.4% higher.

US Mint Bullion Sales in 2022

The United States Mint has not published any bullion sales changes in two weeks. 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)
Friday / 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

Gold is down for the Month and only up today to cap the end of the month as a psychological hook to keep the suckers biting

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Rich

SENZA and Sir Kaiser, it looks like a major bottom is now in place for Gold and Silver.

SENZA
SENZA

Anything is Possible

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SENZA

I’m Hooked

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SENZA

Another satisfied US Mint customer = NOT

Ventris Gibson Too Big To Fail Too Stupid To Succeed

This one is very similar to mine however, my rim/planchet error is even higher and mine has the fingerprint of the incompetent US mint employee who let it go out the door = PRICELESS https://www.youtube.com/watch?v=gxq58Pc8088

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Last edited 9 days ago by SENZA
Rich

… or Too High To Get It Right

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Last edited 9 days ago by Rich
SENZA

As long as they didn’t forget the kitten-nuggets it’s all good – and you wondered why Chinese restaurants put the Humane Society out of business – Ancient Chinese Secret No-Mo

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SENZA

Authorities have prevented a cat-astrophe – by saving more than 500 felines from ending up on restaurant menus.

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Antonio

You mean I’ve been eating cat all these years and not chicken, beef and pork? Now I realize why I’ve been coughing up furballs.

SENZA

This has been going on since the beginning of time – it’s the Chinese version of KFC (Secret Formula) (Ancient Chinese Secret)

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FViia

I was at one place and in the entrance someone had posted a missing cat sign. Owner never saw it or truly was trying to help find the cat.

SENZA

I have heard from 7 people claiming to have one but only 2 provided proof – still very low numbers.

The one I have with the US Mint employee finger print is PRICELESS – I’ll keep that one until a collector with deep pockets comes along.

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SENZA

Ouch

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SENZA

I wasn’t “privy” to that information – perhaps we should strike a commemorative

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FViia

Last 2 Purple Heart silvers showed up today at the house. I too was bent with the finger print, however it actually was the inside of the capsule itself and not the coin. Capsule also had a small scratch in it. Yes, quality control seems to be a problem !

SENZA

Glad it was the capsule – this is really becoming a disappointment – the US Government is letting us down in so many ways

Major D

So, what happens if ALL of the medals were made the same way? I seriously doubt that the Mint will re-mint them. The choice may be to return it for refund and go without, or to keep “as is”. The same story goes for the 2022 Uncirculated set with the crimping problems. I don’t like it any more than all of you- but those seem to be the cards we’re dealt. 2022 is a bad QC year.

SENZA

Good points Major D

The more errors the less scarcity and value as an error coin

Does the Government recall it’s own shit ?

America without Militia = Government out of control

Shutter the US Mint NOW

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SENZA

It still ain’t 50 Cent

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SENZA

At least he can still talk to dolphins

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SENZA

.

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SENZA

If you build it they will come

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SENZA

Earth is supposed to be bombarded by Chinese and natural space debris tonight – perhaps some fresh shiny stuff will blanket the earth

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Antonio

You mean my Chinese takeout is actually dog meat?

SENZA

Snagged this photo of Joe Biden out on the Truman Balcony – allegedly he relapsed with COVID-19. Either way he looked like a frail 90 year old barely moving.

Apparently one of his grand daughters wants to be married at the White House so she can be divorced at the Red House https://www.youtube.com/watch?v=7afV7sbdWCk

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SENZA

1974 – The Golden Curse

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sam tweedy

Looking at WW III Damn!! I know my ice cream is out here somewhere. Wait a minute I think some of the Whining “OLD LADIES” here must have grabbed it!!!! I’m SOOOOOOO SLEEEEEEEPY!!!!!! LOL>>>>>>>>><<<<<<<<<

sam tweedy

SEMPER FI “13”

SENZA

Right On Tweedy, “13”

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Antonio

He always looks like a frail 90 year old. What are you talking about?

SENZA

Right On Antonio,

The video showed a guy who could not even walk on his own and clearly a puppet to whomever is ordering him to print US Dollars for Communist Countries https://www.youtube.com/watch?v=R2I2mK_3_ns

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Jeff Legan

Got an email from the Mint today offering the 2017 American Liberty One Ounce 225th Anniversary Gold Coin and the 2017 1/10th ounce version together for just the price of the 1 ounce. I did not buy it in 2017, and I will not be buying it now. First time I have gotten an offer like that from the mint. .

SENZA

How could you refuse “Coin of the Year”

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SENZA

Bonus

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SENZA

LMAO

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Rich

Jeff, the Mint has been trying to sell off that coin for going on 6 years now, even though the American Liberty 225th Anniversary Won ‘Best Gold’ for 2017 Dated COTY. The U.S. Mint took home “Best Gold Coin” honors at the 2019 Krause Coin of the Year Awards (COTY).

Antonio

Positive day for gold and silver on the first day of August 2022.

SENZA

Today’s 12 Cent gain in Silver means that if we have 441 more identical days – owners of US Mint Silver may be at a break-even cost basis – not adjusted for inflation – which would require an additional 220.5 days

ATTENTION: A New Thread Is Available = Good Luck Collector’s

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Last edited 7 days ago by SENZA