Precious metals rebounded Thursday with gains strong for gold and silver and exceptional for platinum and palladium. Gold ended the day at a five-week high and atop $1,800 an ounce.
Gold for December delivery surged $30.50, or 1.7%, to settle at $1,806.90 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was gold’s best since June 30.
"Safe-haven demand is featured today as China-Taiwan-U.S. tensions have escalated this week. Short covering in the futures markets and some fresh chart-based buying are also featured today, as the near-term technical postures for both metals have improved this week," Jim Wyckoff, a senior analyst at Kitco Inc, said in a daily research note.
Gold futures traded between $1,779.40 and $1,812. They lost 0.7% on Wednesday, they edged up 0.1% on Tuesday, and they increased 0.3% on Monday.
Silver for September delivery tacked on 22.8 cents, or 1.2%, to close at $20.122 an ounce. Silver futures ranged from $19.93 to $20.38. They shed 1.2% on Wednesday, they fell 1.1% on Tuesday, and they advanced 0.8% on Monday to end at their best price since June 29.
In other precious metals futures prices on Thursday:
October platinum soared $36.40, or 4.1%, to $924.90 an ounce, trading between $887.80 and $929.
- Palladium for September delivery jumped $69.60, or 3.5%, to $2,077.50 an ounce, ranging from $1,989 to $2,096.50. On Monday, palladium at $2,199.40 an ounce registered its highest finish since May 4.
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 / Week / August||May||June||July||2022 Sales|
|$50 American Eagle 1 Oz Gold Coin||0||164,500||31,000||59,500||685,500|
|$25 American Eagle 1/2 Oz Gold Coin||0||7,000||6,000||5,000||71,000|
|$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||20,000||525,000|
|$50 American Buffalo 1 Oz Gold Coin||0||56,000||21,500||39,500||299,000|
|$1 American Eagle 1 Oz Silver Coin||0||1,350,000||925,000||850,000||11,556,500|
|$100 American Eagle 1 Oz Platinum Coin||0||0||23,500||15,500||79,000|
And it’s back above $1800.
Sir Kaiser and Antonio, it looks like Gold and Silver put in their intermediate cycle lows on July 21st and July 15th, respectively, and held their support at $1,700 and $18. Now we are looking at $1,800 Gold and $20 Silver. Let’s see if we can get breakouts from here.
Let’s see now, Rich and Antonio, if the ratio were to hold when Silver reaches the dreamed of level of $300, Gold would then be valued at $27,000 an ounce.
Gold and Silver prices as well as those who obsess over said shiny; are similar to the predisposition of a pregnant woman