Gold Prices Mark 5-Week High on Thursday, Aug. 4

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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
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Antonio

And it’s back above $1800.

Rich

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.

Kaiser Wilhelm

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.

SENZA

Gold and Silver prices as well as those who obsess over said shiny; are similar to the predisposition of a pregnant woman

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