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