Gold Ends Tuesday, Aug. 16, at Two-Week Low

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Precious metals declined as a group for a second straight session Tuesday. Losses were much more modest than the previous day, ranging from 0.3% for platinum to 0.9% for silver. Gold ended at a two-week low.

Gold for December delivery shed $8.40, or 0.5%, to settle at $1,789.70 an ounce on the Comex division of the New York Mercantile Exchange. The close was the lowest since Aug. 3.

"Gold and silver prices are solidly lower in midday U.S. trading Monday, on demand concerns for the metals after a batch of weak economic data from China. Sharply lower crude oil prices and a stronger U.S. dollar index to start the trading week are also bearish daily forces working against the metals," Jim Wyckoff, a senior analyst at Kitco Inc, said in a daily research note.

Gold futures traded between $1,785.40 and $1,798. They fell 1% on Monday.

Silver for September delivery gave back 18.7 cents to settle at $20.085 an ounce. The close was silver’s weakest since Aug. 5. Silver futures ranged from $19.86 to $20.25. They dropped 2.1% on Monday.

In other precious metals futures prices Tuesday:

  • October platinum dipped $2.30 to $931.30 an ounce, trading between $921 and $942.

  • Palladium for September delivery declined $9.30, or 0.4%, to $2,149 an ounce, ranging from $2,102 and $2,168.

US Mint Bullion Sales in 2022

Published United States Mint bullion sales showed gains on Tuesday for the first time since a week ago Monday, Aug. 8. 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)
Tuesday / This Week Last Week May June July August 2022 Sales
$50 American Eagle 1 Oz Gold Coin 6,000 21,000 164,500 31,000 59,500 27,000 712,500
$25 American Eagle 1/2 Oz Gold Coin 0 1,000 7,000 6,000 5,000 1,000 72,000
$10 American Eagle 1/4 Oz Gold Coin 0 2,000 8,000 18,000 2,000 2,000 132,000
$5 American Eagle 1/10 Oz Gold Coin 0 15,000 50,000 135,000 20,000 15,000 540,000
$50 American Buffalo 1 Oz Gold Coin 4,500 6,500 56,000 21,500 39,500 11,000 310,000
$1 American Eagle 1 Oz Silver Coin 17,000 408,000 1,350,000 925,000 850,000 425,000 11,981,500
$100 American Eagle 1 Oz Platinum Coin 0 1,000 0 23,500 15,500 1,000 80,000
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Kaiser Wilhelm

I am aware this is off-topic, but I want to ask again if it has yet been established as to whether or not the Uncirculated Sets’ acrylic coin holder “corner crimps” have caused permanent damage to all the coins inside or is it just an optical illusion.

Kaiser Wilhelm

Does everybody just skip price reports or does no one have a clue as to the answer?

Jeff Legan

I believe the Mint is still officially saying they do not. From the posts I saw here earlier, some of the customers are agreeing (mine seem ok, though I did not open my set to be 100% sure), some are not. I printed the Mint statement to put with my set. We will find out how good the Mint thinks they really are next year, when we see if the Mint uses the same holder again or quietly uses a different one. Now I am curious as to whether the previous Director initiated this change, or if this was all… Read more »

Kaiser Wilhelm

Jeff Legan,

Thank you for being so kind as to answer and for taking the time and effort to expand on your explanation. Upon reading your rather extensive analysis it appears there currently is no definitive answer to this rather perplexing question and it further seems that due to all of the contradictory input there may indeed never be one. This has become an even stranger situation than the errant dollar bill in that ill-fated Coin And Currency Set.

Rich

Sir Kaiser, the Mint’s claim that it is only “an illusion that the coins are damaged” was only published in a message about the set on its Facebook and Twitter accounts. The Mint never issued an official news press release about it on its web site. I did not order the set and have no first hand knowledge, however, I have read the comments from 4 commenters here of which two stated their coins were not damaged and two who stated their coins were damaged. I imagine some people who received the sets have not even opened the shipping box… Read more »

Last edited 1 month ago by Rich
Kaiser Wilhelm

Good Sir Rich, Thank you very much for responding to my increasingly plaintive call for help in trying to determine what the reality of this possible fiasco and/or triumph is. As I already gleaned from Jeff Legan’s several contributions above it appears that obtaining a clear cut and perfectly straightforward solution to this seemingly befuddling dilemma may not be all that easy, if in any way possible for that matter. I myself am rather reluctant to sacrifice even one of my three Uncirculated Coin Sets to satisfy my ever-growing curiosity; I suppose I’m having that difficulty because it would seem… Read more »

Last edited 1 month ago by Kaiser Wilhelm