Gold Prices Post Another 2-Week Low on Wed., Aug. 17

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Precious metals declined as a group for a third session in a row on Wednesday, led by silver which fell 1.8% to a three-week low. Gold ended at another two-week low.

Gold for December delivery declined $13, or 0.7%, to settle at $1,776.70 an ounce on the Comex division of the New York Mercantile Exchange. The close was again the lowest since Aug. 3.

"Gold and silver prices are lower in afternoon U.S. trading Wednesday, amid worries about demand for precious metals following this week’s downbeat economic data coming out of China and still-heightened worries about a U.S. and/or global recession. Rising U.S. Treasury bond yields and a firmer U.S. dollar index on this day were also bearish outside market elements for the metals markets," Jim Wyckoff, a senior analyst at Kitco Inc, said in a daily research note.

Gold futures traded between $1,773.90 and $1,796.60. They shed 0.5% on Tuesday and they fell 1% on Monday.

Silver for September delivery lost 35.4 cents to settle at $19.731 an ounce. The close was silver’s weakest since July 27. Silver futures ranged from $19.63 to $20.24. They gave back 0.9% on Tuesday and they dropped 2.1% on Monday.

In PGM futures on Wednesday:

  • October platinum declined $12, or 1.3%, to $919.30 an ounce, trading between $914.80 and $939.

  • Palladium for September delivery fell $12.30, or 0.6%, to $2,136.70 an ounce, ranging from $2,125 and $2,163.50.

US Mint Bullion Sales in 2022

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

Silver has dropped below $20 an ounce again. Oh, the humanity!

Antonio

Gold is under $1800 as well. ($1,778.60 and $19.75). It’ll bounce back.

Larry

And yet the mint still is charging $73 for a Proof ASE and $2620 for the UNC AGE. What deals.

Antonio

And we’re still buying them at that price. I have my satisfaction when I see what dealers are reselling them for.

Kaiser Wilhelm

That is the best way to look at it, Antonio. No matter how much we pay the Mint, those who make their purchases from resellers are paying a lot more, often several times what those coins cost us at the Mint.

Last edited 1 month ago by Kaiser Wilhelm
Kaiser Wilhelm

It appears, Larry, that the Mint is far more concerned with raising its prices when precious metal values go up than it is with lowering its prices when those same precious metal values go down.

Kaiser Wilhelm

To use a pun, Antonio, this coin has two sides. Low gold prices are good for us as buyers, high gold prices are better for us as sellers. One can’t, it seems, have it both ways at the same time.

Kaiser Wilhelm

Much as it pains me to have to say it, Major D, but I think the Lions have a better chance of making it to the Super Bowl than Silver has of going up to $40 an ounce.

Kaiser Wilhelm

I have no doubt whatsoever that your are absolutely correct, Major D. Unless one is selling exclusively to coin collectors, then vastly more cheaply bought bullion in the form of bars or rounds is the only way to go that makes good investing sense.