Gold and Platinum Snap Four-Week Winning Streaks

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Gold and Platinum Snap Four-Week Winning Streaks
Gold prices fell nearly 3% this week following four weekly gains that had raised prices by 6.6%

Gold, silver and platinum dropped together for a fifth straight session on Friday. Palladium also ended lower after rising on Thursday. All the metals plunged on the week. Gold’s and platinum’s weekly declines were their first in five weeks.

On Friday, gold for December delivery shed $8.30, or 0.5%, to settle at $1,762.90 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the lowest since July 27.

Gold fell 2.9% this week following four weekly gains that had lifted prices by a combined $111.90, or 6.6%. Gold prices are 3.6% lower on the year to date.

In looking ahead to next week, Kitco News offers the following forecasts via their Wall Street & Main Street surveys:

"Kitco’s weekly gold survey results revealed that Wall Street is now bearish on gold prices next week. Out of 11 analysts participating in the survey, 55% expect prices to fall, 27% are neutral, and only 18% are calling for prices to move higher.

The Main Street side remained bullish for next week. Out of 709 retail participants, 46% projected higher prices, 35% called for a move lower, and 19% were neutral, Kitco’s survey showed."

Elsewhere, silver for September delivery gave back 39.5 cents, or 2%, to settle at $19.069 an ounce. Like for gold, the finish was silver’s weakest since July 27. Silver prices plunged 7.9% this week after rising 2.5% last week. They are 18.3% lower on the year.

In PGM futures on Friday and for the week:

  • October platinum dropped $16.90, or 1.9%, to end at $888 an ounce, for a 7.4% weekly loss. The precious metal previously scored four consecutive weekly gains that had driven prices higher by a total of $128.50, or 15.5%.

  • Palladium for September delivery lost $18, or 0.8%, to end at $2,131.40 an ounce, for a 4% weekly decline.

Both remained divided on the year so far with platinum 8.1% lower and palladium 11.5% higher.

US Mint Bullion Sales in 2022

Published United States Mint bullion sales were unchanged on Friday. 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)
Friday 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

It appears Silver may be getting ready to drop below $19 an ounce. We’ll soon have to assign it to its own special category, that of the semi-precious metals. Clearly, it’s still not low enough in value to be considered for the base metal grouping…yet.

Rich

I feel your pain, Sir Kaiser. Next week may be a rough one for silver and gold, with next Thursday, August 25th being a gold and silver precious metal option expiration on the Comex.

Last edited 1 month ago by Rich
Kaiser Wilhelm

Talk about pain, Good Sir Rich, and while I know that in the global scope of things the following means less than nothing it somehow still manages to bother me. When I opened my latest Three Roll Set box of AWQs I found the plastic holder of the rolls to be so completely mangled it looked like it had been chewed on by a very angry T-Rex. Curiously, the shipping carton and the inner container were both perfectly intact as were the rolls of quarters themselves; it was only the plastic roll holder that was beyond salvation. I can only… Read more »

Rich

Almost sounds like T. rex teens fighting and disfiguring each other.

Kaiser Wilhelm

Exceptionally violent fans of the storied band or unusually aggressive young dinosaurs?

Last edited 1 month ago by Kaiser Wilhelm
Kaiser Wilhelm

Major D, Since I don’t sell any of my coins, silver or otherwise, what they are worth is one ingredient I try not to spend any time worrying about. I also do not buy silver bullion, so my price comparison is not to what spot is but rather regarding how important a numismatic grade coin is to me as part of my collection. In answer to your question about AWQ rolls, while some people resell them on ebay and such, if you acquire them strictly as collectibles I would say that what you do with them is strictly up to… Read more »

Kaiser Wilhelm

And quite frankly, other than feel good about having them, Major D, I haven’t the foggiest notion about what else to do with my ATB and AWQ Quarter Rolls. Does that make me silly?

Antonio

Yes, but a Euro is finally equal to a U.S. $

Kaiser Wilhelm

Isn’t that where it started out, Antonio?

Antonio

Do you think the Euro did this? I have a 100 ECU silver coin from France. It’s worth quite a bit more than when I first bought it some years ago. One of the better purchases I made. It started out as a curiosity for me and has turned into an investment. You never know, you know?

Antonio

Maybe it was a 15 ECU.

France-15-ECU-1990-Charlemagne-silver-400x196.jpg
Kaiser Wilhelm

This is awesome, Antonio; thanks for bringing this up and posting a picture of one. When I left Europe in 1965 the French Franc, the German Mark, the Austrian Schilling and all the other Continental currencies were still in place. It wasn’t until the first time I went back over there in 2000 that the Euro had replaced all of the old national currencies; as a consequence I had missed having any experience or in fact awareness of the interim “European Currency Units”. This is therefore a fine addition to my coinage knowledge!

Kaiser Wilhelm

P.S. – I should have said “replaced ALMOST all the other Continental currencies”, because some of the European countries are still holding onto their national currencies.

Kaiser Wilhelm

American Liberty 2022 Silver Medals – 3176 and selling fairly quickly – 9:33 A.M. EDT.

Last edited 1 month ago by Kaiser Wilhelm
Rich

Sir Kaiser, Besides the routine ordering online and by phone on release day, there were 3 other sources of sales: The American Liberty Silver Medal is part of the Authorized Bulk Purchase Program and is available to Authorized Bulk (AB) purchasers; This product is also available at the Mint’s sales centers at the Philadelphia Mint, the Denver Mint, and from the Mint Headquarters Coin Store in Washington, DC; This product was also sold at the American Numismatic Association’s World’s Fair of Money, Aug. 16 to 20 in Rosemont, Illinois. The mintage and product limit = 75,000. I wonder what the… Read more »

Last edited 1 month ago by Rich
Kaiser Wilhelm

Good Sir Rich, I just want to make sure that it is entirely clear to everyone that the number of American Liberty Silver Medals I posted above as currently being available for purchase was from a brand new refurbishment of the Mint’s supply today (from whatever source) and had nothing to do with how many there were for sale originally on the Medal’s Release Day. As to how many were available in the big picture from each of the Mint’s sources, locations and venues, I’m afraid I have no knowledge whatsoever regarding any of those figures. Inevitably it will all… Read more »

Kaiser Wilhelm

Major D an d Good Sir Rich,

I can’t weigh in either way on this one since I’ve never encountered any information about it, but thanks to you both for bringing it up as a subject for discussion and research.

Kaiser Wilhelm

Your analysis, Major D, brings a lot of very welcome and useful common sense to this issue.

The only point I did not understand is the one regarding Bulk Purchases of ASEs minus their mint marks. What I think happened here is you have somehow confused the secret Authorized Bulk Purchasers of numismatic ASEs that have mint marks with the openly listed Authorized Bullion Buyers of bullion ASEs which lack mint marks.

As far as were the newly available Medal product is coming from, your guess is as good as mine.

Last edited 1 month ago by Kaiser Wilhelm
Kaiser Wilhelm

Welcome, Major D, to the Kaiser’s Klub of Konfounding Konfusion.

Rich

Major D and Sir Kaiser, According to this March 19, 2021 US Mint News Press Release, United States Mint Announces New Authorized Bulk Purchase Program: “The United States Mint (Mint) is committed to improving the distribution of our Numismatic coin products. As part of this ongoing effort, the Mint has established a new Authorized Bulk Purchase Program (ABPP), which permits qualifying bulk purchasers to purchase a limited number of numismatic Mint products prior to their official on-sale date under an active embargo agreement allowing their resale only on or after the Mint’s official on-sale date, time, and conditions, such as household… Read more »

Last edited 1 month ago by Rich
Rich

Yes, Major, all these (other) sales will be accounted for in the total sales figures for the individual item #22DB, unlike Bulk – 40 coins (e.g., Bulk 40 Proof and Uncirculated Silver Eagles) which are assigned and sold under a separate item #.

Last edited 1 month ago by Rich
Kaiser Wilhelm

Not to further confuse this issue, Major D, but all the Bulk dealers as such are Bulk-40 buyers. The Bullion dealers, on the other hand, are known as Authorized Bullion Purchasers.

Kaiser Wilhelm

Good Sir Rich,

I still can’t for the life of me figure out how the Bulk-40 program is supposed to, using the Mint’s own words, “improve the distribution of our Numismatic coin products.”

Kaiser Wilhelm

My take, Major D, would be that the Mint is still actively cranking these out and putting them up for sale as the product leaves the presses. I think their strategy is not a sales tactic but rather a way of trying to only produce what they can actually sell. This may in fact become a way of life for the Mint since they likely prefer better production planning to melting medals (or coins) and then having to repeat the process from scratch.

Rich

Sir Kaiser and Major D, the old strategy used by the Mint in the past for instances like this was called Back Order: When products are in “Back Order” status, this means that the product is available for sale, however there is no inventory in stock and a future ship date is displayed on our website. Products in this status can still be ordered online or through the Customer Contact Center.

Kaiser Wilhelm

Good Sir Rich,

As is so very often the case you have just managed to provide us with what was quite likely the only remaining piece of this little Mystery Of The Re-Appearing Medals. It is indeed fortunate that we have you here to apply what might be called “cold hard Mint reality” to whatever puzzle in question happens to at the moment be in the process of bedeviling us with elements of confusion and/or consternation.

Rich

Major, perhaps a better example for comparison are the other two One Ounce American Liberty Silver Medals, the 2016-S & 2016-W American Liberty Silver Medal and the 2017-P American Liberty 225th Anniversary Silver Medal. The 2016-S and 2016-W American Liberty Silver Medal original Mint sale price was $34.95 each and are selling today (at APMEX) for $180 (2016-S) and $190 (2016-W). The 2017-P American Liberty Silver Medal original Mint sale price was $59.95 and is selling today (at APMEX) for $200 (all ungraded in US Mint OGP/COA).

Rich

Major D, Here are the associated final mintage figures for the 2016 and 2017 American Liberty Silver Medals:
2016-S = 12,176 (mintage limit = 12,500)
2016-W = 12,183 (mintage limit = 12,500)
2017-P = 55,187 (mintage limit = none)

Kaiser Wilhelm

Good Sir Rich,

Thanks to you I just learned something. I wasn’t previously aware that Medals had mint marks. Will wonders never cease!

Kaiser Wilhelm

Major D,

The JM Bullion price of $116.98 for that 2019 American Liberty 2.5 Ounce Silver Medal is either a small rise in retail value if it was acquired at the original Mint price of $99.95 or a significant drop in same if it was purchased later subsequent to the Mint’s across the board major increases in silver prices at which point the Medal was henceforth catalog priced at $175.00.

Rich

Major, just came across this online dealer offer the new 2022 American Liberty Silver Medal:
2022-P Proof American Liberty Silver Medal w/Box & COA sale price = $145.00 .

Kaiser Wilhelm

Major D and Good Sir Rich,

While it may not serve me 100% of the time, I prefer to buy all my coins from the Mint to avoid huge secondary market markups.

Kaiser Wilhelm

Congratulations, Major D; that is a coup indeed! At $116 the amount over $99 is truly negligible whereas the amount less than $175 is indeed remarkable. Good job!

Kaiser Wilhelm

Excellent points, Major D, and ones I will readily admit I completely neglected to consider. I think my scenario needed a very particular context, so I proceeded to establish it more or less out of thin air. One might think that someone like yours truly who is at least somewhat conversant with the psychology of rationalization would be aware of indulging in this very artifice himself, but then, it isn’t that much of a surprise that we are not necessarily our own best minders. What we are therefore left with is the solution being some fairly hefty returns to the… Read more »