Gold Marks Fifth Loss and Six-Week Low

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Precious metals registered their fifth consecutive declines on Thursday. Platinum and silver finished at more than two-year lows. Gold ended the day at an over six-week low.

Gold for December delivery declined $16.90, or 1%, to settle at $1,709.30 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the lowest since July 20 and follows gold’s prior session finish which extended its monthly losing streak to five in a row.

"Gold and silver are both suffering because of similar reasons: rising interest rate expectations from both side of the Atlantic and a strong U.S. dollar," MarketWatch quoted Fawad Razaqzada, market analyst at City Index and FOREX.com.  

Gold futures traded between $1,699.10 and $1,723.

Silver for December delivery lost 21.6 cents, or 1.2%, to settle at $17.666 an ounce, The close was the weakest since June 18, 2020, and also comes following a string of five straight monthly losses. Silver futures ranged from $17.40 to $17.87.

In other precious metals futures prices on Thursday:

  • October platinum dropped $21.50, or 2.6%, to $805.50 an ounce, trading between $796.80 and $828.40. The settlement was the weakest since June 25, 2020.

  • Palladium for December delivery tumbled $82.60, or 4%, to $1,996.30 an ounce, ranging from $1,988 to $2,098.

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 / Sept Last Week This Week May June July August 2022 Sales
$50 American Eagle 1 Oz Gold Coin 0 0 16,500 164,500 31,000 59,500 43,500 729,000
$25 American Eagle 1/2 Oz Gold Coin 0 0 0 7,000 6,000 5,000 1,000 72,000
$10 American Eagle 1/4 Oz Gold Coin 0 0 0 8,000 18,000 2,000 2,000 132,000
$5 American Eagle 1/10 Oz Gold Coin 0 0 0 50,000 135,000 20,000 15,000 540,000
$50 American Buffalo 1 Oz Gold Coin 0 0 6,500 56,000 21,500 39,500 17,500 316,500
$1 American Eagle 1 Oz Silver Coin 0 0 425,000 1,350,000 925,000 850,000 850,000 12,406,500
$100 American Eagle 1 Oz Platinum Coin 0 0 0 0 23,500 15,500 1,000 80,000
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Antonio

You win some (gold), you loose some. At least the price of oil dropped again.

Kaiser Wilhelm

Sheesh, it looks like Silver is headed further south toward yet another low point.

Antonio

Yeah but oil is dropping as well. I may see gas at <$5 a gallon after all. Deja vu.

Kaiser Wilhelm

Major D and Antonio,

While we’re paying around $5.00 or less per gallon, the current average worldwide price is upwards of $7.60. That’s yet another instance and/or example of why it is so important to always put everything into context.

Last edited 28 days ago by Kaiser Wilhelm
FViia

What are you saying KW about context, are you saying “consider yourself lucky”? I think that is the wrong way to look at it. It might be a better to ask, “am I better off today than I was before the last election”, and if not what has changed. Then do something about it.

Kaiser Wilhelm

Context isn’t just a political tool, FViia, and we as coin collectors have no interest of making it one on this site. In fact, we have been doing our best to avoid bringing that very subject up here. By the way, I wasn’t complaining about anything; quite the opposite.

Last edited 27 days ago by Kaiser Wilhelm
FViia

So you would call yourself a mooch or maybe a moocher? I don’t know anyone that would count these things as a blessing.

Jeff Legan

Hi FViia, When you are poor and get free money from the government, you are called a “mooch”. When you are wealthy and get free money from the government you are called “smart”. In reality, the poor as a class are not “mooches” and the wealthy as a class are not “smart”. There are always individual exceptions, though. Just curious FViia, did you turn down your free government money? If you did not, did you personally feel smart for taking it, or did you feel like a mooch? I was grateful for the stimulus I got. I did not feel… Read more »

Kaiser Wilhelm

Thanks for those uplifting reports, Major D. The sun is shining on us again!

Kaiser Wilhelm

Major D,

I’m glad you pointed out that with the return of the availability of the 2022 American Liberty Silver Medal will come the gratification of observing all those greedy flippers getting stuck with buckets of inventory they’ll barely even be able to give away.