Precious metals split in their start to the new trading week on Tuesday following the U.S. Labor Day extended weekend. Gold and palladium declined, for their sixth losses in seven sessions, on the heels of their gains on Friday, while silver and platinum posted increases for a second session in a row.
Gold for December delivery shed $9.70, or 0.6%, to settle at $1,712.90 an ounce on the Comex division of the New York Mercantile Exchange.
"Gold prices are moderately down in midday U.S. trading Tuesday, while silver prices are just a bit firmer. A strong U.S. dollar index that hit a 20-year high today and a sharp rise in U.S. Treasury yields to start the U.S. trading week are bearish outside market forces working against the metals markets,” Jim Wyckoff, a senior analyst at Kitco Inc, said in a daily research note.
Gold futures traded between $1,710.80 and $1,737.40. They lost 1.6% last week, for their third straight weekly drop.
Silver for December delivery edged up 2.7 cents, or 0.2%, to end at $17.908 an ounce. Silver futures ranged from $17.81 to $18.47. They sank 4.6% last week, also for their third weekly decline in a row.
In precious metals futures prices on Tuesday:
-
October platinum rose $15.60, or 1.9%, to $833.90 an ounce, ranging from $813.50 to $846.40.
- Palladium for December delivery fell $52.90, or 2.6%, to $1,973.20 an ounce, trading between $1,943 and $2,066.
Last week, platinum fell 4.3% and palladium lost 4.5%.
US Mint Bullion Sales in 2022
Published United States Mint bullion sales showed a gain on Tuesday of 11,500 ounces in American Buffalo gold coins. 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 / Sept. |
May | June | July | August* | 2022 Sales | |
| $50 American Eagle 1 Oz Gold Coin | 0 | 164,500 | 31,000 | 59,500 | 43,500 | 729,000 |
| $25 American Eagle 1/2 Oz Gold Coin | 0 | 7,000 | 6,000 | 5,000 | 1,000 | 72,000 |
| $10 American Eagle 1/4 Oz Gold Coin | 0 | 8,000 | 18,000 | 2,000 | 2,000 | 132,000 |
| $5 American Eagle 1/10 Oz Gold Coin | 0 | 50,000 | 135,000 | 20,000 | 15,000 | 540,000 |
| $50 American Buffalo 1 Oz Gold Coin | 11,500 | 56,000 | 21,500 | 39,500 | 22,500 | 333,000 |
| $1 American Eagle 1 Oz Silver Coin | 0 | 1,350,000 | 925,000 | 850,000 | 850,000 | 12,406,500 |
| $100 American Eagle 1 Oz Platinum Coin | 0 | 0 | 23,500 | 15,500 | 1,000 | 80,000 |
*On Tuesday, the U.S. Mint adjusted August sales with an increase for American Gold Buffalos to 22,500 ounces from 17,500 ounces.
Indeed, Sir Kaiser. With silver hanging on at $17 per ounce, consider the cost to produce one ounce of silver: Metals Focus’s World Silver Survey 2022 estimates silver’s total cash cost of production at $3.88 per ounce, and all-in sustaining cost of silver production at $10.88 per ounce
Correction: …hanging on at $18 per ounce…
But Crude Oil is down. That’s good news.
One hundred years ago, a gallon of gasoline was 10 cents. Currently, the national average price is approximately $4.00 per gallon.
Those were the days…
Yes indeed, Sir Kaiser. Reminds me of those “Dancing Days” —
Dancing days are here again,
As the summer evenings grow.
I got my flower, I got my power,
I got a woman who knows.
The 2019 Apollo 5oz proof coin that the mint sold for $230, can be bought at $200 now. Dealers will offer $145. I missed out on that one when it came out. I might need to pick one up. Or the one oz one for $90. Still kicking it around but I think silver will hold up well for now