Gold Rises 0.7% and Silver Soars 5.8% on Monday, Sept. 12

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Silver, platinum and palladium rallied on Monday, scoring settlement highs that ranged from nearly four weeks to almost five weeks. Gold also advanced on the day, although much more modestly compared to other metals.

Gold for December delivery tacked on $12, or 0.7%, to settle at $1,740.60 an ounce on the Comex division of the New York Mercantile Exchange. The finish was the best since Aug. 29.

"The precious metals are supported by a depreciating U.S. dollar on the foreign exchange market. The U.S. dollar index is sharply lower today and hit a two-week low after last week posting a 20-year high. A dip in U.S. Treasury yields to start the trading week is also a positive for the precious metals markets," Jim Wyckoff, a senior analyst at Kitco Inc, said in a daily research note.

Gold futures traded between $1,722.30 and $1,746.40. They edged 0.4% higher last week, for their first weekly win in four weeks.

Up for a sixth straight session, silver for December delivery soared $1.09, or 5.8%, to end at $19.86 an ounce. The settlement was the highest since Aug. 16.

Silver prices traded between $18.77 and $20.01. They rallied 5% last week, also four their first weekly gain in four weeks.

In other precious metals prices on Monday:

  • Also rising for a sixth session in a row, October platinum rose $27.30, or 3.1%, to $904.20 an ounce, ranging from $866.90 and $905.50. The close was the strongest since Aug. 18.

  • Climbing for a fourth session, palladium for December delivery gained $97, or 4.5%, to $2,274.60 an ounce, trading between $2,160.50 and $2,280. The finish was the strongest since Aug. 11.

Last week, platinum jumped 7.2% and palladium surged 7.5%.

US Mint Bullion Sales in 2022

Published United States Mint bullion sales were unchanged on Monday. 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)
Monday May June July August September 2022 Sales
$50 American Eagle 1 Oz Gold Coin 0 164,500 31,000 59,500 47,500 20,000 753,000
$25 American Eagle 1/2 Oz Gold Coin 0 7,000 6,000 5,000 2,000 0 73,000
$10 American Eagle 1/4 Oz Gold Coin 0 8,000 18,000 2,000 4,000 4,000 138,000
$5 American Eagle 1/10 Oz Gold Coin 0 50,000 135,000 20,000 20,000 5,000 550,000
$50 American Buffalo 1 Oz Gold Coin 0 56,000 21,500 39,500 22,500 11,500 333,000
$1 American Eagle 1 Oz Silver Coin 0 1,350,000 925,000 850,000 850,000 425,000 12,831,500
$100 American Eagle 1 Oz Platinum Coin 0 0 23,500 15,500 1,000 0 80,000

 

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Rich

What’s up with silver!

Kaiser Wilhelm

Good Sir Rich,

Silver, being the poor child of the Precious Metal Family, just naturally has to try harder.

Kaiser Wilhelm

One reason the precious metals are on the way up now is that the dollar suddenly finds itself floundering. This circumstance will increase the price of imports and push up the inflation rate. It becomes ever more obvious that if one can’t put at least some part of one’s money into a variety of investments there is in fact no way to protect oneself from the negative effects of the ebb and flow of counter-acting economic forces.

Last edited 17 days ago by Kaiser Wilhelm
Kaiser Wilhelm

Gold advanced and edged, silver soared and rallied, platinum rose and ranged, palladium climbed and gained. That’s a lot of action transpiring in the precious metal markets.

Last edited 17 days ago by Kaiser Wilhelm
Antonio

My precious 🙂

Kaiser Wilhelm

Indubitably so. 🙂