Gold declined for a second straight session Wednesday, ending at an eight-week low, while silver, platinum and palladium recovered from some to all their prior-day losses.
Gold for December delivery shed $8.30, or 0.5%, to settle at $1,709.10 an ounce on the Comex division of the New York Mercantile Exchange. The finish was gold’s lowest since closing at $1,700.20 an ounce on July 20.
"Gold could potentially stabilize and right now, the markets are still kind of digesting that inflation report, but it seems that $1,700 level is holding – that’s key for gold," Reuters quoted Edward Moya, senior analyst with OANDA.
Gold futures traded between $1,705.90 and $1,717.30. They fell 1.3% on Tuesday and they gained 0.7% on Monday, for their highest settlement since Aug. 29.
Advancing for the seventh time in eight sessions, silver for December delivery added 7.8 cents, or 0.4%, to settle at $19.569 an ounce. Silver prices traded between $19.21 and $19.69. They lost 1.9% on Tuesday and they soared 5.8% on Monday, for their strongest finish since Aug. 16.
In PGM futures on Wednesday:
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Also rising for the seventh time in eight sessions, October platinum tacked on $21.70, or 2.5%, to $905.40 an ounce, ranging from $873.40 and $911.10. The settlement was the highest since Aug. 18.
- Climbing for the fifth time in six sessions, palladium for December delivery rose $61.60, or 2.9%, to $2,172.70 an ounce, trading between $2,069.50 and $2,177.50. On Monday, palladium at $2,274.60 an ounce posted its highest close since Aug. 11.
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 / This Week | 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 |
Gold futures (December) closed at $1,709.10, but spot gold closed at $1,697.00 an ounce. Silver futures (December) closed at $19.57 and spot silver closed at $19.60 an ounce.
Like I said, what goes up, must come down, spinning wheels, spinning round and round.
Ride a painted pony Let the Spinning Wheel spin
Most definitely one not to be confused with that great old but now long since retired rotating attraction at the Magic Kingdom called The Carousel of Progress.
Today I came across some contrary evidence that would indicate the above named show/ride is still operational, which makes it 58 years old. It got its start at the 1964/65 New York World’s Fair, spent many years at Disneyland and finally moved to Tomorrowland at Disney World’s Magic Kingdom.
I’m never certain there is much if any significance to the negligible up or down movements of the price of silver considering the miniscule values those changes amount to.