Gold Retreats Toward 29-Month Low

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Precious metals divided on Monday with gold and silver marking modest losses and platinum and palladium scoring robust gains.

Gold for December delivery shed $5.30, or 0.3%, to settle at $1,678.20 an ounce on the Comex division of the New York Mercantile Exchange.

"What is driving the hesitation for scaling into a long-term position with gold is that investors are not convinced that even when the Fed pauses, that might not guarantee they are done hiking (interest rates)," Edward Moya, senior analyst with OANDA, said in a note according to Reuters.

Gold futures traded between $1,667.60 and $1,688.80. They lost 2.6% last week. On Thursday, gold at $1,677.30 an ounce closed at its lowest price since April 3, 2020.

Silver for December delivery dipped 2.3 cents, or 0.1%, to end at $19.358 an ounce. Silver futures ranged from $19.23 to $19.69. They surged 3.3% last week.

In other precious metals futures prices on Monday:

  • October platinum tacked on $17.50, or 1.9%, to $918.50 an ounce, trading between $895.20 and $924.

  • Palladium for December delivery rallied $108, or 5.1%, to $2,220.70 an ounce, ranging from $2,100 to $2,233.

Last week, platinum advanced 2.8% and palladium fell 3%.

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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Antonio

Gold is unchanged and silver is holding its own.

Rich

Spot gold closed up a Buck.

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Kaiser Wilhelm

Platinum is doing just fine while palladium is well on its way, heck, right…

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Kaiser Wilhelm

Of course, soon as I laud palladium’s monetary virtues it heads south again.

Last edited 5 days ago by Kaiser Wilhelm
Kaiser Wilhelm

And now palladium is the only YTD winner among the precious metals.