Gold and silver gained on Wednesday while platinum and palladium declined. Increases for the pair of metals were their first in three sessions. Both advanced further in after-hours trade when the Fed announced another hike in interest rates.
After ending at a more than 29.5-month low, gold for December delivery rose $4.60, or 0.3%, to settle at $1,675.70 an ounce on the Comex division of the New York Mercantile Exchange.
Gold futures traded between $1,661.30 and $1,696.90. They lost 0.4% on Tuesday, for their lowest close since April 3, 2020, and they shed 0.3% on Monday.
On Wednesday following a two-day monetary policy meeting, the Fed’s FOMC raised the benchmark federal-funds rate by 0.75% — the third such increase in a row — to a range between 3.0% and 3.25%.
In after-hours trade, gold moved near $1,685 an ounce.
"The yellow metal is seeing a ‘relief rally’ after the FOMC meeting statement with no major surprises, an as-expected interest rate increase and Fed Chair Powell’s press conference comments were not deemed more hawkish than the marketplace expected … The metals bulls were further encouraged late this afternoon as the U.S. dollar index backed well down from its daily high," Jim Wyckoff, a senior analyst at Kitco Inc, said in a daily research note.
Silver for December delivery added 29.7 cents, or 1.6%, to end at $19.48 an ounce. Silver futures ranged from $19.23 to $19.95. They fell 0.9% on Tuesday, for their weakest close since Sept. 9, and they dipped 0.1% on Monday. The precious metal was last above $19.77 an ounce in later, electronic trading.
In PGM futures on Wednesday:
-
October platinum slipped $6.80, or 0.7%, to $916 an ounce, trading between $908 and $943.50.
- Palladium for December delivery declined $47, or 2.2%, to $2,123.50 an ounce, ranging from $2,112 to $2,209.
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 | 27,500 | 164,500 | 31,000 | 59,500 | 47,500 | 47,500 | 780,500 |
| $25 American Eagle 1/2 Oz Gold Coin | 0 | 0 | 7,000 | 6,000 | 5,000 | 2,000 | 0 | 73,000 |
| $10 American Eagle 1/4 Oz Gold Coin | 0 | 0 | 8,000 | 18,000 | 2,000 | 4,000 | 4,000 | 138,000 |
| $5 American Eagle 1/10 Oz Gold Coin | 0 | 10,000 | 50,000 | 135,000 | 20,000 | 20,000 | 15,000 | 560,000 |
| $50 American Buffalo 1 Oz Gold Coin | 0 | 27,000 | 56,000 | 21,500 | 39,500 | 22,500 | 38,500 | 360,000 |
| $1 American Eagle 1 Oz Silver Coin | 0 | 408,000 | 1,350,000 | 925,000 | 850,000 | 850,000 | 833,000 | 13,239,500 |
| $100 American Eagle 1 Oz Platinum Coin | 0 | 0 | 0 | 23,500 | 15,500 | 1,000 | 0 | 80,000 |
Yes! About time. My saving account will earn .75% more interest.
This week’s dump of 408,000 2022 American Eagle 1 oz Silver Bullion coins brings the yearly total sales (mintage) to 13,239,500 coins, which supposedly is not meeting public demand for American Silver Eagles. Further more, according to Coin World (9/21/2022), the premiums paid on silver American Eagle bullion coins are multiples of those being charged on silver bullion issues from other nations. Recent premiums being paid for the American Eagle 1-ounce .999 fine silver bullion dollar coins are currently at around $14.90, up sharply from the prior premiums at $4.80 above the spot price of silver (for example, with silver… Read more »
what a silver eagle mess out there. I have noticed that some dealers are offering higher prices to buy back random eagles. I wonder if a shortage is developing for eagles only. Definitely a demand for them out there vs other offerings from Austria, Canada, Australia etc. Curious to say the least!! ASE price vs paper price definitely separating.
Enjoy the ride.