Gold Rebounds Slightly from Near 2.5-Year Low

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Precious metals split on Tuesday with gold and palladium rising and silver and platinum falling. Silver and platinum ended at about three-week lows. Gold’s gain was its first in three sessions and follows its nearly two-and-a-half-year low on Monday

Gold for December delivery rose $2.80, or 0.2%, to settle at $1,636.20 an ounce on the Comex division of the New York Mercantile Exchange.

"Today is just a little bit of a recovery after some of the extreme weakness seen over recent days … but I don’t think there’s really any fundamental change taking place in the gold market," Reuters quoted Ryan McKay, commodity strategist at TD Securities.

Gold futures traded between $1,628.70 and $1,650.10. They gave back 1.3% on Monday, marking their lowest settlement since April 1, 2020.

Silver for December delivery slipped 14.3 cents, or 0.8%, to finish at $18.337 an ounce. The close was silver’s lowest since it ended at $18.26 an ounce on Sept. 7. Silver futures ranged from $18.29 to $18.79. They fell 2.3% on Monday.

In other precious metals prices on Tuesday:

  • January platinum — the new, most-active contract — declined $5.20, or 0.6%, to $839.70 an ounce, trading between $838 and $858. The settlement was the metal’s worst since Sept. 6.

  • Palladium for December delivery advanced $41.40, or 2%, to $2,090.40 an ounce, ranging from $2,023 to $2,130.

US Mint Bullion Sales in 2022

Published United States Mint bullion sales were unchanged on Tuesday. 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 / This Week Last 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

 

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Antonio

Up a little today. We’ll see what tomorrow brings.

Kaiser Wilhelm

Gold and palladium have moved from a very temporary situation of near-parity to palladium exhibiting a $363-plus price level superiority at the most recent check in, today’s current spot.

Last edited 2 months ago by Kaiser Wilhelm
Antonio

Prices are up today (Sept 28th).

Kaiser Wilhelm

And rather solidly at that. Something that is always good to see, of course.