Gold Logs More Than 2.5-Year Low

3

Prices fell Thursday for precious metals. The losses ranged from 0.8% for silver to 2.8% for both platinum and palladium. Gold ended the day at a more than two-and-a-half-year low.

Following two straight gains, gold for December lost $19.10, or 1.2%, to finish at $1,630.90 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was gold’s lowest since ending at $1,591.40 an ounce on April 1, 2020.

Gold future traded between $1,618.30 and $1,643.20. They inched up 0.02% on Wednesday, they rose 0.6% on Tuesday, and they and dipped 0.3% on Monday.

"I don’t see the tide turning for gold and it gathering bullish momentum again until after the Fed is done raising rates, probably not till March of 2023," Reuters quoted Phillip Streible, chief market strategist at Blue Line Futures in Chicago.

On Wednesday following a two-day monetary policy meeting, the Fed’s FOMC raised the benchmark federal-funds rate by 0.75% for a fourth time in a row to a range between 3.75% and 4%.

Silver for December delivery gave back 16.4 cents to settle at $19.43 an ounce. Silver futures ranged from $18.80 to $19.54. They lost 0.4% on Wednesday, they, soared 2.9% on Tuesday, for their best close since Oct. 7, and they slipped 0.2% on Monday.

In other precious metals futures prices on Thursday:

  • January platinum fell $26.80 to $924.10 an ounce, trading between $912.60 and $945.80.

  • Palladium for December delivery dropped $52 to $1,798.10 an ounce, ranging from $1,759.50 to $1,868.

US Mint Bullion Sales in 2022

Published United States Mint bullion sales were unchanged on Thursday. 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)
Thursday / November June July August September October 2022 Sales
$50 American Eagle 1 Oz Gold Coin 0 31,000 59,500 47,500 47,500 59,500 840,000
$25 American Eagle 1/2 Oz Gold Coin 0 6,000 5,000 2,000 0 2,000 75,000
$10 American Eagle 1/4 Oz Gold Coin 0 18,000 2,000 4,000 4,000 2,000 140,000
$5 American Eagle 1/10 Oz Gold Coin 0 135,000 20,000 20,000 15,000 15,000 575,000
$50 American Buffalo 1 Oz Gold Coin 0 21,500 39,500 22,500 44,500 39,500 405,500
$1 American Eagle 1 Oz Silver Coin 0 925,000 850,000 850,000 833,000 1,258,000 14,497,500
$100 American Eagle 1 Oz Platinum Coin 0 23,500 15,500 1,000 0 0 80,000
Subscribe
Notify of
guest

3 Comments
Inline Feedbacks
View all comments
Kaiser Wilhelm

According to a market strategist quoted above, gold won’t recover until March 2023.

Antonio

Was he wearing a turban at the time he made this forecast?

Carnac_the_Magnificent.jpg
Last edited 1 month ago by Antonio
Kaiser Wilhelm

Hold on, Antonio, let’s see what my personal prognosticator’s opinion is on that.

OIP.jpg