Gold Posts Fifth Loss and Near Two-Week Low

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In kicking off the new trading week on Monday, platinum rose slightly, palladium tumbled, and gold and silver declined more modestly.

Ending lower for a a fifth straight session, gold for December lost $14.80, or 0.8%. to settle at $1,739.60 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was gold’s weakest since Nov. 9.

"The metals [gold and silver] are feeling the heat of strong gains in the U.S. dollar index to start the trading week and a big drop in crude oil prices," Jim Wyckoff, a senior analyst at Kitco Inc, said in a daily research note.

Gold futures traded between $1,733.90 and $1,755. They slipped 0.9% last week. Last Monday at $1,776.90 an ounce, gold marked its best finish since Aug. 16.

Silver for December delivery gave back 12.5 cents, or 0.6%, to close at $20.872 an ounce. The settlement was silver’s lowest since Nov. 4.

Silver futures ranged from $20.60 to $21.04. They declined 3.1% last week. Last Monday at $22.113 an ounce, the precious metal posted its highest finish since June 2.

In other precious metals prices on Monday:

  • January platinum rose $3.60, or 0.4%, to $987.90 an ounce, trading between $970.70 and $995.30.

  • Palladium for December delivery sunk $85.90, or 4.4%, to $1,853 an ounce, ranging from $1,826.50 to $1,946.

Last week, platinum dropped 5.2% and palladium fell 4.3%.

US Mint Bullion Sales in 2022

On Monday, published United States Mint bullion sales changed for the first time this month. Advances included 6,000 ounces in American Gold Eagles; 1,407,000 ounces in American Silver Eagles; and 4,500 ounces in American Gold Buffalos.

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 / November June July August September October 2022 Sales
$50 American Eagle 1 Oz Gold Coin 6,000 31,000 59,500 47,500 47,500 59,500 846,000
$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 4,500 21,500 39,500 22,500 44,500 39,500 410,000
$1 American Eagle 1 Oz Silver Coin 1,407,000 925,000 850,000 850,000 833,000 1,258,000 15,904,500
$100 American Eagle 1 Oz Platinum Coin 0 23,500 15,500 1,000 0 0 80,000
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Antonio

We should be thankful, gold edged up fifty cents and silver one cent. What heady times we live in!