In precious metals Wednesday, prices for gold and palladium increased while those for silver and platinum declined. Gold marked the day with another, just over 8-month high.
Logging its third advance in four sessions, gold for February delivery rose $2.40, or 0.1%, to settle at $1,878.90 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was gold’s best since ending at $1,882.80 an ounce on May 6.
"Positioning ahead of a key U.S. inflation report was featured at mid-week," Jim Wyckoff, a senior analyst at Kitco Inc, said in a daily research note.
"The CPI headline number is expected to come in at up 6.5%, year-on-year, which compares to the 7.1% rise reported in the November report. A bigger miss to the upside or downside on the CPI headline number would very likely significantly move many markets."
Gold futures traded between $1,870.90 and $1,890.90. They dipped 0.07% on Tuesday and they rose 0.4% on Monday.
Falling for a third straight day, silver for March delivery declined 18.4 cents, or 0.8%, to settle at $23.481 an ounce. Silver futures ranged from $23.34 to $24.19. They gave back 0.9% on Tuesday and they dipped 0.5% on Monday.
In PGM futures on Wednesday:
-
April platinum fell $4.20, or 0.4%, to $1,084.30 an ounce, ranging from $1,078.80 to $1,117.
- Palladium for March delivery rose $3.80, or 0.2%, to $1,781.10 an ounce, trading between $1,746.50 and $1,793.50.
US Mint Bullion Sales in 2023
Published United States Mint bullion sales changed for the first time since Dec. 29. Advances included a combined:
- 127,500 ounces in American Gold Eagles,
- 44,000 ounces in American Gold Buffalos, and
- 3,449,000 ounces in American Silver Eagles.
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) | |||||||
|---|---|---|---|---|---|---|---|
| August | September | October | November | December | 2022 Sales | 2023 Sales | |
| $50 American Eagle 1 Oz Gold Coin | 47,500 | 47,500 | 59,500 | 6,000 | 4,000 | 850,000 | 87,000 |
| $25 American Eagle 1/2 Oz Gold Coin | 2,000 | 0 | 2,000 | 0 | 0 | 75,000 | 33,000 |
| $10 American Eagle 1/4 Oz Gold Coin | 4,000 | 4,000 | 2,000 | 0 | 0 | 140,000 | 50,000 |
| $5 American Eagle 1/10 Oz Gold Coin | 20,000 | 15,000 | 15,000 | 0 | 0 | 575,000 | 115,000 |
| $50 American Buffalo 1 Oz Gold Coin | 22,500 | 44,500 | 39,500 | 4,500 | 0 | 410,000 | 44,000 |
| $1 American Eagle 1 Oz Silver Coin | 850,000 | 833,000 | 1,258,000 | 1,407,000 | 59,000 | 15,963,500 | 3,499,000 |
| $100 American Eagle 1 Oz Platinum Coin | 1,000 | 0 | 0 | 0 | 0 | 80,000 | 0 |
Gold is hovering at almost $100/oz. over the price of palladium. Silver dropped again. 🙁
And at the US Mint, the price for the One Ounce Palladium American Eagle Proof coin is $2,700 and the One Ounce Gold American Eagle Proof coin is $2,750.
And I don’t suppose, Good Sir Rich, that we have any way of determining whether as such the Mint’s Palladium Eagle is overpriced or the Gold Eagle is a bargain.
Kit co says perth mint crushed US mint. US blames supply issues. CHINA on huge buying spree. Peru shutting down mines. So far Europe lucky with natural gas and not relying on Russian gas. Credit card debt at all time highs. Wells Fargo no longer doing home mortgages. Stocks going down like kamala Harris for a raise. Documents found in 2 of bidens places now (amazing the gubmint hasn’t noticed them gone for years, but know exactly what trumpty trump still had). VP also didn’t have that kind of access. Taxpayers on the hook for half a million to build… Read more »
Ya know……thats quite the non numismatic rant. Just sayin
I do my utmost to avoid ever becoming entangled in the occasional fray, but someone else is apparently having a more attitudinally-inclined response in this case.
Domenic,
I must say I’m extremely puzzled about what appears to have happened here. I remember that the reason for your own particular response was the very long comment posted by Dazed and Coinfused right up above at the beginning of this segment of the thread. So I have to ask, where did the rest of the many more than now remaining words of said extremely lengthy comment go? Did the official powers that be on this site decide that for whatever reason may have been in the best interests of CoinNews.com to selectively delete them; what’s going on?
Not to belabor the issue, Domenic, but this “event” has me completely stumped.
According to all I’ve learned regarding the purchase, accumulation and storage of large amounts of precious metal bullion it seems most of this dedicated inventory is never seen or touched by the actual owner(s). So much for having it handy in case of need.
How would we learn if this is domestic or off-shore buying? Where does one learn about the purchases and accumulation of large amounts of precious metal Kaiser? That is a lot of metal listed above and I don’t know anyone that can buy like that.
I would imagine, Kia99, such facts are purposefully and permanently hidden from public view. Further, the people who buy in those extravagant quantities aren’t very likely to have any interest in ever becoming personal acquaintances of ours.
Gold is at $1,900.00 today. Silver at $24.00
As if I needed reminding, Antonio, how “me precious” silver is seemingly forever stuck at being around roughly 1/79 the value of gold.