Gold Prices Return to 8-Month High; US Mint Bullion Coins Advance

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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
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Kaiser Wilhelm

Gold is hovering at almost $100/oz. over the price of palladium. Silver dropped again. 🙁

Last edited 15 days ago by Kaiser Wilhelm
Rich

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.

Last edited 14 days ago by Rich
Kaiser Wilhelm

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.

Dazed and Coinfused

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 »

Domenic Vaiasicca

Ya know……thats quite the non numismatic rant. Just sayin

Kaiser Wilhelm

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.

The very latest.jpg
Kaiser Wilhelm

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?

Last edited 4 days ago by Kaiser Wilhelm
Kaiser Wilhelm

Not to belabor the issue, Domenic, but this “event” has me completely stumped.

What
Kaiser Wilhelm

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.

american-gold-eagles.jpg
Kia99

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.

Kaiser Wilhelm

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.

Last edited 13 days ago by Kaiser Wilhelm
Antonio

Gold is at $1,900.00 today. Silver at $24.00

Kaiser Wilhelm

As if I needed reminding, Antonio, how “me precious” silver is seemingly forever stuck at being around roughly 1/79 the value of gold.