Precious Metals Decline Wednesday, Jan. 18

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Precious metals posted another day of declines on Wednesday. Their losses ranged from 0.2% for gold to 1.8% for silver.

Down for a second session following three straight gains, gold for February delivery dipped $2.90 to settle at $1,907 an ounce on the Comex division of the New York Mercantile Exchange.

"Gold and silver prices are weaker midday U.S. trading Wednesday, pressured by profit taking from the shorter-term futures traders and by a rebound in the U.S. dollar index today, as well as crude oil backing well down from its early-session high," Jim Wyckoff, a senior analyst at Kitco Inc, said in a daily research note.

Gold futures traded between $1,898.60 and $1,928.80. They declined 0.6% in the start to the trading week on Tuesday. On Friday, gold at $1,921.70 an ounce scored its highest settlement since April 22.

Falling for the second time after two straight gains, silver for March delivery dropped 42.1 cents to settle at $23.647 an ounce. Silver futures ranged from $23.55 and $24.50. They lost 1.3% on Tuesday. On Friday, silver at $24.372 an ounce logged its best finish since April 21.

In PGM futures on Wednesday:

  • April platinum eased $3.20, or 0.3%, to $1,043.70 an ounce, trading between $1,036.50 and $1,085.10.

  • Palladium for March delivery fell $28, or 1.6%, to $1,706 an ounce, ranging from $1,691.50 to $1,794.

US Mint Bullion Sales in 2023

Published United States Mint bullion sales were unchanged on Wednesday. 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)
Wednesday November December 2022 Sales Last Week This Week 2023 Sales
$50 American Eagle 1 Oz Gold Coin 0 6,000 4,000 850,000 90,000 11,000 101,000
$25 American Eagle 1/2 Oz Gold Coin 0 0 0 75,000 34,000 1,000 35,000
$10 American Eagle 1/4 Oz Gold Coin 0 0 0 140,000 50,000 2,000 52,000
$5 American Eagle 1/10 Oz Gold Coin 0 0 0 575,000 115,000 0 115,000
$50 American Buffalo 1 Oz Gold Coin 0 4,500 0 410,000 44,000 500 44,500
$1 American Eagle 1 Oz Silver Coin 0 1,407,000 59,000 15,963,500 3,499,000 500,000 3,949,000
$100 American Eagle 1 Oz Platinum Coin 0 0 0 80,000 0 0 0
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Kaiser Wilhelm

Palladium is now sitting at just shy of $276 an ounce less than gold. I would have thought that as in prior instances similar to this the gap would shrink rather than expand, but here we are with palladium continuing to fade and gold staying strong.

Antonio

Bargain prices on Palladium this year.

Kaiser Wilhelm

However, with even platinum still far too dear for my pocketbook, no use to me.

Major D

Kaiser, I really do not get the semiweekly ruminations on these precious metals. Perhaps if I owned gold, platinum or palladium bullion coins my interest would be different. As it stands the only platinum and palladium that I own is in my car’s catalytic converter- it varies per car but a typical one has 3-7 grams of platinum (trading today at $34.05/gram), 2-7 grams of palladium ($52.12/gram), and 1-2 grams of rhodium ($400.28/gram). Who would have thought that a car salvage yard would be a precious metal depository? Also, that we would all drive and park our cars with this… Read more »

Kaiser Wilhelm

This is why professional thieves have made the switch from stealing copper piping from construction sites to relieving automobiles of their catalytic converters.
Now as to who should care about these reports, I believe they are mostly “fillers” anyway since there isn’t enough real coin news to cover an entire week.