Gold Scores 9-Month High

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In precious metals prices Thursday, platinum declined while gold, silver and palladium gained. Gold marked a nine-month settlement high.

Up following two straight losses which brought prices down from their previous, nearly nine-month high, gold for February delivery tacked on $16.90, or 0.9%, to settle at $1,923.90 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was gold’s best since it ended at $1,934.30 an ounce on April 22.

"There is flight to safety. Gold just seems to do better when markets are declining," Reuters quoted Jeffrey Sica, chief executive officer of Circle Squared Alternative Investments.

"The U.S. dollar is weakening and that’s one of the reasons why we’re seeing the rally in gold, which I think is going to just accelerate from here."

Gold futures traded between $1,902 and $1,936.90. They dipped 0.2% on Wednesday and they declined 0.6% in the start to the trading week on Tuesday.

Also ending higher after two consecutive losses, silver for March delivery rose 22.3 cents, or 0.9%, to finish at $23.87 an ounce. Silver futures ranged from $23.27 and $24.08. They fell 1.8% on Wednesday and they lost 1.3% on Tuesday. On Friday, silver at $24.372 an ounce logged its best finish since April 21.

In other precious metals prices on Thursday:

  • April platinum eased $2.60, or 0.3%, to $1,041.10 an ounce, trading between $1,015 and $1,052.60.

  • Palladium for March delivery advanced $62.50, or 3.7%, to $1,768.50 an ounce, ranging from $1,662.50 to $1,777.

US Mint Bullion Sales in 2023

Published United States Mint bullion sales were unchanged for a second straight day. 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 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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Antonio

This is why I bought so much gold before 2009.

Last edited 8 days ago by Antonio
Kaiser Wilhelm

There is a truly extraordinary and inescapable irony in the current trend of the flight from cash to gold. While the dollar continues to slide the price of gold goes up correspondingly, so the reality we are faced with is that ever-less-valuable dollars are now having to pursue ever-more-expensive gold. Clearly, unless one has access to very large sums of cash the situation is one akin to a hamster running on a treadmill.

Antonio

You get the idea!

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Kaiser Wilhelm

I must say I love that representation of the average American consumer and the fact that’s it’s perhaps not too far off from the position that more than a few of us here on CoinNews.com may, especially of late, more often than not find ourselves in. By the way, I had a further thought about the previously mentioned “using the cheap dollar to purchase pricey gold” scenario. It is that those who can afford to make that kind of transaction don’t in fact really even have a need to engage in it since they would more than likely have enough… Read more »

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Antonio

But those nice, collectable (desirable) old coins are nice to own for their own sakes. I’m more modest in my collecting requirements. Although, I’m looking forward to the Morgan and Peace dollars coming out this year. That’s what causes me to salivate.

Kaiser Wilhelm

I feel it’s a gift to be able to be happy with less. The benefit of this line of thinking is that whatever extra comes your way is frosting on the cake.