Gold Logs Third Gain on Wednesday, Feb. 8


In precious metals Wednesday, palladium declined while gold, silver and platinum gained. Silver’s increase was its first in four sessions, and follows its more than two-month settlement low.

Gold for April delivery rose $5.90, or 0.3%, to settle at $1,890.70 an ounce on the Comex division of the New York Mercantile Exchange.

"The precious metals markets are getting a very modest boost from slightly friendly outside markets on this day that include a slightly lower U.S. dollar index and firmer crude oil prices. However, gains in both metals were limited by rising U.S. Treasury yields today," Jim Wyckoff, a senior analyst at Kitco Inc, said in a daily research note.

Gold futures traded between $1,881.40 and $1,898.90. They climbed 0.3% on Tuesday and they rose 0.2% on Monday.

Silver for March delivery tacked on 24.3 cents, or 1.1%, to end at $22.42 an ounce. Silver futures ranged from $22.20 to $22.56. They dipped 0.3% on Tuesday, for their lowest close since Nov. 30, and they lost 0.8% on Monday.

In PGM futures on Wednesday:

  • April platinum edged up $1, or 0.1%, to $987.20 an ounce, trading between $975.80 and $996.80.

  • Palladium for March delivery lost $5.60, or 0.3%, to $1,635.90 an ounce, ranging from $1,624.50 to $1,674.50.

US Mint Bullion Sales in 2023

Published United States Mint bullion coin 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)
Last Week January Sales This Week / February 2023 Sales
$50 American Eagle 1 Oz Gold Coin 13,500 118,000 9,000 127,000
$25 American Eagle 1/2 Oz Gold Coin 2,000 37,000 1,000 38,000
$10 American Eagle 1/4 Oz Gold Coin 10,000 62,000 2,000 64,000
$5 American Eagle 1/10 Oz Gold Coin 0 115,000 65,000 180,000
$50 American Buffalo 1 Oz Gold Coin 5,500 59,000 5,000 64,000
$1 American Eagle 1 Oz Silver Coin 0 3,949,000 450,000 4,399,000
$100 American Eagle 1 Oz Platinum Coin 0 0 0 0
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Kaiser Wilhelm

In the “Catch 22” department, if the economy falters it will take stocks down with it, thus depriving coin collectors of the funds they will need to acquire then typically higher priced precious metal products. Otherwise known as “You can’t win for losing.”