Gold, Silver Rise as U.S. Inflation Data for January Released


Reversing positions from a day earlier, precious metals divided Tuesday with gold and silver higher and platinum and palladium lower. Gains for the pair of metals were modest, each up 0.1%, and their first in four sessions. They follow U.S. inflation data which registered higher than expected.

Gold for April delivery rose $1.90 to settle at $1,865.40 an ounce on the Comex division of the New York Mercantile Exchange. Gold futures traded between $1,852.50 and $1,881.60. They lost 0.6% on Monday, closing at their lowest price since Jan. 5.

On Tuesday, the U.S. Labor Department reported that consumer prices increased 0.5% in January after rising 0.1% in December, with annual inflation easing to 6.4% from 6.5%. Many economists expected a 6.2% annual inflation rate.

Silver for March delivery edged up 2.1 cents to finish at $21.873 an ounce. Silver futures traded between $21.58 and $22.04. They fell 1% on Monday, logging their weakest settlement since Nov. 30.

In other precious metals prices Tuesday:

  • April platinum declined $20.20, or 2.1%, to $939.20 an ounce, ranging from $931.80 to $964.30.

  • Palladium for March delivery fell $70.30, or 4.6%, to $1,466.20 an ounce, trading between $1,515 and $1,564.

US Mint Bullion Sales in 2023

Published United States Mint bullion sales were unchanged on Monday and Tuesday. 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)
January Sales Last Week February 2023 Sales
$50 American Eagle 1 Oz Gold Coin 118,000 9,000 9,000 127,000
$25 American Eagle 1/2 Oz Gold Coin 37,000 1,000 1,000 38,000
$10 American Eagle 1/4 Oz Gold Coin 62,000 2,000 2,000 64,000
$5 American Eagle 1/10 Oz Gold Coin 115,000 65,000 65,000 180,000
$50 American Buffalo 1 Oz Gold Coin 59,000 5,000 5,000 64,000
$1 American Eagle 1 Oz Silver Coin 3,949,000 450,000 450,000 4,399,000
$100 American Eagle 1 Oz Platinum Coin 0 0 0 0
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Dazed and Coinfused

Wonder why the sudden drop. From $25 for silver to $21. Took weeks to creep up and seconds to collapse. Inflation was up 6.2% for January. Only 500k jobs created, but with over 47 million. Quitting and not looking for work since 2021 alone, it isn’t a lot. Hoe many are people taking a second part time job because they can’t get a full time one? I hate the system they use to determine unemployment. It is almost as bad as the formula for inflation which excludes 99% of everything we use.

Dazed and Coinfused

Not that long ago, the palladium coin was 1200 and 1300. Then went to 2700 I think. Not sure what it is now. As part of the platinum family supposed to be rarer than gold. Ruthenium and I wanna say rhodium are rarer. But much harder to work. Malate, hmmm. How do you say malleable in that sentence. Much harder to mal___