Gold Rebounds from 2-Month Low; Silver Logs 3.5-Month Low


In precious metals on Monday, gold, platinum and palladium gained while silver logged a more than 3.5-month settlement low.

Gold for April delivery rose $7.80, or 0.4%, to settle at $1,824.90 an ounce on the Comex division of the New York Mercantile Exchange.

"Technically, April gold futures prices hit a nine-week low today. Bears have the overall near-term technical advantage. A price downtrend is in place on the daily chart. Bulls’ next upside price objective is to produce a close above solid resistance at last week’s high of $1,856.40. Bears’ next near-term downside price objective is pushing futures prices below solid technical support at $1,800.00,” Jim Wyckoff, a senior analyst at Kitco Inc, said in a daily research note.

Gold futures traded between $1,812 and $1,827.30. They lost 1.8% last week, ending Friday at their lowest price since Dec. 28.

Meanwhile, silver for May delivery — the new, most-active contract — fell 14.3 cents, or 0.7%, to settle at $20.793 an ounce. The settlement was silver’s lowest since it ended at $20.784 an ounce on Nov. 4. Silver futures ranged from $20.64 and $20.95. They dropped 4.2% last week.

In other precious metals prices on Monday:

  • April platinum tacked on $34, or 3.7%, to $941.90 an ounce, trading between $903.90 and $953.50.

  • Palladium for June delivery — the new, most-active contract, jumped $49.50, or 3.6%, to $1,427.90 an ounce, ranging from $1,390 to $1,465.

Last week, platinum fell 1.5% and palladium tumbled 7.7%.

US Mint Bullion Sales in 2023

On Monday, published United States Mint bullion sales changed for the first time since Feb. 7. Increases included a combined:

  • 31,500 ounces in American Gold Eagles,
  • 10,500 ounces in American Gold Buffalos, and
  • 450,000 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)
Monday January Sales Last Week February 2023 Sales
$50 American Eagle 1 Oz Gold Coin 26,500 118,000 0 35,500 153,500
$25 American Eagle 1/2 Oz Gold Coin 5,000 37,000 0 6,000 43,000
$10 American Eagle 1/4 Oz Gold Coin 4,000 62,000 0 6,000 68,000
$5 American Eagle 1/10 Oz Gold Coin 15,000 115,000 0 80,000 195,000
$50 American Buffalo 1 Oz Gold Coin 10,500 59,000 0 15,500 74,500
$1 American Eagle 1 Oz Silver Coin 450,000 3,949,000 0 900,000 4,849,000
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Kaiser Wilhelm

Me precious, silver, has been taking a beating and it’s not getting any better. Ouch!


But its still the Shiniest Wizard.

Kaiser Wilhelm

And let us maintain our hope, Good Sir Rich, that thus it will ever be.

Below: Almost 400 years old and a bit worse for wear, but still silver!

Kaiser Wilhelm

Lest we ever happen to forget…

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