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 |
Me precious, silver, has been taking a beating and it’s not getting any better. Ouch!
But its still the Shiniest Wizard.
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!
Lest we ever happen to forget…