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…