On the final day of February, palladium retreated while gold, silver and platinum advanced. Each of the metals, however, posted sharp monthly losses.
Gold for April delivery rose $11.80, or 0.7%, to settle at $1,836.70 an ounce on the Comex division of the New York Mercantile Exchange.
"Short covering to close out the month of February and perceived bargain hunting are featured after gold hit a nine-week low and silver a nearly four-month low overnight," Jim Wyckoff, a senior analyst at Kitco Inc, said in a daily research note.
Gold prices logged a 5.6% monthly decline, after jumping 6.5% in January. They are 0.6% higher on the year to date.
Meanwhile, silver for May delivery added 27.8 cents, or 1.3%, to close at $21.071 an ounce. Silver prices plunged 11.6% in February after slipping 0.9% in January. They are 12.4% lower on the year. On Monday, silver logged its worst settlement since Nov. 4.
In other precious metals prices on Tuesday and for the month:
-
April platinum climbed $13.60, or 1.4%, to $955.50 an ounce, trimming its monthly loss to 6.4%.
- Palladium for June delivery shed $7, or 0.5%, to $1,420.90 an ounce, for a drop in February of 13.8%.
The two are lower on the year so far with losses of 11.8% for platinum and 21% for palladium.
US Mint Bullion Sales in 2023
Published United States Mint bullion sales were unchanged Tuesday after rising Monday for the first time since Feb. 7. 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) | ||||||
|---|---|---|---|---|---|---|
| Tuesday | Last Week | This Week | January Sales | February | 2023 Sales | |
| $50 American Eagle 1 Oz Gold Coin | 0 | 0 | 26,500 | 118,000 | 35,500 | 153,500 |
| $25 American Eagle 1/2 Oz Gold Coin | 0 | 0 | 5,000 | 37,000 | 6,000 | 43,000 |
| $10 American Eagle 1/4 Oz Gold Coin | 0 | 0 | 4,000 | 62,000 | 6,000 | 68,000 |
| $5 American Eagle 1/10 Oz Gold Coin | 0 | 0 | 15,000 | 115,000 | 80,000 | 195,000 |
| $50 American Buffalo 1 Oz Gold Coin | 0 | 0 | 10,500 | 59,000 | 15,500 | 74,500 |
| $1 American Eagle 1 Oz Silver Coin | 0 | 0 | 450,000 | 3,949,000 | 900,000 | 4,849,000 |
Metals plunge, but coin prices keep going up.
That’s enough to make anybody dazed and coinfused. 😉
Inflation Reduction Act (Deflation Act) & Federal Reserve working for our best interests D&C 😉 How can private sector reduce their prices & wages when Gubmint keeps raising theirs?
Thought it could be a buying opportunity seeing the word “plunge”. Disappointed that it is just the normal trading range.
Rooster, I’m amazed folks buy the bullion ASEs at $36 a pop, which seems to be the going rate. The Mint has already made 5M of them, on pace to make 30M. Meanwhile, the counterfeiters (aka China) will make another 30M. Anyone really expect to get back what they spend on these?
Major D: I know a couple of guys that do this. They think I am nuts buying proofs so it goes both ways I guess. The spreads are so whacked. To each their own. Live and learn.
While there are of course two sides to every coin (couldn’t help myself, sorry), Rooster and Major D, in the final analysis it makes far more sense to buy Proof ASEs with the intent of growing one’s collection than to purchase Bullion ASEs solely for stacking purposes. The Proof ASE at the very least becomes an essential part of one’s collection while the Bullion version of same in and of itself essentially accomplishes nothing. That very tired old argument that a fastidious stacker would be able to make good use of all those Bullion ASEs in the instance of total… Read more »
Kaiser, I’ve discovered that any time you need to cash in anything it will invariably be cents on the dollar- and the more in need you are the less cents you will get. So, you are correct that if there is ever a total calamity, we are all screwed in that department. And if society ever falls apart, it will be back to the barter system- not any form of currency or bullion which derives its value based on an actual monetary system in place.
Bingo, bravo and bang on, Major D. In the unforgettable words of the always on the mark Perry Mason, “Asked and answered.”
Well put. Another comment is that it’s still an ounce either way. They say it’s for their “bug out” bag when the shit hits the fan. I would have to counter with how are you going to carry all that. A true “bug out” plan would be fractional gold.
Rooster, I’ve decided to walk away from buying any more ASEs because of the whack spreads. It’s hard for me to see a positive gain after inflation (at least enough to make it worthwhile) on reselling these down the road. I think the large mintages and abundance of counterfeits will add to the re-sale challenge later.
I’m with you there, Major D. After much wringing of hands and gnashing of teeth, I finally cancelled all my ASE subscriptions for 2023.
Bully for you, Sir Kaiser! I also did the same.
Thanks for the moral support, Good Sir Rich. It wasn’t easy to do it because their annual purchase had become part of a well-worn pattern like comfortable old shoes, but in this case the overriding principle of sound money management won out in the end.
I am close regarding this. This may be my last year with ASE’s.
As the Mint’s price for these coins keeps climbing while the value of silver either stagnates or in fact declines, Rooster, the impetus to continue accumulating the ASE’s can’t help but diminish.