Aside from palladium, precious metals changed little, or not at all, in their start to the new trading week on Monday.
Gold for April delivery settled flat at $1,854.60 an ounce on the Comex division of the New York Mercantile Exchange.
"Technically, April gold futures bulls have the slight overall near-term technical advantage. A price downtrend on the daily chart has been negated. Bulls’ next upside price objective is to produce a close above solid resistance at $1,900.00. Bears’ next near-term downside price objective is pushing futures prices below solid technical support at the February low of $1,810.80,” Jim Wyckoff, a senior analyst at Kitco Inc, said in a daily research note.
Gold futures traded between $1,850.60 and $1,864.30. They rose 2.1% last week, snapping a four week losing streak.
Silver for May delivery shed 10.3 cents, or 0.5%, to settle at $21.135 an ounce. Silver prices ranged from $21.07 to $21.40. They also gained 2.1% last week, for their first weekly advance in seven weeks.
In other precious metals prices on Monday:
April platinum dipped 80 cents, or 0.08%, to $978.60 an ounce, trading between $966 and $984.
- Palladium for June delivery fell $24.50, or 1.7%, to $1,424.50 an ounce, ranging from $1,404 to $1,447.
Last week, platinum soared 7.9% and palladium jumped 5.2%.
US Mint Bullion Sales in 2023
Published United States Mint bullion sales were unchanged. 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||Last Week||January Sales||February||2023 Sales|
|$50 American Eagle 1 Oz Gold Coin||0||32,500||118,000||41,500||159,500|
|$25 American Eagle 1/2 Oz Gold Coin||0||7,000||37,000||8,000||45,000|
|$10 American Eagle 1/4 Oz Gold Coin||0||10,000||62,000||12,000||74,000|
|$5 American Eagle 1/10 Oz Gold Coin||0||20,000||115,000||85,000||200,000|
|$50 American Buffalo 1 Oz Gold Coin||0||14,500||59,000||19,500||78,500|
|$1 American Eagle 1 Oz Silver Coin||0||450,000||3,949,000||900,000||4,849,000|
Gold is unchanged, meaning it’s still gold, which is a good thing, and it’s still worth almost five hundred dollars more per ounce than palladium, which I suppose is even better.
The two metals you are watching are an interesting contrast Kaiser. They have totally different supply mechanics, and different demand dynamics. Different above ground stockpiles and different mine production. Other than both being rare metals they have very little in common.
It’s interesting that you should have brought up that very point, Kia99, just before the bottom fell out of the palladium market. Very prescient analysis indeed!