Gold, Silver and Palladium Mark More Lows


In trading action Wednesday, platinum climbed as other precious metals posted another day of settlement lows which ranged from nearly two weeks for gold to more than three-and-a-half years for palladium.

Gold for April delivery shed $1.40, or 0.08%, to settle at $1,818.60 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the lowest since ending at $1,817.10 an ounce on Feb. 24.

"Gold will trade defensively, likely straddling $1,800 into the March FOMC as [Federal Reserve Chair] Powell created uncertainty over both the size and end of rate hikes," said Nicky Shiels, head of metals strategy at MKS PAMP SA, according to Reuters, adding the Fed speeding up hikes put a short-term cap on pricing and sentiment.

Gold futures traded between $1,813.40 and $1,828.70. They fell 1.9% on Tuesday and they ended flat on Monday.

Silver for May delivery dipped 4.8 cents, or 0.2%, to end at $20.151 an ounce. The finish was silver’s weakest since finishing at $19.43 an ounce on Nov. 3. Silver prices ranged from $19.95 to $20.29. They tumbled 4.4% on Tuesday and they shed 0.5% on Monday.

In PGM futures on Wednesday:

  • After logging its lowest settlement since Feb. 24, April platinum rose $4.30, or 0.5%, to $940.60 an ounce, trading between $931.90 and $949.70.

  • Palladium for June delivery declined $8.50, or 0.6%, to $1,362.10 an ounce, ranging from $1,337 to $1,397.50. The settlement was the lowest since palladium ended at $1,356 an ounce on June 7, 2019.

US Mint Bullion Sales in 2023

On Wednesday, the United States Mint published the first bullion sales for the month. Increases included a combined:

  • 12,500 ounces in American Gold Eagles,
  • 4,500 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)
Wednesday / This Week / March Last Week January Sales February 2023 Sales
$50 American Eagle 1 Oz Gold Coin 10,500 32,500 118,000 41,500 170,000
$25 American Eagle 1/2 Oz Gold Coin 1,000 7,000 37,000 8,000 46,000
$10 American Eagle 1/4 Oz Gold Coin 2,000 10,000 62,000 12,000 76,000
$5 American Eagle 1/10 Oz Gold Coin 10,000 20,000 115,000 85,000 210,000
$50 American Buffalo 1 Oz Gold Coin 4,500 14,500 59,000 19,500 83,000
$1 American Eagle 1 Oz Silver Coin 450,000 450,000 3,949,000 900,000 5,299,000
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Kaiser Wilhelm

Palladium is now closer in value to Platinum than it is to Gold. The beat down goes on.