Silver Shines Bright with Near 2-Month High as Gold Rebounds

United States Mint bullion coins also posted gains for the first time since last week


In precious metals on Tuesday, platinum declined, while gold, silver and palladium gained. Of the three, silver was the best performing and ended the day at a near two-month high.

Gold for April delivery snapped a two-session losing streak by rising $19.70, or 1%, to settle at $1,973.50 an ounce on the Comex division of the New York Mercantile Exchange.

"Gold and silver prices are up in midday U.S. trading Tuesday on some perceived bargain hunting, and amid a lower U.S. dollar index and higher crude oil prices on this day," Jim Wyckoff, a senior analyst at Kitco Inc, said in a daily research note.

Gold futures traded between $1,949.90 and $1,977. They dropped 1.5% on Monday. As recently as Thursday, the price of gold reached $1,995.90 an ounce, logging its highest settlement since March 10, 2022.

Rising for the fourth time in five sessions, silver for May delivery tacked on 27.5 cents, or 1.2%, to end at $23.42 an ounce. The settlement was the highest since Feb. 2. Silver futures ranged from $22.96 to $23.51, and they shed 0.8% on Monday.

In other precious metals prices on Tuesday:

  • July platinum — the new, most-active contract — declined $10.60, or 1.1%, to $971.90 an ounce, trading between $965 and $988.90.

  • Palladium for June delivery rose $10.60, or 0.8%, to $1,414.70 an ounce, ranging from $1,386.50 to $1,419.

US Mint Bullion Sales in 2023

On Tuesday, published sales figures from the U.S. Mint showed an increase in bullion coins for the first time this week. Specifically, American Gold Eagles saw gains of 26,000 ounces while American Gold Buffalos increased by 9,500 ounces.

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 / This Week Last Week January Sales February March 2023 Sales
$50 American Eagle 1 Oz Gold Coin 26,000 107,500 118,000 41,500 183,500 343,000
$25 American Eagle 1/2 Oz Gold Coin 0 0 37,000 8,000 1,000 46,000
$10 American Eagle 1/4 Oz Gold Coin 0 0 62,000 12,000 10,000 84,000
$5 American Eagle 1/10 Oz Gold Coin 0 0 115,000 85,000 10,000 210,000
$50 American Buffalo 1 Oz Gold Coin 9,500 38,500 59,000 19,500 67,000 145,500
$1 American Eagle 1 Oz Silver Coin 0 450,000 3,949,000 900,000 900,000 5,749,000
$100 American Eagle 1 Oz Platinum Coin 0 7,500 N/A N/A 7,500 7,500
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“I will gladly pay you Tuesday for a hamburger today” Interesting question about futures Kaiser. The futures market makes sense for things that can’t be supplied today like fall soybeans. It makes sense for mine operators to lock in a price so they know the mines can operate at a profit in the coming months despite the daily fluctuations. It provides a guess about the expectations of the buyer and seller about the future price, but if I want it today, I pay spot. (actually $15 over spot for silver)