In Wednesday’s mid-week trading session, precious metals witnessed further declines, with palladium leading the way once again. Among them, for a second straight day, gold experienced the smallest decrease in terms of percentage.
Gold for June delivery settled down $9.90, or 0.5%, to $1,964.60 an ounce on the Comex division of the New York Mercantile Exchange. Gold futures traded between $1,958.40 and $1,987.90, after sliding 0.1% on Tuesday and dipping 0.2% on Monday.
"Technically, June gold futures bulls have the overall near-term technical advantage. Prices are in a three-week-old downtrend on the daily bar chart. Bulls’ next upside price objective is to produce a close above solid resistance at $2,000.00. Bears’ next near-term downside price objective is pushing futures prices below solid technical support at $1,900.00," Jim Wyckoff, a senior analyst at Kitco Inc, said in a daily research note.
Elsewhere, silver for July delivery dropped 38.4 cents, or 1.6%, to close at $23.24 an ounce. The settlement was the lowest since March 27. Silver futures ranged from $23.14 and $23.66, after falling 1% on Tuesday and declining 0.8% on Monday.
In PGM futures on Wednesday:
July platinum dropped $28.10, or 2.7%, to $1,029.50 an ounce, trading between $1,026.30 and $1,063.80.
- Palladium for June delivery fell $48.60, or 3.4%, to $1,398.10, ranging from $1,391 to $1,461.
US Mint Bullion Sales in 2023
U.S. Mint-published bullion sales were unchanged on Wednesday, following increases in gold and silver coins on Tuesday and no reported gains on Monday.
The table below presents a breakdown of U.S. Mint bullion products sold, with columns indicating the number of coins sold (not total ounces) during different time periods.
|US Mint Bullion Sales (# of coins)|
|Wednesday||Last Week||This Week||February||March||April||May||2023 Sales|
|$50 American Eagle 1 Oz Gold Coin||0||21,500||18,000||41,500||211,000||159,000||52,500||582,000|
|$25 American Eagle 1/2 Oz Gold Coin||0||0||0||8,000||1,000||8,000||0||54,000|
|$10 American Eagle 1/4 Oz Gold Coin||0||18,000||0||12,000||10,000||12,000||18,000||132,000|
|$5 American Eagle 1/10 Oz Gold Coin||0||0||0||85,000||10,000||35,000||0||245,000|
|$50 American Buffalo 1 Oz Gold Coin||0||9,500||6,000||19,500||73,000||61,000||38,500||251,000|
|$1 American Eagle 1 Oz Silver Coin||0||403,000||47,000||900,000||900,000||900,000||900,000||7,549,000|
|$100 American Eagle 1 Oz Platinum Coin||0||0||0||N/A||7,500||500||0||8,000|
Palladium is yet again flirting with a price that brings it close to being $600 below that of gold. Not to be outdone in the negative category, silver has dropped from its recent high of $25 to just above $23; it just can’t get any respect.