In the precious metals market on Thursday, prices declined for gold, silver, and platinum, while they increased for palladium. Gold and silver experienced their fourth straight losses, and both metals reached their lowest settlements in just over nine weeks.
Gold for June delivery lost $20.90, or 1.1%, to end at $1,943.70 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the lowest since March 21.
Gold futures traded between $1,939.20 and $1,965.40, after falling 0.5% on Wednesday, sliding 0.1% on Tuesday, and dipping 0.2% on Monday.
Gold and silver fell "in the wake of better-than-expected U.S. economic data that falls into the camp of the U.S. monetary policy hawks. A surging U.S. dollar index and rising U.S. Treasury yields are also bearish outside market elements working against the precious metals," Jim Wyckoff, a senior analyst at Kitco Inc, said in a daily research note.
Meanwhile, silver for July delivery declined 33 cents, or 1.4%, to close at $22.91 an ounce. The settlement was the lowest since March 22. Silver futures ranged from $22.80 and $23.26, after dropping 1.6% on Wednesday, falling 1% on Tuesday, and declining 0.8% on Monday.
In other precious metals prices on Thursday:
-
July platinum slipped $3.20, or 0.3%, to $1,026.30 an ounce, trading between $1,020.80 and $1,037.40.
- Palladium for June delivery tacked on $17.50, or 1.3%, to $1,415.60, ranging from $1,385 to $1,437.
US Mint Bullion Sales in 2023
U.S. Mint-published bullion sales were unchanged on Thursday and 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) | ||||||||
|---|---|---|---|---|---|---|---|---|
| Thursday | 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 |
Silver has dropped below $23 an ounce but palladium has edged up a little closer to gold.
Silver futures are down 4.8% this past four trading days alone!! And spot silver price has also fallen a lot this year & below $23 an ounce now. I wonder if the U.S. Mint is planning to lower their insanely high silver products prices!!??
$130 for an unlimited mintage silver Proof set with just 7 small silver coins & 3 base metal coins – unbelievable…Are you listening to your loyal customers U.S. Mint Director Madame Ventris C. Gibson?
NumisdudeTX
And here I thought I was a voice in the wilderness concerning this very issue, Seth. Many thanks not just for bringing it up but for addressing the Mint regarding it.
A further thought, Seth. As far as the Mint ever lowering the prices of its silver products corresponding with the drop of the spot and/or futures value of silver, anyone of us who holds our breath waiting for that to happen will end up with a dark blue complexion.
Mike Unser,
Nobody is able to post comments on today’s CoinNews article about the U.S. Mint’s newest coin release that started at Noon Eastern time today.
NumisdudeTX
Seth, thank you for bringing it to my attention. The “toggle” for comments on the article was mistakenly turned off. It’s now turned on.
Thanks Mr. Unser!
NumisdudeTX
Thanks to Mike Unser and Seth Riesling for getting that straightened out!
I take it none of you own NVDA stock. If you owned shares, before yesterday, you wouldn’t be concerned about a little fluctuation in the price of Au or Ag. I don’t think anyone is going to get rich buying either, but with NVDA up almost $75 on Wednesday…well it may be time to consider that chalet as a vacation house!
Just a run on existing graphics cards and chips so they can run ai. Just like the surge when crypto miners up and moved and restarted several times. From China to Texas etc. If you were lucky to find them. Do not buy used nvidia products because between crypto and ai they were rode hard and put out wet. And when people buy em used for almost new price because of jacked prices, and they fail soon after, nvidia will be blamed for making cheap or faulty equipment. With so few processors to make chips it will be years before… Read more »
Even as we post here INVIDIA is knocking on the door of a trillion dollar market cap. AI is taking off as never before and semiconductors are a good part of this surge.
Kaiser, it’s just Nvidia and it was up another $11.05 today! They did have an incredible earnings report yesterday and increased their earnings outlook for the next quarter, which few other companies are doing. How would you like to be Jensen Huang, its CEO, who earned $6.4 billion just yesterday. The life of the rich and famous!
Wow, that’s some payday Mr. Huang enjoyed yesterday, Craig! These are the gents who buy those cruise ship sized yachts with the pools and heliports, each billionaire successively trying to outdo the other. I wonder if they look at us the way we used to watch ants with a magnifying glass.
Amazing how many semiconductors made and the shortages are suddenly over. But it does say a lot about the ai software part of it. Growth potential. But as more and more use ai, the more the system bogs down. Shared bandwidth has limits. But if economy crash you can probably buy a lot of stuff on the cheap.
I have already begun to notice that in regard to some sites on the internet, Dazed and Coinfused. It doesn’t even seem to matter how fast your download is, sometimes the broadband appears to narrow a bit too much.