On Friday, prices of most precious metals experienced a decline, but over the course of the week, they mostly recorded gains. Gold and silver were among the weekly gainers, marking their second consecutive week of increases.
Gold for August delivery dipped $1.40, or 0.07%, to settle at $1,977.20 an ounce on the Comex division of the New York Mercantile Exchange.
"Gold is oscillating in a $1,940-$1,990 range and is likely to remain so until inflation data and the Fed result next week," Reuters quoted Tai Wong, a New York-based independent metals trader, adding that bullion remains "more sensitive to weak or dovish economic data."
Gold prices climbed by 0.4% for the week, following a 1.3% increase last week. Year to date, the value of the yellow metal has risen by 8.3%.
Looking forward to the upcoming week, Kitco News offers the following forecasts via their Wall Street & Main Street surveys:
"This week, 21 Wall Street analysts participated in the Kitco News Gold Survey. Among the participants, nine analysts, or 43%, were bullish on gold in the near term. At the same time, two analysts, or 10%, were bearish for next week, and ten analysts, or 48%, saw prices trading sideways.
Meanwhile, 692 votes were cast in online polls. Of these, 435 respondents, or 63%, looked for gold to rise next week. Another 159, or 23%, said it would be lower, while 98 voters, or 14%, were neutral in the near term."
In other news, silver for July delivery increased by 6.2 cents, or 0.3%, to settle at $24.41 an ounce, extending its weekly gain to 2.8% following a 1.7% increase last week. Silver prices have risen by 1.5% since the beginning of the year.
When examining other precious metals, both on Friday and throughout the week:
-
July platinum fell by $1.10, or 0.1%, to end at $1,012.80 an ounce, trimming its weekly gain to 0.9%
- Palladium for September delivery tumbled by $53.50, or 3.9%, to finish at $1,304.80 an ounce, expanding its weekly loss to 7%.
Analyzing the performance since the beginning of the year, platinum has shown a decline of 6.5%, whereas palladium has experienced a substantial loss of 27.4%.
US Mint Bullion Sales in 2023
U.S. Mint published bullion sales have been unchanged so far this month. 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) | |||||||
|---|---|---|---|---|---|---|---|
| Friday / Week / June | Last Week | February | March | April | May | 2023 Sales | |
| $50 American Eagle 1 Oz Gold Coin | 0 | 8,000 | 41,500 | 211,000 | 159,000 | 60,500 | 590,000 |
| $25 American Eagle 1/2 Oz Gold Coin | 0 | 18,000 | 8,000 | 1,000 | 8,000 | 18,000 | 72,000 |
| $10 American Eagle 1/4 Oz Gold Coin | 0 | 14,000 | 12,000 | 10,000 | 12,000 | 32,000 | 146,000 |
| $5 American Eagle 1/10 Oz Gold Coin | 0 | 80,000 | 85,000 | 10,000 | 35,000 | 80,000 | 325,000 |
| $50 American Buffalo 1 Oz Gold Coin | 0 | 8,500 | 19,500 | 73,000 | 61,000 | 47,000 | 259,500 |
| $1 American Eagle 1 Oz Silver Coin | 0 | 693,000 | 900,000 | 900,000 | 900,000 | 1,593,000 | 8,242,000 |
| $100 American Eagle 1 Oz Platinum Coin | 0 | 1,200 | N/A | 7,500 | 500 | 1,200 | 9,200 |
In the futures market palladium is now trailing gold in value by over $670 an ounce. Wow!
A heads up for any that key be interested. The Mint has put up 70,Type 1(Mercanti/Helraldic Eagle) 2021 Proof American Silver eagles and there are 99+ Eleanor Roosevelt PDS AWQ’s sets available.
As I pointed out recently, CaliSkier, Mint items like the Eleanor Roosevelt PDS AWQ Set disappear almost immediately after it is announced that they are again available.
I find it interesting that the Mint hasn’t sold a single silver, gold or platinum bullion version coin in the new month of June. Why aren’t the “big boy” bullion coin dealers stocking up this month yet?
NumisdudeTX
Since as far as I can tell we lack even a hint of the type of information that could point us toward an answer, Seth, it’s as if you might as well be asking a rhetorical question.
I forgot to say, Seth, that yours is a darn good question; why, after all, should there ever be a weeklong sales gap like that. I wonder if the usual big buyers are taking a bit of a “time out” to better ascertain which way the economy is going.
Kaiser, It is a mystery to be solved for sure, especially in light of the “silver rush” of the past 2 years basically & falling platinum & palladium prices. You would think the customers of the large dealerships would be making purchases frequently. The typical “Summer doldrums” for the coin hobby (when family vacations take up big chunks of a household budget) hasn’t happened so much since the pandemic keep most at home or close to home & indications show the numismatic marketplace was highly active on all levels during the worst part of the Covid era. Maybe dealers are… Read more »
It’s all the more surprising and rather counter-intuitively so at that considering the economy seems to be chugging along quite purposefully again. On the other hand, perhaps it’s a matter of the public simply putting its money elsewhere, and since the big precious metal purchasers would have their finger on that particular pulse it might have served as a cautionary signal for them to take a pause regarding making too many acquisitions they would be temporarily stuck with. P.S. – Seth, I did check out your new comment in the AWQ Ornaments thread and have left my response in that… Read more »
I read the posts as well and thank you guys for sharing your History with us here! I found that the stories of your stay’s on DOD property or around for that matter and activities that were available as well as how your time was spent during those very “formative years”, quite interesting! Then with the tie in on Mark Twain, quite fascinating, truly! Thanks for posting your memories as they don’t last forever and, these type posts, inspire me to often, at the very least, do a quick internet search for additional information re: topic or a spin-off topic,… Read more »
You have just rather conclusively demonstrated once more, CaliSkier, both why and how your commentaries are without a doubt delightfully illuminating and exceedingly interesting and as such cannot but be considered extraordinarily significant contributions to this site of ours. Many thanks for yet another inescapably brilliant and exceptionally informative essay!
Anyone need to adjust or sign up for 2023 Peace and Morgan $1 offerings and speaking of a good mystery? When will the “old” Gold American Liberty coins(1oz, 1/10oz) from 2017 and 2017 be retired? FYI, US Mint shoppers! All products for the 2023 Morgan and Peace dollars are available for subscription, including the 2-coin RP Morgan Peace $1 dollar set, In theory the US Mint cleaned house of prior years AGE’s. Now if they could just double sales and push through those last 40,000-60,000+ 1oz 2017 American Liberty gold 1oz coins? Currently sales are at 38,710 out of 100,000.… Read more »
Caliskier, I have seen the 2017 & 2018 American Liberty gold coin sales as one of the Mint’s worst debacles since day one! They were so excited about celebrating that year as the Mint’s 225th anniversary, that they forgot common sense altogether! Lol. And they are now stuck with $millions worth of pure gold coins in high relief (2017) & Proof (2018) that are selling at a snails pace for 6 years on one & 5 years on the other! Like you referred to – when will they melt all of those 24k gold coins to use for new gold… Read more »
Seth and CaliSkier,
I will admit up front thatI am a rather optimistic dreamer by nature, which is why I know I can actually imagine that the Mint could actually cut the price of that COTY 1 ounce gold piece by the likes of 50% or more. I know, if wishes were horses…
Hello fellow commenters, here on Coin News. FYI, trying to keep up with 3-6 comments threads goin at once has proved to be challenging to say the least. LOL Unless opposed, I get it, I’m a visitor and you guys have been(CoinNews) here a while, I’m going to alter some of where and when I post. Trying to eliminate or reduce the backtracking to find comments or questions? So I may start moving comments forward as our host continually, thankfully, puts up newer articles. Such as Kaiser Wilhelm previous thread says: “….” For example… Additionally I’ve become accustomed, via MNB,… Read more »
I think I can safely state I am speaking for others here also when I say you are not thought of as anything like just a visitor but rather as a full-fledged member of our little numismatic discussion fraternity, CaliSkier, and a very highly valued one at that.
Thank you Kaiser Wilhelm, for the kind and flattering prose! I find all the different views, often stimulate thoughts of additional angles to, gander at coins, the hobby, business, production etc, from. Thanks again for the warm welcome and continued hospitality! You did mean the “A” team, right? LOL
None other than the A Team, CaliSkier, none other. And by the way, you are very welcome for your gracious gratitude regarding my remarks, but how I described your much appreciated participation here was no more than the simple truth.
I second that statement.
Thank you, Jeff, as a “second” from you is always first class in my book.
.
A penny for your thoughts…
“California
A million good lucks: California family finds over 1m copper pennies”
Wow! That would keep me busy for quite a while, searching for key dates, errors and such! LOL Link below to the article on The Guardian.
https://amp.theguardian.com/us-news/2023/jun/09/california-family-million-copper-pennies
PS Boy you could really put your $.02 cents in! Even with inflation, you could get generous and leave a $.03 cent tip!
PSS Current spot melt price places the value, right at $25,000.
I suppose they are being presented with an interesting choice here, CaliSkier; possibly either go near-blind attempting to identify one million cents for actual value or just forgo a potentially huge profit and settle for simple melt value compensation instead.
I agree Kaiser, going blind looking at 1 million Penny’s could be a negative. I would ask my wife if she has a minute or two and help me sort. Sell it as a sort of husband and wife bonding. add flowers to the offer too. Then it’s only 500,000 pennies. Totally do-able!!
I have great admiration for your astonishingly overwhelming powers of persuasion, East Coast Guru, if you can actually pull that level of skullduggery upon your sainted wife. My own marvelous partner, although as loving and caring a wife as I could ever hope to have, would politely listen to that same spiel and wonder exactly how I managed to hit my head that hard at home.
True dat, Kaiser Wilhelm! Anyone that could pull that proposal off with their wife, should definitely be running for POTUS, as you can obviously talk your way, into or out of absolutely, anything”! Start of slow and build up to popping the question? Honey, how does looking at….a slice of pizza sound? Look how different all these pepperoni are! Then go from there…Pretty neat, huh? Ok, so you know how I like to also, look at coins…I was wondering if…..gulp….LOL Good luck guys!
Within the context of that ever-escalating progression of seductive proposals, CaliSkier, I rather doubt I would have any luck with my wife in regard to helping me examine a million cents even if I raised the stakes to the offer of a round the world ultra-luxury cruise in the very fanciest ship’s most exquisite and extravagant Grand Suite. Such is life.
LOL, fair enough Kaiser Wilhelm!
East Doast Guru and Kaiser Wilhelm both, you’d better think about sweetening the offer with at least a nice dinner out night out on the town, or ?, to celebrate at the conclusion of inspecting coin number 1,000,000! I was talking to my brother about these coins yesterday and I figured that it would take over 3 years for 1 person, if spending 1 minute per coin analyzing for a variety or error coin? Now the sucky part! You’d have to go, non-stop, 24 hours and “every minute” of every day,, with “zero” time for “anything” else! That’s a really… Read more »
Kaiser, Caliskier, All excellent points. Perhaps selling them by the roll which will generate 20,000 rolls @$2 each will get a nice sum of $40k when all is said and done
East Coast Guru and CaliSkier,
In the interests of full disclosure, I can’t imagine anything being sufficiently appealing to me to make me want to peer at every single one of a million cents myself so in all fairness I couldn’t in good conscience try to persuade anyone else to do it either.
I think I’d be entertained for about a week, then it could quickly be escalate into a really good time or a job hum, why’d I bother. I’d try to see how I did and what I found after a week and go from there. I like the idea of searching some and just unloading the rest as rolls, as mentioned by EC Guru.
Solid idea, East Coast Guru, and may be the best way to unload for a profit and be done with it? Let someone else look for the golden ticket, in a hat stack! Of course you’d would also probably want to cease reading or listening to any news, as FOMO, would be strong and if you heard a hoard of rare coins were now coming to market from that batch, one may have a slight bit of remorse. I can’t imagine looking at more than a &100-$500 worth maximum and even then thats a lot of coins? Maybe you get… Read more »
CaliSkier and East Coast Guru, I really believe my biggest worry and concern might be how thick my corrective lenses would have to be after I expended what is left of my reasonably functional eyesight on this one particular research project.
What? Are you serious? Holy smokes, how insane would it be to discover in a roll or bag from yesteryear? Not how this was found, assuredly, however I stumbled into this site just now, as I’m expanding my error coin; variety and general coin knowledge. “Unique GOLD Buffalo Sells For $400,000” When I saw this headline, initially I was thinking, some unique Modern variety or error on a Modern Bullion or Numismatic American Gold Buffalo. Nope, it is an insane, 1913 Buffalo Nickel struck on a $5 Gold planchet! Great article/read and they go over a few other “gold” planchet… Read more »
I’m fairly certain there could be any number of answers to your question as to what would make an error coin illegal to own, CaliSkier. I’m not privy to the intricacies of the law regarding those instances but my best guess would be that in such cases the Mint, like with so many other situations in life in general, finds it preferable to choose its battles.
Arrrgh, stymied again Kaiser Wilhelm! LOL Your synopsis, more or less as well as more often than less, is likely one of, if not the most plausible scenario. Not sure why I’m always trying to apply or find logic when often, none is to be found nor expected by, seemingly the majority, IMO? I just find it odd that a director can essentially make or have made, crazy coins to hand out to friends and family or others at their own discretion, from what it sounds like. This coin is for sure not the only coin to show up at… Read more »
I find it delightfully edifying, CaliSkier, that you’ve taken it upon yourself to adopt my “modest” little suggestion for the most effective way to dispose of the rapidly aging storehouse of prior years’ Mint gold coins as merely a starting point and unequivocally resolved to really Run Forrest Run with it!
If your idea doesn’t work Kaiser Wilhelm, we can always knock off another 25% and see if those stale 2017 $ 2018 AGL’s move? LOL if that doesn’t do it perhaps an added “bonus” gift would do the trick? Just a buck!
I would be all for taking those coins down a full 75%, CaliSkier, and if that still isn’t enough to motivate buyers to take these off the Mint’s hands it will definitely be time for a date with the metal furnace.
HHL of 1 still up, However the 2021 2 coin Reverse Proof Designer set is available! Go get em’!
This Precious Metals Report on CoinNews usually ends up having from zero to at most one or two comments. Just look at how much better things are working out here today!
Kaiser,
There was a magazine once upon a time before the internet, that I cannot remember the name of, maybe Mad magazine, where they would show actual photos of about 4 real signs posted in public places on their last page each month. This was my all-time favorite! Lmao:
“Planned Parenthood
Parking in rear”
NumisdudeTX
Seth,
The #1 style of birth control around, at no cost except perhaps a bit of a pinch.
By the way, Seth, I have found that similar but foreign “broken English” store and street posted signs are the source of some of the best humor in the world!