Precious metals ended lower collectively for a second consecutive session on Tuesday, once again led by a drop of more than 2.5% in palladium. Gold marked its seventh consecutive decline, contributing to its tenth loss in eleven sessions.
Gold for December delivery fell by $8.80, or 0.5%, to settle at $1,935.20 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the lowest since July 10.
"A better-than-expected U.S. economic report today helped to keep pressure on the precious metals. However, gold and silver are trading up from their daily lows," Jim Wyckoff, a senior analyst at Kitco Inc, said in a daily research note.
Earlier on Tuesday, the Commerce Department announced that U.S. retail sales had increased by 0.7% in the month of July, surpassing the 0.4% forecast made by many economists.
For the day, gold futures traded between $1,927.50 and $1,944.30. They dipped 0.1% on Monday.
Dropping for the sixth time in seven sessions, silver for September experienced a loss of 5.2 cents, equivalent to 0.2%, and concluded at $22.656 an ounce. This marks silver’s lowest closing point since June 23. Throughout the day, silver futures fluctuated between $22.26 and $22.77, following a 0.2% slide on Monday.
In other precious metals prices on Tuesday:
-
October platinum declined by $14.60, or 1.6%, to $892.20 an ounce, trading between $882.60 and $906.20. The settlement was platinum’s lowest since Oct. 19, 2022.
- Down for a second day following three straight session gains, palladium for September delivery dropped $34.30, or 2.7%, to $1,238.60 an ounce. Palladium prices ranged from $1,233 to $1,272. Last Tuesday, palladium at $1,218.10 an ounce marked its lowest close since Jan. 3, 2019.
US Mint Bullion Sales in 2023
On Tuesday, published U.S. Mint bullion sales figures remained unchanged. On Monday, and for only the second time this month, the Mint reported gains of 760,000 ounces in American Silver Eagles, 11,500 ounces in American Gold Buffalos, and a combined total of 8,500 ounces in American Gold Eagles.
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) | ||||||||
|---|---|---|---|---|---|---|---|---|
| Tuesday | Last Week | This Week | May | June | July | August | 2023 Sales | |
| $50 American Eagle 1 Oz Gold Coin | 0 | 8,000 | 8,000 | 60,500 | 35,000 | 41,000 | 16,000 | 682,500 |
| $25 American Eagle 1/2 Oz Gold Coin | 0 | 2,000 | 0 | 18,000 | 1,000 | 0 | 2,000 | 75,000 |
| $10 American Eagle 1/4 Oz Gold Coin | 0 | 2,000 | 0 | 32,000 | 4,000 | 0 | 2,000 | 134,000 |
| $5 American Eagle 1/10 Oz Gold Coin | 0 | 55,000 | 5,000 | 80,000 | 60,000 | 0 | 60,000 | 445,000 |
| $50 American Buffalo 1 Oz Gold Coin | 0 | 0 | 11,500 | 47,000 | 17,000 | 16,500 | 11,500 | 304,500 |
| $1 American Eagle 1 Oz Silver Coin | 0 | 823,000 | 760,000 | 1,593,000 | 1,482,000 | 209,100,000 | 1,583,000 | 13,398,000 |
| $100 American Eagle 1 Oz Platinum Coin | 0 | 0 | 0 | 1,200 | 3,500 | 0 | 0 | 12,700 |
Platinum under $900 per ounce today…a possible buying opportunity for bullion.
NumisdudeTX
Good call. Buy low, sell high.
Absolutely, Seth, for those who have that kind of financial resources to spare.