Precious metals ended lower collectively for a third consecutive session on Wednesday, once again being led by a significant drop in palladium, which also marked its lowest closing price since the beginning of 2019. Meanwhile, gold recorded its eighth straight decline, contributing to its eleventh loss in twelve sessions, and reached a six-week low.
Gold for December delivery gave back $6.90, or 0.4%, to settle at $1,928.30 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the lowest since July 6.
"The broader economic situation looks better than it did three months ago and inflation seems to be coming down the way the Fed wants, and in such a situation there is less need for safe havens like gold," Reuters quoted Everett Millman, chief market analyst at Gainesville Coins.
"The path of least resistance seems to be lower for gold right now, and we’re very close to breaking below the $1,900 level, which is kind of a key psychological level."
During the day, gold futures traded between $1,925.70 and $1,938.20. They shed 0.5% on Tuesday and they dipped 0.1% on Monday.
Dropping for the seventh time in eight sessions, silver for September registered a decline of 12.1 cents, equivalent to 0.5%, and finished at $22.535 an ounce. Once again, this marks silver’s lowest closing point since June 23. Throughout the day, silver futures fluctuated between $22.46 and $22.86, following losses of 0.2% on both Monday and Tuesday.
In PGM prices on Wednesday:
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October platinum dipped by 90 cents, or 0.1%, to $891.30 an ounce, trading between $885 and $898.70. The settlement was platinum’s weakest since Oct. 19, 2022.
- Down for a third day following three straight session gains, palladium for September delivery fell by $26.20, or 2.1%, to $1,212.40 an ounce. The close was the lowest since Jan. 3, 2019. Palladium prices ranged from $1,206 to $1,248.
US Mint Bullion Sales in 2023
On Tuesday and Wednesday, 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) | |||||||
|---|---|---|---|---|---|---|---|
| Wednesday | Last Week | This Week | June | July | August | 2023 Sales | |
| $50 American Eagle 1 Oz Gold Coin | 0 | 8,000 | 8,000 | 35,000 | 41,000 | 16,000 | 682,500 |
| $25 American Eagle 1/2 Oz Gold Coin | 0 | 2,000 | 0 | 1,000 | 0 | 2,000 | 75,000 |
| $10 American Eagle 1/4 Oz Gold Coin | 0 | 2,000 | 0 | 4,000 | 0 | 2,000 | 134,000 |
| $5 American Eagle 1/10 Oz Gold Coin | 0 | 55,000 | 5,000 | 60,000 | 0 | 60,000 | 445,000 |
| $50 American Buffalo 1 Oz Gold Coin | 0 | 0 | 11,500 | 17,000 | 16,500 | 11,500 | 304,500 |
| $1 American Eagle 1 Oz Silver Coin | 0 | 823,000 | 760,000 | 1,482,000 | 209,100,000 | 1,583,000 | 13,398,000 |
| $100 American Eagle 1 Oz Platinum Coin | 0 | 0 | 0 | 3,500 | 0 | 0 | 12,700 |
And now for the gold standard. I’ve haven’t bought gold coins since 2008. Too pricy for my tastes.
Even the much cheaper platinum is out of my league once the Mint applies its premium.