Setting aside silver, which rebounded from an almost four-week low, the prices of precious metals declined for a third straight session on Wednesday, with gold registering a new three-week low.
Gold for December delivery moved down by $15.70, or 0.8%, to settle at $1,957.80 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the weakest since Oct. 17.
Gold futures traded between $1,953.20 and $1,977.50. They fell by 0.8% on Tuesday and they declined by 0.5% on Monday.
"The sellers are in control today as crude oil prices have slumped to a 3.5-month low and as the near-term technical posture for the yellow metal has deteriorated this week — prompting some chart-based selling from the speculators. Silver is trading higher on some perceived bargain hunting," Jim Wyckoff, a senior analyst at Kitco Inc, said in a daily research note.
Breaking a two-session losing streak, silver for December rose by 13.9 cents, or 0.6%, closing at $22.728 an ounce. They dropped by 2.8% on Tuesday, marking their lowest finish since Oct. 12, and they slipped by 0.2% on Monday.
In PGM futures prices on Wednesday:
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January platinum fell by $26.50, or 3%, to $871.50 an ounce, trading between $870.90 and $900.50.
- Palladium for December delivery edged down $2.40, or 0.2%, to $1,060.40 an ounce, ranging from $1,013 to $1,065.
US Mint Bullion Sales in 2023
U.S. Mint bullion sales last changed on Tuesday, and those gains were the first for this month. Advances included 8,500 ounces in American Gold Eagles, 356,000 ounces in American Silver Eagles, and 3,500 ounces in American Gold Buffalos.
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 | August | September | October | This Week / November | 2023 Sales | |
| $50 American Eagle 1 Oz Gold Coin | 0 | 4,000 | 78,000 | 27,500 | 97,000 | 7,000 | 876,000 |
| $25 American Eagle 1/2 Oz Gold Coin | 0 | 3,000 | 2,000 | 13,000 | 7,000 | 1,000 | 96,000 |
| $10 American Eagle 1/4 Oz Gold Coin | 0 | 0 | 2,000 | 30,000 | 18,000 | 4,000 | 186,000 |
| $5 American Eagle 1/10 Oz Gold Coin | 0 | 0 | 150,000 | 40,000 | 30,000 | 0 | 605,000 |
| $50 American Buffalo 1 Oz Gold Coin | 0 | 3,000 | 19,500 | 18,500 | 36,500 | 3,500 | 371,000 |
| $1 American Eagle 1 Oz Silver Coin | 0 | 632,000 | 3,124,000 | 2,970,000 | 3,938,000 | 356,000 | 22,203,000 |
| $100 American Eagle 1 Oz Platinum Coin | 0 | 0 | 0 | 0 | 0 | 0 | 12,700 |
Talk about a ‘Hard Landing’ Scrooge McDuck!
Better than cash. Cash is cold and hard
I wonder if it is bouncing as high a many people’s checkbooks .
When referring to bouncing, the appropriate Disney character is Tigger, but once again, be very cautious of auto correct.