Gold, Silver, and Other Metals Mark Losses in First Week of 2024

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Gold prices slipped by 1.1% this week
Gold prices slipped by 1.1% this week

On Friday, the prices of precious metals showed minimal changes, but for the first week of the year, they all experienced losses, with the majority of them being sharp. Gold fell the least but still snapped a streak of three weekly gains.

Gold for February delivery dipped by 20 cents to settle at $2,049.80 an ounce on the Comex division of the New York Mercantile Exchange.

Gold prices slipped by 1.1% this week, following gains of 0.1% last week, 1.6% in the week ending Dec. 22, and 1.1% in the week ending Dec. 15.

Up for a second day after four consecutive losses, silver for March delivery tacked on 12.8 cents, or 0.6%, closing at $23.315 an ounce. Silver prices dropped this week by 3.2% after falling by 2% last week.

In other precious metals, both on Friday and for the week:

  • April platinum rose by $5.50, or 0.6%, to end at $971.80 an ounce, reducing its weekly loss to 3.7%.

  • Palladium for March delivery edged down 70 cents to finish at $1,037.10 an ounce, resulting in a 6.5% weekly decline.

US Mint Bullion Sales in 2024

On Friday, the U.S. Mint reported no new gains in bullion sales after additions in each of the first three days of the week.

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 Last Week This Week / January October November December 2023 Sales
$50 American Eagle 1 Oz Gold Coin 0 2,500 39,500 97,000 40,000 15,000 924,000
$25 American Eagle 1/2 Oz Gold Coin 0 0 17,000 7,000 6,000 1,000 102,000
$10 American Eagle 1/4 Oz Gold Coin 0 0 30,000 18,000 16,000 0 198,000
$5 American Eagle 1/10 Oz Gold Coin 0 5,000 40,000 30,000 55,000 15,000 675,000
$50 American Buffalo 1 Oz Gold Coin 0 -7,000 23,000 36,500 14,000 5,500 387,000
$1 American Eagle 1 Oz Silver Coin 0 157,000 3,179,000 3,938,000 2,378,000 525,000 24,750,000
$100 American Eagle 1 Oz Platinum Coin 0 0 0 0 0 0 12,700

 

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Dazed and Coinfused

7000 golf Buffalo returned? Wait til people talk about the bills game last night, they’ll go back up.

Houthi think they gone beat the Bengals, with nooooo bodies.

Last edited 5 months ago by Dazed and Coinfused