Gold Ends Nearly Flat on Wednesday, Feb. 7

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In the precious metals market on Wednesday, gold remained relatively unchanged, edging up slightly, while silver, platinum, and palladium declined.

Gold for April delivery settled up 30 cents to $2,051.70 an ounce on the Comex division of the New York Mercantile Exchange.

"It’s a quieter marketplace at mid-week, with no new fundamental developments to significantly influence the markets. Risk appetite in the general marketplace is not robust, but neither is risk aversion keen. That’s keeping the safe-haven metals traders squelched at present. Metals traders are looking for a new spark to drive daily price action," Jim Wyckoff, a senior analyst at Kitco Inc, said in a daily research note.

Gold futures traded between $2,046.40 and $2,061.30, rising 0.4% on Tuesday but giving back 0.5% on Monday.

Meanwhile, silver for March delivery shed 11.8 cents, or 0.5%, ending at $22.36 an ounce. Silver futures ranged from $22.29 to $22.54. They edged up by 0.3% on Tuesday and they slipped by 1.6% on Monday.

In other precious metals prices on Wednesday:

  • April platinum fell by $24.10, or 2.7%, to $886.90 an ounce, trading between $884.70 and $914.80.

  • Palladium for March delivery dropped by $51.10, or 5.4%, to $900.30 an ounce, ranging from $897 to $957.

US Mint Bullion Sales in 2024

On Wednesday, for the first time this month, the U.S. Mint reported bullion sales gains, including 5,000 ounces in American Gold Eagles, 850,000 ounces in American Silver Eagles, and 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 / Week / February Last Week January 2024 Sales
$50 American Eagle 1 Oz Gold Coin 3,000 16,500 87,500 90,500
$25 American Eagle 1/2 Oz Gold Coin 0 3,000 25,000 25,000
$10 American Eagle 1/4 Oz Gold Coin 0 6,000 46,000 46,000
$5 American Eagle 1/10 Oz Gold Coin 20,000 25,000 115,000 135,000
$50 American Buffalo 1 Oz Gold Coin 500 8,000 46,500 47,000
$1 American Eagle 1 Oz Silver Coin 850,000 0 4,900,000 5,750,000
$100 American Eagle 1 Oz Platinum Coin 0 0 0 0

 

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Craig

I see the mints continuing with their strategy of making sure they get $1000 for every 1oz gold coin they sell. For me, that’s a strategy that = NO SALE! I don’t care how desirable the coin may be, and just to be clear this one ain’t that, I absolutely refuse to pay that type of premium to the rats running the mint. I buy things that I believe to be of value and have a better than average chance to appreciate over time. The mint is removing this option for the foreseeable future. That’s just the way I look… Read more »

Last edited 13 days ago by Craig
Dazed and Coinfused

Went to royal mint to sign up for reminder. Ended up snatching a xray recycled silver coin, limit 5000. And coronation coin, first year issue, 75th birthday coin for Chucky. They had other limited coins and not many sold out. Even a 2500 edition still a available. Robin hood coins and star wars looked cool. Bullion seemed nicely priced and you can get many coins already assayed and in mint package. 1/10 oz gold available. If the coin tomorrow is 3k I’ll pass. I’ll get kilo of silver or 26 count tunes. I don’t mind spending slightly more when I… Read more »

Craig

The Liberty & Britannia coin is priced for just $3020.00. What a deal. I’m getting a roll of 2023 ASE’s delivered today that I paid $554 for. I’d rather buy another 5 rolls of silver ASE’s than buy 1 of these highly inflated gold coins. I don’t mind, and certainly expect to, pay a premium for any precious metal coins, as long as it’s in the purview of reality. Somehow, I think Magic Mike is either working for, or influencing the mints pricing structure. He is the world’s biggest coin collector after all. Out of curiosity, what is the Royal… Read more »

Dazed and Coinfused

Correction, they offer a 1/4 oz and 1 oz gold and a 1 oz silver. 1/4 oz was $555 I believe. The oz was just over $2200 and the silver coin all in with shipping and VAT (tax) was $43

Last edited 13 days ago by Dazed and Coinfused
Dazed and Coinfused

Guess we’ll see if Thursday is the magic day for sales update.

Dazed and Coinfused

Oh my. Palladium under $1000. Guess the mint got their Thugman collectors to steal too many catalytic converters and have flooded the market with the metal. Crazy since electric production by US car manufacturers has all but halted and switched back to cranking out $60,000 base model trucks with several recall for minor things like using blinkers turns on high beams, air bags not working or doing random self tests, square wheels (kidding) but tires being ate up after only a couple thousand miles, bad tracking system, I mean, radio not working right, and inconsequential stuff such as steering wheels… Read more »