Precious metals declined as a group for a second straight session Thursday. Gold’s loss was its seventh in eight sessions. The metal ended the day at a nine-month low.
Gold for April delivery fell $15.10, or 0.9%, to settle at $1,700.70 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the lowest since gold finished at $1,683 an ounce on June 5.
"The metals markets turned south around midday during a speech by Fed Chairman Jerome Powell at a jobs summit. Powell said in his speech he does not see inflation becoming long-term problematic but it may see a short-term spike as the U.S. economy recovers from the pandemic later this year. Powell added that the recent rise in government bond yields is notable but also probably not a longer-term phenomenon," Jim Wyckoff, a senior analyst at Kitco Inc, said in a daily research note.
Gold futures ranged from a low of $1,703.50 to a high of $1,721.60. They gave back 1% on Wednesday, they added 0.6% on Tuesday, and they declined 0.3% on Monday.
Silver for May delivery tumbled 92.6 cents, or 3.5% to settle at $25.461 an ounce. The close was silver’s lowest since it ended at $25.389 an ounce on Jan. 27.
Silver futures traded between $25.08 and $26.39. They lost 1.8% on Wednesday, they climbed 0.8% on Tuesday, and they gained 0.9% on Monday.
In other precious metals prices on Thursday:
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April platinum fell $46.50, or 3.9%, to $1,135.30 an ounce, ranging from $1,120 to $1,183.30.
- Palladium for June delivery declined $11.60, or 0.5%, to $2,342.80 an ounce, trading between $2,321 and $2,373.
London Precious Metals Prices (LBMA)
In comparing earlier fixed London gold and silver prices from Wednesday PM to Thursday PM:
- Gold edged up 70 cents, or 0.04%, to $1,712.10 an ounce.
- Silver dropped 63 cents, or 2.4%, at $25.955 an ounce.
US Mint Bullion Sales in 2021
United States Mint bullion sales increased Thursday by 3,000 ounces in American Gold Eagles; 11,000 ounces in American Gold Buffalos; and 30,500 ounces in American Platinum Eagles. Sales of the Platinum Eagles were the first of 2021.
Below is a sales breakdown of U.S. Mint bullion products with columns listing the number of coins sold during varying periods. Products with an asterisk (*) are no longer available.
| US Mint Bullion Sales (# of coins) | ||||||
|---|---|---|---|---|---|---|
| Thursday | Last Week | This Week / March | January Sales | February Sales | 2021 Sales | |
| $50 American Eagle 1 Oz Gold Coin | 3,000 | 2,500 | 6,500 | 191,000 | 121,000 | 318,500 |
| $25 American Eagle 1/2 Oz Gold Coin | 0 | 9,000 | 0 | 22,000 | 9,000 | 31,000 |
| $10 American Eagle 1/4 Oz Gold Coin | 0 | 0 | 20,000 | 36,000 | 0 | 56,000 |
| $5 American Eagle 1/10 Oz Gold Coin | 0 | 0 | 0 | 95,000 | 0 | 95,000 |
| $50 American Buffalo 1 Oz Gold Coin | 11,000 | 0 | 11,000 | 61,500 | 16,000 | 88,500 |
| $1 American Eagle 1 Oz Silver Coin | 0 | 390,500 | 761,000 | 4,775,000 | 3,191,500 | 8,727,500 |
| $100 American Eagle 1 Oz Platinum Coin | 30,500 | N/A | 30,500 | N/A | N/A | 30,500 |
| America Samoa 5 oz Silver Coin* | 0 | 0 | 0 | 0 | 0 | 0 |
| Weir Farm 5 oz Silver Coin* | 0 | 0 | 0 | 0 | 0 | 0 |
| Salt River Bay 5 oz Silver Coin* | 0 | 0 | 0 | 0 | 0 | 0 |
| Marsh Billings 5 oz Silver Coin* | 0 | 0 | 0 | 0 | 0 | 0 |
| Tallgrass Prairie 5 oz Silver Coin* | 0 | 0 | 0 | 0 | 0 | 0 |
| $1 American Eagle 1 Oz Platinum Coin* | 0 | 0 | 0 | 0 | 0 | 0 |
How much did they charge the AP’s for the platinum eagles?
What JP chair of the fed said was get ready for much higher inflation than what you can recoup on your investments in the same time. I know what that means. I expect my John Hancock retirement work account getting hit hard. But probably Jim knows best. Thank you coin news. Gas has jumped over .50 cents in just a couple of weeks. More than 25%