Precious metals, after changing little Monday, posted losses on Tuesday that ranged from 0.8% for gold to 4.8% for palladium. Palladium finished at a fifteen-month low. Gold ended the day at a seven-week low.
Gold for December delivery fell $14.50 to settle at $1,737.50 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the lowest since Aug. 10 when gold ended at $1,731.70 an ounce.
"Rising government bond yields and a stronger U.S. dollar index early this week are bearish elements for the metals markets. The safe-haven metals bulls are once again frustrated that risk-off attitudes in the marketplace today are not providing price support to their markets" Jim Wyckoff, a senior analyst at Kitco Inc, said in a daily research note.
Gold futures ranged from a low of $1,727.80 to a high of $1,754.30. They climbed 0.02% on Monday.
Silver for December delivery declined 22.7 cents, or 1%, to close at $22.467 an ounce. Silver futures traded between $22.08 and $22.68. They gained 1.2% on Monday.
In other precious metal futures Tuesday:
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January platinum — the new, most-active contract — lost $15.90, or 1.6%, to $961.90 an ounce, ranging from $958.70 to $984.70.
- Palladium for December delivery dropped $93.50 to $1,854.20 an ounce, trading between $1,841.50 and $1,951.50. The settlement was the weakest since palladium finished at $1,845.10 an ounce on June 25, 2020.
US Mint Bullion Sales in 2021
Published United States Mint bullion sales were unchanged Tuesday. Below is a sales breakdown of U.S. Mint bullion products with columns listing the number of coins sold during varying periods.
| US Mint Bullion Sales (# of coins) | |||||
|---|---|---|---|---|---|
| Tuesday / This Week | Last Week | August | September | 2021 Sales | |
| $50 American Eagle 1 Oz Gold Coin | 0 | 18,500 | 112,000 | 67,500 | 813,500 |
| $25 American Eagle 1/2 Oz Gold Coin | 0 | 1,000 | 21,000 | 4,000 | 81,000 |
| $10 American Eagle 1/4 Oz Gold Coin | 0 | 2,000 | 34,000 | 8,000 | 128,000 |
| $5 American Eagle 1/10 Oz Gold Coin | 0 | 25,000 | 50,000 | 35,000 | 365,000 |
| $50 American Buffalo 1 Oz Gold Coin | 0 | 8,500 | 27,500 | 24,000 | 259,500 |
| $1 American Eagle 1 Oz Silver Coin | 0 | 485,000 | 3,930,000 | 2,735,000 | 25,675,500 |
| $100 American Eagle 1 Oz Platinum Coin | 0 | 0 | 0 | 0 | 75,000 |
| Tuskegee Airmen 5 oz Silver Coin | 0 | 0 | 0 | 0 | 52,900 |
After the 2008, meltdown precious metals didn’t peak until 2011 and then Obama and Biden whammied precious metals and after 10 years the bag holders are just now back to even.
Hmmm….might see a buying opportunity. But how do you know you aren’t just catching a falling knife?