Precious metals rallied Tuesday, posting gains ranging from 2.3% for palladium to 4.6% for silver. The latter tagged an over eight-month high. Gold, meanwhile, traded above its record but later slipped yet finished the day at its best price since August 2020.
Gold for April delivery surged $47.40, or 2.4%, to settle at $2,043.30 an ounce on the Comex division of the New York Mercantile Exchange. The close was the highest since Aug. 6, 2020, when gold scored a record settlement of $2,069.40 an ounce.
"The combination of roaring energy prices, grain prices, base metal prices is culminated in dramatic inflationary pressures that continue to be the major underlying support behind gold moves higher," Reuters quoted David Meger, director of metals trading at High Ridge Futures.
Gold futures ranged from $1,985.80 to $2,078.80. They gained 1.5% on Monday.
Silver for May delivery soared $1.18 to settle at $26.895 an ounce. The settlement was the best since June 16 when silver finished at $27.812 an ounce. Silver futures traded between $25.55 and $27.50. They shed 0.3% on Monday.
In other precious metals futures Tuesday:
-
April platinum tacked on $36.60, or 3.3%, to $1,153.20 an ounce, ranging from $1,120 to $1,193.50.
- Palladium for June delivery added $66.60 to $2,968.50 an ounce, trading between $2,856 and $3,194. On Friday, palladium posted a record settlement of $2,981.90.
US Mint Bullion Sales in 2022
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 | Last Week | This Week | January | February | March | 2022 Sales | |
| $50 American Eagle 1 Oz Gold Coin | 0 | 27,500 | 25,000 | 123,500 | 86,000 | 33,500 | 243,000 |
| $25 American Eagle 1/2 Oz Gold Coin | 0 | 0 | 0 | 45,000 | 0 | 0 | 45,000 |
| $10 American Eagle 1/4 Oz Gold Coin | 0 | 0 | 6,000 | 64,000 | 4,000 | 6,000 | 74,000 |
| $5 American Eagle 1/10 Oz Gold Coin | 0 | 0 | 20,000 | 195,000 | 25,000 | 20,000 | 240,000 |
| $50 American Buffalo 1 Oz Gold Coin | 0 | 11,500 | 10,500 | 61,500 | 28,500* | 15,500 | 105,500 |
| $1 American Eagle 1 Oz Silver Coin | 0 | 0 | 482,000 | 5,001,000 | 1,500,000 | 482,000 | 6,983,000 |
| $100 American Eagle 1 Oz Platinum Coin | 0 | 4,700 | 2,500 | N/A | 25,800 | 7,200 | 33,000 |
| $25 American Eagle 1 Oz Palladium Coin | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Tuskegee Airmen 5 oz Silver Coin | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Now I can afford gas with those bullion prices.
But not if your Russian! I guess it was only a matter of time for this to be considered: “Senators look to lock down Russia’s gold reserves.” A bipartisan group of senators is introducing a bill to prevent Russia from liquidating gold to withstand biting sanctions. The bill would target Russia’s ability to sell its stockpile of gold reserves.
Good Sir Rich,
I don’t have a clue as to how the USA can prevent Roosha from selling its own gold. I would very much appreciate becoming enlightened in this regard. Thanks!
Sir Kaiser, the details are a bit vague, but here is what Kitco News is reporting: The bill attempts to close a loophole of Russia buying domestic gold and selling it to international markets by applying secondary sanctions to parties who buy or sell Russian gold. The new legislation would implement secondary sanctions on American entities transacting with or transporting gold from Russia’s central bank holdings. Sanctions would also be applied to Americans selling gold electronically or physically in Russia. At the beginning of March, the Bank of Russia said it would be restarting its official domestic gold purchases after… Read more »
And this was announced yesterday, Sir Kaiser – London’s gold market suspended all Russian refineries from its accredited list, meaning their newly minted bars can no longer trade in one of the world’s most important bullion centers. The London Bullion Market Association suspended all six Russian gold and silver refineries from its Good Delivery List following sanctions imposed by the U.S., European Union and U.K. on the country, the LBMA said Monday.
Thank you so very much, Kind & Good Sir Rich, for that marvelously informative and especially thorough explanation of how Russia’s ability to conduct gold dealings can indeed be stymied through the co-operative machinations of the world’s “democratic alliance”. This should at least in some small part make up for the kibosh having been put on the prospect of Ukraine receiving a bunch of Cold War Era Russian fighter jets courtesy of Poland by way of the US Air Base in Ramstein, Germany. Since neither we nor our allies, thanks to the nuclear factor, can afford to take any concrete… Read more »
Your most welcome, Sir Kaiser. I guess it’s a good thing Its still a Mad, Mad, Mad MAD World
Good Sir Rich,
And getting even madder, in both senses of the word, by the day!
It’s a 3 Letter WORD – those Monuments Men have been out of work for a long time and itching to get back to it
There is a popular four letter word, SENZA, that goes perfectly in front of that three letter word, but obviously I’m not going to use it here. 😉
Antonio,
Please do not attempt to insert any of your gold bullion coins into the service station pump’s credit card slot; I fear that wouldn’t make for a very auspicious outcome.
The cashier at my Grocery store told me they cut her to 4 hours a day – she can’t afford to own a car or put gas in one.
SENZA, think of all the devastation RasPutin’s invasion is bringing to the world!
Palladium prices are going “bearpants” berserk, with the spot price touching $3,299 after today’s close. As of this week, all of the Mint’s Palladium American Eagle Coins are currently unavailable (meaning, they are currently out of these items?). The 2021 Proof, 2020 Uncirculated and 2019 Reverse Proof Palladium Coins are “Not Available” and price is listed as TBD. The 2022 Reverse Proof Palladium Coin is still listed on the Mint 2022 Product Schedule for release this summer. Also, Kia99 posted on Saturday that the Mint has just published a new 2022 pricing grid with increased premiums for Palladium coins.
Good Sir Rich,
I think the Mint is playing the same game as the oil industry in general and the gas stations more specifically. The whole idea is to get ahead of the price increases and thus be able to ride the rising profit wave rather than to drown in an underpriced riptide.
Somebody will be left
SENZA,
The question I’ve been asking myself: “Where is Dexter when we need him?”
Which is to say…
BTW, Sir Kaiser, what’s up with your Gravatar online identity change from Kaiser Wilhelm to Carpe Diem, and the replacement of the iconic Pickelhaube (Pickelhelm) Helmet with a coffee cup? Just wondering…
Good Sir Rich,
Fear not, stalwart Knight of the Realm, that little flustercuck is a result of some over-eager cleaning of my password compendium. Some day I may learn to leave things well enough alone, as in” if not broken, don’t fix it”.
Sir Kaiser, I see you fixed your Gravatar identity and image today back to Kaiser Wilhelm and a most excellent, new and improved image of the Pickelhelm (Pickelhaube).
Or did you? It appears your recent postings over the last 12-24 hours have either the coffee cup or Pickelhelm image? Are you still tweaking things?
Good Sir Rich,
At my end here I have yet to see any evidence whatsoever of having successfully retrieved either of my Pickelhelm images. Therefore I am still tweaking busily away trying to set things back to what I would like to consider normal. I don’t know what I did to precipitate the dislocation in the first place which of course makes it all that much more difficult, if not well nigh impossible, to undo the ridiculously unnecessary damage.