Precious metals moved ahead as a group for a second straight session Thursday. Palladium’s gain was actually its third in a row. Advances on the day ranged from 1.7% for gold to 2.9% for platinum.
Gold for August delivery tacked on $30.30 to settle at $1,849.90 an ounce on the Comex division of the New York Mercantile Exchange.
"Safe-haven demand and bargain hunting are featured as marketplace anxiety has upticked, following this week’s moves by major central banks, including a Federal Reserve interest rate hike Wednesday afternoon. A sharp sell off in the U.S. dollar index today is also benefitting the metals market bulls," Jim Wyckoff, a senior analyst at Kitco Inc, said in a daily research note.
The Fed raised its target interest rate on Wednesday by three-quarters of a percentage point to between 1.5% and 1.75%. The hike was the biggest since 1994.
Gold futures traded between $1,816.30 and $1,855.30. They edged up 0.3% on Wednesday, they fell 1% on Tuesday, marking their lowest settlement since May 13, and they dropped 2.3% on Monday.
Silver for July delivery surged 46.5 cents, or 2.2%, to close at $21.885 an ounce. Silver futures ranged from $21.32 and $21.96. They jumped 2.2% on Wednesday, they declined 1.4% on Tuesday, registering their lowest finish since May 12, and they lost 3.1% on Monday.
In other precious metals futures prices on Thursday:
-
July platinum rose $26.50 to $951.10 an ounce, trading between $919 and $952.20. On Tuesday, platinum at $910.70 an ounce closed at its lowest price since April 27.
- Palladium for September delivery added $32.20, or 1.8%, to $1,866.50 an ounce, ranging from $1,821 to $1,872. On Monday, palladium at $1,778.40 an ounce logged its lowest finish since Dec. 20.
US Mint Bullion Sales in 2022
Published U.S. Mint bullion sales were unchanged on Thursday. 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) | ||||||
|---|---|---|---|---|---|---|
| Thursday / This Week | Last Week | April | May | June | 2022 Sales | |
| $50 American Eagle 1 Oz Gold Coin | 0 | 0 | 80,500 | 137,500 | 0 | 568,000 |
| $25 American Eagle 1/2 Oz Gold Coin | 0 | 0 | 3,000 | 5,000 | 0 | 58,000 |
| $10 American Eagle 1/4 Oz Gold Coin | 0 | 0 | 14,000 | 8,000 | 0 | 110,000 |
| $5 American Eagle 1/10 Oz Gold Coin | 0 | 0 | 25,000 | 50,000 | 0 | 370,000 |
| $50 American Buffalo 1 Oz Gold Coin | 0 | 2,500 | 27,500 | 56,000 | 2,500 | 240,500 |
| $1 American Eagle 1 Oz Silver Coin | 0 | 0 | 850,000 | 850,000 | 0 | 9,281,500 |
| $100 American Eagle 1 Oz Platinum Coin | 0 | 0 | 0 | 0 | 0 | 40,000 |
| $25 American Eagle 1 Oz Palladium Coin | 0 | 0 | 0 | 0 | 0 | 0 |
The price of Palladium has come back down this week to being on par with Gold at around $1,850/oz, and correspondingly the Mint prices for the 2021 and 2020 Palladium American Eagles has dropped to $2,800. That’s a far cry from the $3,900 price the Mint increased them to following the Ukraine Invasion. There is now only a $100 price difference between the 1 ounce Proof Gold American Eagle (at $2,700) and the 1 ounce Proof Palladium American Eagle (at $2,800). And this Breaking News just in… Kaiser Wilhelm is back with us after taking a little time off. Welcome… Read more »
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