Precious metals declined as a group for a third session in a row on Wednesday, led by silver which fell 1.8% to a three-week low. Gold ended at another two-week low.
Gold for December delivery declined $13, or 0.7%, to settle at $1,776.70 an ounce on the Comex division of the New York Mercantile Exchange. The close was again the lowest since Aug. 3.
"Gold and silver prices are lower in afternoon U.S. trading Wednesday, amid worries about demand for precious metals following this week’s downbeat economic data coming out of China and still-heightened worries about a U.S. and/or global recession. Rising U.S. Treasury bond yields and a firmer U.S. dollar index on this day were also bearish outside market elements for the metals markets," Jim Wyckoff, a senior analyst at Kitco Inc, said in a daily research note.
Gold futures traded between $1,773.90 and $1,796.60. They shed 0.5% on Tuesday and they fell 1% on Monday.
Silver for September delivery lost 35.4 cents to settle at $19.731 an ounce. The close was silver’s weakest since July 27. Silver futures ranged from $19.63 to $20.24. They gave back 0.9% on Tuesday and they dropped 2.1% on Monday.
In PGM futures on Wednesday:
-
October platinum declined $12, or 1.3%, to $919.30 an ounce, trading between $914.80 and $939.
- Palladium for September delivery fell $12.30, or 0.6%, to $2,136.70 an ounce, ranging from $2,125 and $2,163.50.
US Mint Bullion Sales in 2022
Published United States Mint bullion sales were unchanged on Wednesday. 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) | ||||||||
|---|---|---|---|---|---|---|---|---|
| Wednesday | Last Week | This Week | May | June | July | August | 2022 Sales | |
| $50 American Eagle 1 Oz Gold Coin | 0 | 21,000 | 6,000 | 164,500 | 31,000 | 59,500 | 27,000 | 712,500 |
| $25 American Eagle 1/2 Oz Gold Coin | 0 | 1,000 | 0 | 7,000 | 6,000 | 5,000 | 1,000 | 72,000 |
| $10 American Eagle 1/4 Oz Gold Coin | 0 | 2,000 | 0 | 8,000 | 18,000 | 2,000 | 2,000 | 132,000 |
| $5 American Eagle 1/10 Oz Gold Coin | 0 | 15,000 | 0 | 50,000 | 135,000 | 20,000 | 15,000 | 540,000 |
| $50 American Buffalo 1 Oz Gold Coin | 0 | 6,500 | 4,500 | 56,000 | 21,500 | 39,500 | 11,000 | 310,000 |
| $1 American Eagle 1 Oz Silver Coin | 0 | 408,000 | 17,000 | 1,350,000 | 925,000 | 850,000 | 425,000 | 11,981,500 |
| $100 American Eagle 1 Oz Platinum Coin | 0 | 1,000 | 0 | 0 | 23,500 | 15,500 | 1,000 | 80,000 |
Gold is under $1800 as well. ($1,778.60 and $19.75). It’ll bounce back.
And yet the mint still is charging $73 for a Proof ASE and $2620 for the UNC AGE. What deals.
And we’re still buying them at that price. I have my satisfaction when I see what dealers are reselling them for.