Precious metals declined for a third straight session on Tuesday. Platinum and then silver performed the worst, with both also ending at one-and-a-half month lows. Gold lost the least, percentage wise, but finished the day at a five-week low.
Gold for December delivery fell $13.40, or 0.8%, to settle at $1,736.30 an ounce on the Comex division of the New York Mercantile Exchange. The finish was the lowest since July 27.
"Gold and silver prices are lower in midday U.S. trading Tuesday, due in part to a drop of over $5.00 in Nymex crude oil futures prices (as of this writing). Bearish near-term technicals are also weighing on the precious metals," Jim Wyckoff, a senior analyst at Kitco Inc, said in a daily research note.
Gold futures traded between $1,732.90 and $1,752.80. They dipped 0.01% on Monday.
Silver for December delivery declined 38.3 cents, or 2.1%, to end at $18.287 an ounce. The settlement was the lowest since July 14. Silver futures ranged from $18.22 to $18.70. They shed 0.8% on Monday.
In other precious metals futures Tuesday:
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October platinum dropped $22.20, or 2.6%, to $832.10 an ounce, trading between $830 and $856. The close was the weakest since July 15.
- Palladium for December delivery lost $42.50, or 2%, to $2,087.80 an ounce, ranging from $2,060 to $2,168.
US Mint Bullion Sales in 2022
Published United States Mint bullion sales were unchanged on 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 | May | June | July | August | 2022 Sales | |
| $50 American Eagle 1 Oz Gold Coin | 0 | 0 | 16,500 | 164,500 | 31,000 | 59,500 | 43,500 | 729,000 |
| $25 American Eagle 1/2 Oz Gold Coin | 0 | 0 | 0 | 7,000 | 6,000 | 5,000 | 1,000 | 72,000 |
| $10 American Eagle 1/4 Oz Gold Coin | 0 | 0 | 0 | 8,000 | 18,000 | 2,000 | 2,000 | 132,000 |
| $5 American Eagle 1/10 Oz Gold Coin | 0 | 0 | 0 | 50,000 | 135,000 | 20,000 | 15,000 | 540,000 |
| $50 American Buffalo 1 Oz Gold Coin | 0 | 0 | 6,500 | 56,000 | 21,500 | 39,500 | 17,500 | 316,500 |
| $1 American Eagle 1 Oz Silver Coin | 0 | 0 | 425,000 | 1,350,000 | 925,000 | 850,000 | 850,000 | 12,406,500 |
| $100 American Eagle 1 Oz Platinum Coin | 0 | 0 | 0 | 0 | 23,500 | 15,500 | 1,000 | 80,000 |
At least the demolition is controlled.
My wall of silver is still standing.
There’s still a place for your Chicken Little. Wait until the price falls below $17 an ounce to bring it out though. I remember when silver was four something dollars an ounce. People didn’t think twice about investing in it.
Silver is now below $18.