Precious metals fell on Thursday, logging losses that ranged from 0.2% for platinum to 1.9% for gold. Gold’s decline was its third straight. More noteworthy, the yellow metal ended the day at its lowest price in nearly two-and-a-half years.
Gold for December delivery gave back $31.80 to settle at $1,677.30 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was gold’s lowest since closing at $1,645.70 an ounce on April 3, 2020.
"Gold prices are sharply down and hit a nearly 2.5-year low in midday U.S. trading Thursday. Silver prices are also solidly lower. The precious metals are being hit by global economic worries that threaten to dent commercial and consumer demand for raw commodities, including the metals," Jim Wyckoff, a senior analyst at Kitco Inc, said in a daily research note.
Gold futures traded between $1,668.90 and $1,707.80. They shed 0.5% on Wednesday, they fell 1.3% on Tuesday, and they gained 0.7% on Monday, for their highest settlement since Aug. 29.
Silver for December delivery settled down 30 cents, or 1.5%, to $19.269 an ounce. Silver prices traded between $19.11 and $19.63. They rose 0.4% on Wednesday, they lost 1.9% on Tuesday, and they soared 5.8% on Monday, for their strongest finish since Aug. 16.
In other precious metals prices on Thursday:
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October platinum shed $1.70 to $903.70 an ounce, ranging from $896.90 and $919.10. The settlement was the highest since Aug. 18.
- Palladium for December delivery declined $26.60, or 1.2%, to $2,146.10 an ounce, trading between $2,124 and $2,782. On Monday, palladium at $2,274.60 an ounce posted its highest close since Aug. 11.
US Mint Bullion Sales in 2022
Published United States 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 | May | June | July | August | September | 2022 Sales | |
| $50 American Eagle 1 Oz Gold Coin | 0 | 164,500 | 31,000 | 59,500 | 47,500 | 20,000 | 753,000 |
| $25 American Eagle 1/2 Oz Gold Coin | 0 | 7,000 | 6,000 | 5,000 | 2,000 | 0 | 73,000 |
| $10 American Eagle 1/4 Oz Gold Coin | 0 | 8,000 | 18,000 | 2,000 | 4,000 | 4,000 | 138,000 |
| $5 American Eagle 1/10 Oz Gold Coin | 0 | 50,000 | 135,000 | 20,000 | 20,000 | 5,000 | 550,000 |
| $50 American Buffalo 1 Oz Gold Coin | 0 | 56,000 | 21,500 | 39,500 | 22,500 | 11,500 | 333,000 |
| $1 American Eagle 1 Oz Silver Coin | 0 | 1,350,000 | 925,000 | 850,000 | 850,000 | 425,000 | 12,831,500 |
| $100 American Eagle 1 Oz Platinum Coin | 0 | 0 | 23,500 | 15,500 | 1,000 | 0 | 80,000 |
Approaching 13M ASEs.
Antonio, a vertical stack of 13M ASEs would be over 24 miles high (i.e., 24.23 miles).
The Kaiser has spoken!