Precious metals posted another round of losses on Monday. Gold ended the day at a fresh, nearly two-and-a-half-year low.
Gold for December delivery gave back $22.20, or 1.3%, to settle at $1,633.40 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was gold’s weakest since ending at $1,591.40 an ounce on April 1, 2020.
"Rising government bond yields and a very strong U.S. dollar index are the main bearish factors pushing the precious metals markets down," Jim Wyckoff, a senior analyst at Kitco Inc, said in a daily research note.
Gold futures traded between $1,628.80 and $1,657.20. They fell 1.7% last week.
Silver for December delivery settled down 43 cents, or 2.3%, to $18.48 an ounce. The close was silver’s lowest since it closed at $18.442 an ounce on Sept. 8. Silver futures ranged from $18.33 to $19.05. They declined 2.4% last week.
In other precious metals prices on Monday:
-
October platinum shed $8.60, or 1%, to $850.10 an ounce, trading between $844.10 and $864.80. The finish was the metal’s worst since Sept. 7.
- Palladium for December delivery declined $21.50, or 1%, to $2,049 an ounce, ranging from $2,025 to $2,098. Like for platinum, the close was palladium’s lowest since Sept. 7.
Last week, platinum fell 4.7% and palladium lost 2%.
US Mint Bullion Sales in 2022
Published United States Mint bullion sales were unchanged on Monday. 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) | ||||||||
|---|---|---|---|---|---|---|---|---|
| Monday | Last Week | May | June | July | August | September | 2022 Sales | |
| $50 American Eagle 1 Oz Gold Coin | 0 | 27,500 | 164,500 | 31,000 | 59,500 | 47,500 | 47,500 | 780,500 |
| $25 American Eagle 1/2 Oz Gold Coin | 0 | 0 | 7,000 | 6,000 | 5,000 | 2,000 | 0 | 73,000 |
| $10 American Eagle 1/4 Oz Gold Coin | 0 | 0 | 8,000 | 18,000 | 2,000 | 4,000 | 4,000 | 138,000 |
| $5 American Eagle 1/10 Oz Gold Coin | 0 | 10,000 | 50,000 | 135,000 | 20,000 | 20,000 | 15,000 | 560,000 |
| $50 American Buffalo 1 Oz Gold Coin | 0 | 27,000 | 56,000 | 21,500 | 39,500 | 22,500 | 38,500 | 360,000 |
| $1 American Eagle 1 Oz Silver Coin | 0 | 408,000 | 1,350,000 | 925,000 | 850,000 | 850,000 | 833,000 | 13,239,500 |
| $100 American Eagle 1 Oz Platinum Coin | 0 | 0 | 0 | 23,500 | 15,500 | 1,000 | 0 | 80,000 |
Yep, keeps dropping. Just hold on, it’ll bounce back up.
After last Friday…
Ouch. Silver <$18.
There was an article from Reuters Breakingviews on my news feed today titled “Gold will keep losing its irrational luster”. The main point of the article seemed to be that the Gold Miners have been mining Gold at a rate greater than population growth since 2010. Mining has increased by 26%, while population grew by 14%. The article stated there are currently 205000 tons of gold above ground.
Jeff, these articles, like today’s Reuters article “Gold will keep losing its irrational luster” and yesterday’s Wall Street Journal article “Gold Loses Status as Haven,” without exception, always appear at the bottom of a market.
Sir Kaiser, the points you make are on the mark with respect to “the correlation between the rate of global gold mining production and the rate of global population growth” versus “the correlation between the rate of global gold mining production and the rate of global wealth (money) growth.” The global balance sheet and net worth more than tripled between 2000 and 2020; Assets grew from $440 trillion in 2000 to $1,540 trillion in 2020, while net worth grew from $160 trillion to $510 trillion; The world’s wealth or net worth as measured by the value of real assets has… Read more »
so much for that inflation hedge…