Precious metals declined in the mid-week trading session Wednesday, led by a 2.8% drop in silver. Losses in silver and palladium were their fourth in a row.
Gold for December delivery shed $8.50, or 0.5%, to settle at $1,677.50 an ounce on the Comex division of the New York Mercantile Exchange.
"Gold and silver prices are lower in midday U.S. trading Wednesday and feeling the heat of recently bearish outside markets that include rising U.S. bond yields and a strong U.S. dollar index. Lower crude oil prices today added to the bearish cocktail for the metals. The near-term technical postures for gold and silver have turned more bearish recently, which is also inviting the shorter-term chart-based sellers," Jim Wyckoff, a senior analyst at Kitco Inc, said in a daily research note.
Gold futures traded between $1,668 and $1,685.10. They rose 0.6% on Tuesday and they dropped 2% on Monday, marking their lowest finish since Sept. 30.
Silver for December delivery fell 54.9 cents to end at $18.938 an ounce. The close was silver’s worst since Sept. 29. Silver futures ranged from $18.84 to $19.31. They declined 0.7% on Tuesday and they plunged 3.2% on Monday
In PGM futures on Wednesday:
-
January platinum lost $18.10, or 2%, to $881 an ounce, trading between $878.30 and $897.80. The finish was platinum’s lowest since Sept. 30.
- Palladium for December delivery declined $14, or 0.7%, to $2,136.40 an ounce, ranging from $2,106.50 to $2,186.50. The finish was palladium’s weakest since Sept. 27.
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 | June | July | August | September | October | 2022 Sales | |
| $50 American Eagle 1 Oz Gold Coin | 0 | 31,000 | 59,500 | 47,500 | 47,500 | 0 | 780,500 |
| $25 American Eagle 1/2 Oz Gold Coin | 0 | 6,000 | 5,000 | 2,000 | 0 | 0 | 73,000 |
| $10 American Eagle 1/4 Oz Gold Coin | 0 | 18,000 | 2,000 | 4,000 | 4,000 | 0 | 138,000 |
| $5 American Eagle 1/10 Oz Gold Coin | 0 | 135,000 | 20,000 | 20,000 | 15,000 | 0 | 560,000 |
| $50 American Buffalo 1 Oz Gold Coin | 0 | 21,500 | 39,500 | 22,500 | 44,500 | 21,500 | 387,500 |
| $1 American Eagle 1 Oz Silver Coin | 0 | 925,000 | 850,000 | 850,000 | 833,000 | 0 | 13,239,500 |
| $100 American Eagle 1 Oz Platinum Coin | 0 | 23,500 | 15,500 | 1,000 | 0 | 0 | 80,000 |
Still singing the same old song.
Yeah, Red Rubber Ball.
I agree, Sir Kaiser. As Antonio follows the bouncing ball, the ups and downs in silver and gold prices, maybe the roller-coaster ride (we took) is nearly at an end…
No, the ride never ends. It keeps going, and going, and going, and going….
No, this ride
Or
Now that’s swinging!