Precious metals kicked off the new trading week on Monday with losses, padding October drops for gold and palladium while slimming gains on the month for silver and platinum. Gold, markedly, extended its streak of losing months to seven in a row.
Falling for a third straight session, gold for December delivery dipped $4.10, or 0.3%, to settle at $1,640.70 an ounce on the Comex division of the New York Mercantile Exchange.
"Gold remains a prisoner of the dollar ahead of Wednesday’s Fed decision, and then the non-farm jobs data on Friday," Adrian Ash, director of research at BullionVault, told MarketWatch.
"For gold, the slow bleed out of gold [exchange-traded funds] and the bearish turn in Comex speculation may very well continue until the Fed or the data signal a change of direction."
Gold prices declined 1.9% in October, lifting their combined losses through seven months to $313.30, or 16%. They are 10.3% lower on the year to date.
Sliding for a second session following six consecutive gains, silver for December delivery gave back 2.8 cents, or 0.2%, to finish at $19.119 an ounce.
Silver prices edged 0.4% higher in October after soaring 6.5% in September. Before then, the precious metal posted five straight monthly drops for a combined loss of $7.25, or 28.9%. Silver prices are 18.1% lower on the year.
In PGM futures on Monday and for the month:
-
January platinum lost $19, or 2%, to end at $930.10 an ounce, but still soared 8.3% in October.
- Palladium for December delivery fell $65.50, or 3.5%, to end at $1,831.70 an ounce, for a 16.1% monthly decline.
Both metals are lower for the year so far with losses of 3.7% for platinum and 4.2% for palladium.
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 | June | July | August | September | October | 2022 Sales | |
| $50 American Eagle 1 Oz Gold Coin | 0 | 31,000 | 59,500 | 47,500 | 47,500 | 54,500 | 835,500 |
| $25 American Eagle 1/2 Oz Gold Coin | 0 | 6,000 | 5,000 | 2,000 | 0 | 1,000 | 74,000 |
| $10 American Eagle 1/4 Oz Gold Coin | 0 | 18,000 | 2,000 | 4,000 | 4,000 | 2,000 | 140,000 |
| $5 American Eagle 1/10 Oz Gold Coin | 0 | 135,000 | 20,000 | 20,000 | 15,000 | 15,000 | 575,000 |
| $50 American Buffalo 1 Oz Gold Coin | 0 | 21,500 | 39,500 | 22,500 | 44,500 | 32,500 | 398,500 |
| $1 American Eagle 1 Oz Silver Coin | 0 | 925,000 | 850,000 | 850,000 | 833,000 | 850,000 | 14,089,500 |
| $100 American Eagle 1 Oz Platinum Coin | 0 | 23,500 | 15,500 | 1,000 | 0 | 0 | 80,000 |
Sir Kaiser, Gold’s seven straight months of losses is its the longest string of declines in more than five decades, like being dazed and confused for so long it’s not true.
Well millennials are buying crypto, real estate and private equity. Banks are loading up on coins. I see further mention of other PM miners adding to the building list that PM is harder to find. So makes sense that price is dropping. Also read that while price has hit 50 year trend, people are still buying it up at discounted rates.
I can’t tell, but was that a pot shot or passive aggressive low blow in the comment.