Although gold and silver ended down from earlier highs that came after the release of U.S. inflation data for March, precious metals moved ahead together on Wednesday. Notably, silver still managed to hit a fresh, almost one-year high.
Gold for June delivery tacked on $5.90, or 0.3%, to settle at $2,024.90 an ounce on the Comex division of the New York Mercantile Exchange.
"Some profit-taking pressure from the shorter-term futures traders kicked in after both metals [gold and silver] touched 13-month highs in the immediate aftermath of a tamer U.S. inflation report this morning,” Jim Wyckoff, a senior analyst at Kitco Inc, said in a daily research note.
On Wednesday, the U.S. Labor Department reported that consumer prices rose by 0.1% in March, which is a decrease from February’s increase of 0.4%. Annual inflation also eased to 5% from 6%. The core rate for the month was 0.4%, down from 0.5%, while the year-on-year level increased slightly to 5.6% from 5.5%.
"The risks of not raising rates enough far exceeds over-tightening so the Fed is probably going to go forward with the quarter-point rate hike, the core justifies it," Reuters quoted Edward Moya, senior market analyst at OANDA. "There’s still a tremendous amount of risk on the table, so gold should still see some strong flows headed its way."
Gold futures traded between $2,015.70 and $2,043.90, following 0.8% rise on Tuesday and a 1.1% fall on Monday. One week prior, on Tuesday, gold ended at $2,038.20 per ounce, marking its highest settlement since March 8, 2022.
Meanwhile, silver for May delivery advanced 27.2 cents, or 1.1%, to settle at $25.458 an ounce, which is the highest since April 18, 2022. Silver futures traded between $25.17 and $25.83, following a 1.1% climb on Tuesday and a 0.7% slip on Monday.
In PGM futures on Wednesday:
-
July platinum added $22.40, or 2.2%, to $1,027.50 an ounce, trading within a range of $1,004.10 to $1,034.
- Palladium for June delivery added $12.30, or 0.9%, to $1,455.90 an ounce, with a trading range of $1,433.50 to $1,468.
US Mint Bullion Sales in 2023
There were no changes in the published U.S. Mint bullion sales on Wednesday. The table below presents a breakdown of U.S. Mint bullion products sold, with columns indicating the number of coins sold during different time periods.
| US Mint Bullion Sales (# of coins) | ||||||||
|---|---|---|---|---|---|---|---|---|
| Wednesday | Last Week | This Week | January Sales | February | March | April | 2023 Sales | |
| $50 American Eagle 1 Oz Gold Coin | 0 | 53,500 | 56,500 | 118,000 | 41,500 | 211,000 | 74,500 | 445,000 |
| $25 American Eagle 1/2 Oz Gold Coin | 0 | 0 | 0 | 37,000 | 8,000 | 1,000 | 8,000 | 54,000 |
| $10 American Eagle 1/4 Oz Gold Coin | 0 | 0 | 0 | 62,000 | 12,000 | 10,000 | 10,000 | 94,000 |
| $5 American Eagle 1/10 Oz Gold Coin | 0 | 0 | 10,000 | 115,000 | 85,000 | 10,000 | 30,000 | 240,000 |
| $50 American Buffalo 1 Oz Gold Coin | 0 | 15,500 | 25,500 | 59,000 | 19,500 | 73,000 | 35,000 | 186,500 |
| $1 American Eagle 1 Oz Silver Coin | 0 | 0 | 0 | 3,949,000 | 900,000 | 900,000 | 450,000 | 6,199,000 |
| $100 American Eagle 1 Oz Platinum Coin | 0 | 0 | 0 | N/A | N/A | 7,500 | 500 | 8,000 |
March on and it’s April and the value continues to go up. Is it a sign of a weak economy or are people putting their trust in gold and silver again?
I don’t think our economy is weak, but our debt level and obviously the size of our government are problematic for an ongoing vibrant economy. As much as these bloviating idiots talk about downsizing government or lowering our debt, it seems they accelerate all the faster. Countries are shaking off the dollar as the standard reserve currency more and more (which I didn’t think I’d see in my lifetime), inflation will be high for some time, our country is being inundated with low skill penniless illegals, and we have a babbling moron running the country. I’ll take the hard assets… Read more »
It would be in our best interest to focus our topical discussions on coin news and information, as opposed to political and social conversations, in support of the missions of the US Mint (Connecting America through Coins) and CoinNews (… “have a place where you can enjoy quality discussions, read daily hot topics and experience a friendly atmosphere that serves and promotes coin collectors”).
Sir Kaiser and Major D, I did not intend for my comment to appear as a reply to Major D’s comment. It was not directed at Major D or anyone else in particular, but was meant for everyone in general for consideration.
Politics is the gubmint. Mint is the gubmint. Politics dictates policy and social issues all affect coins. All those things you list affect coins. Now I’m petty sure major d isn’t my number 1 fan (seems more like a number 2) but out of chaos comes order. Dialog opens. Can’t make everything except coins the topic of discussion. You severely heel yourself. This site talks about all aspects. And in some of the articles conditions and locations and Sabre rattling and local events, or law passage are one sided. Just because numbers are posted, doesn’t mean they paint a whole… Read more »
Not when everyone comment comes with ad space. But to be clear, nothing I say is said with hate, or disgust or animosity. It is usually the polar opposite of an example I used. I don’t try to show bias in debates or topics of discussion or debate. If I say something way left field about trump I try to hit the other end of the spectrum with a similar biden or democrat. Or several small instances that carry about the same weight as one big one. Am I set in my ways. Yes. But I’m opened minded and open… Read more »
Sorry, I don’t watch msnbc.
And now for Paul Harvey’s, the rest of the story. Fake it til ya make it. Lie till ya die. Never break character. But try not to be biased, throw shade at Democrats now. How long before they start with the 24 7 blitz that the pentagon leader was probably a trump supporter. Just some dude trying to be a keyboard big shot and impress video game players. But not a peep it happened under Austin watch. Somebody gave him the data and he handed out some as a security net uf caught. So blackmail the gubmint. Lol. Maybe biden… Read more »
Are any of you going to pay over $900 to the mint to press a gold Buffalo coin? They now demand $2940 for the coin. It’s a shame as the Buffalo $50 coin is one of my favourites. I have the 2006 Buffalo and didn’t pay for it what the mint wants to produce this years version. They were $800 a pop!