On Thursday, precious metals continued their upward momentum with gains ranging from 1.5% for gold to 3.7% for platinum. Gold reached a settlement high not seen in 2.7 years, and silver recorded its highest close in almost a year.
Gold for June delivery rose $30.40 to settle at $2,055.30 an ounce on the Comex division of the New York Mercantile Exchange. The settlement is the highest since Aug. 6, 2020, when gold ended at $2,069.40 an ounce.
"The metals bulls are being fueled by a tame U.S. inflation report, a slumping U.S. dollar index and rising crude oil prices. Gold bulls are now confident they can breach the all-time record high of $2,078.80, basis nearby Comex futures, sooner rather than later," Jim Wyckoff, a senior analyst at Kitco Inc, said in a daily research note.
The U.S. Labor Department reported Thursday that producer prices declined 0.5% in March, with wholesale inflation up 2.7% year-over-year — the smallest 12-month increase since January 2021 and compared to 4.9% previously.
"Gold’s response to the PPI data shows how this current leg higher is being driven by leveraged bets in gold derivatives, fueled in turn by hopes for Fed rate cuts, rather than by demand for actual bullion," MarketWatch quoted Adrian Ash, director of research at BullionVault. For now, however, "the physical market has clearly swallowed the rise above $2,000."
Gold futures traded between $2,028.30 and $2,063.40 following a 0.3% increase on Wednesday, a 0.8% rise on Tuesday, and a 1.1% decline on Monday.
Meanwhile, silver for May delivery advanced 46.7 cents, or 1.8%, to settle at $25.925 an ounce, which is the highest since April 18, 2022. Silver futures traded between $25.51 and $26.12, following a 1.1% increase on Wednesday and Tuesday, and a 0.7% slip on Monday.
In other precious metals futures on Thursday:
-
July platinum jumped $38 to $1,065.50 an ounce, trading within a range of $1,023.40 to $1,070.
- Palladium for June delivery tacked on $39.70, or 2.7%, to $1,495.60 an ounce, with a trading range of $1,445 to $1,524.50.
US Mint Bullion Sales in 2023
There were no changes in the published U.S. Mint bullion sales on Thursday. 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) | ||||||||
|---|---|---|---|---|---|---|---|---|
| Thursday | 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 |
Who keeps saying Run Forrest Run?
$50+ ASE’s! Why? FAIL! Competitive? “Sales of the American Eagle Silver Bullion Coins began November 24, 1986. The program will continue indefinitely. II. PURPOSE The United States Mint is interested in ensuring that the coins minted and issued under its American Eagle and America the Beautiful Silver Bullion Coin Programs are distributed effectively and efficiently and in a manner that ensures that the bullion coins are competitive with bullion products produced by other international mints. To accomplish this goal, the United States Mint seeks to utilize private sector distribution channels that ensure that the coins are: A. As widely available… Read more »
Spot $26.09 10:33 I am trying to wrap my head around, how such a discrepancy in price can be construed or perceived as competitive? Best or lowest prices. 2023 American Silver Eagle $41.77 2023 Canadian Maple Leaf $33.41 2023 Australia Kangaroo $30.65 2023 UK Britannia $31.16 2023 Austrian Philharmonic $31.07 2023 SA Krugerrand $31.32 2023 Mexico Libertad $40.14 2023 Chinese Panda (30gm) $37.06 Again… 2023 American Silver Eagle $41.77 Every single Sovereign Ag coins listed above is cheaper than the ASE’s, some by over 25%! It seems almost as if the US Government/US Mint is intentionally shifting silver sales to other Sovereign Mints, so they can capitalize vs the United States? PS… Read more »
The mint doesn’t seem to have a problem charging over $900 to press a Buffalo. That’s $900 over spot price for Au or a 44% premium! Now I know a Proof cost a bit more to mint, but that much more? I’d say the AP’s and mint are colluding on this and smiling all the way to the bank. The only remedy to bring sanity back to these insane prices is for people “consumers” to stop buying or cut back dramatically. I’m buying probably 75 – 80% less this year…it’s simple economics!
Major D, here is a post I put up recently on Mint News Blog. I’ve made a ton of posts on the subject. Not all cross over so neatly here on Coin News based on topics being covered or talked about at different times. “So the AP’s buy the American Silver Eagles at a 9.37375% premium($2.35/coin over spot) and after only 1 “Major Middleman” being involved, the 2023 1 oz American Silver Eagle, a revenue generator for both the US Mint and Government, will cost the “public” just, a whopping 92.42% premium over spot. Yay, FUN, with numbers! Just a… Read more »
April 8, 2023 I posted this comment on MNB. “Buy 5 get 1 free! 2023 American Silver Eagles! That’s how much differs from a well known silver bullion dealer, to silver bullion dealer. I’m specifically talking about at least a $7.83 spread per 2023 American Silver Eagle. So for every 5 Eagles you buy from Dealer “F”, you would actually be able to buy or receive 6 from Dealer “A”. Letters “A” and “F”, are just simply used in a grade school fashion. Do you want an “A” or an “F”? Some might say the better deal “A” is full of… Read more »
Followed up with…”You have to shop around! Talk about getting a reaming from Dealer “F” in the above illustrated shopping experience! If one wants a “Monster F” get a box from them! That will run you $44.81 per coin. ($22,405) So help me out here? Who and or why would anyone buy American Silver Eagles from this “F” grade dealer? What’s even worse after crunching the numbers, is that you are paying an $8.00 per coin difference from Dealer “A” to “F” on an ENTIRE Monster Box versus the $7.83 per coin in the above previous, illustration. Published prices used are from:… Read more »
The precious metals spot prices are all down today. Gold is down $43 per ounce &.below $2000. Silver is barely holding on to $25 per ounce.
NumisdudeTX
Major D, The U.S. Mint charges its 13 AP companies (10 in USA, 2 in Germany & 1 in Japan) just $2.35 over silver spot price per ASE $1 bullion version coin. It was just a $2.10 per coin premium for many years before the pandemic. The AP companies have to pick up the coins at the West Point Mint at their own expense. The AP can basically charge whatever they want for these coins because the public law concerning that issue is kind of vague & has loopholes in it. Some dealers are charging about $40 a coin now.… Read more »
Do you know what the mint has to pay for proof planchets, Seth?
Kia99, As far as I last checked, the U.S. Mint uses the same silver planchets from private contract vendor companies for all versions of the ASE $1 coins & its 1-ounce silver medals also. The Mint then, for Proof ASE $1 coins & Proof silver medals, just washes them, drys them & polishes them & then uses specially polished dies to strike them at least twice to make them a Proof finish. So, the planchets cost the Mint the same price, & the added production steps to make a Proof version increases their final expenses – But, the only time… Read more »
Thanks for those insights!
Kaiser,
Don’t forget the Grifter-in-Chief Donald J. Trump – his latest scam is a coffee-table book with photos of letters & greeting cards leaders of other countries & celebrities sent him when he was President – including the famous Love letter “Fat Bastard baby eater” Kim Jong Un sent him. He is offering the book on a website for just $99 a pop! LOL
“Reading is Fundamental” – but most of his followers who are still left read at an eighth-grade level…
NumisdudeTX
You do realize that book has been out for a couple years, right? Maybe you don’t know this, but he’s not the President now. That title belongs to the babbling moron Joe Biden ( the big guy of the Biden crime family.) You should keep up with current affairs.
And you are an expert on all things Trump because? Have you ever met the man? Someone once said “every asshole has an opinion” and I fervently abide by that famous quote. I’m not going to try to change your opinion of anyone, but realise that it is simply your opinion and nothing more. Trump currently isn’t our problem, it’s the Biden administration that is a consternation to our economy and our esteem in the global order. President Xi Jinping simply ignores his phone calls! And to be clear, I don’t hate Biden, I just have no use of him.
Craig,
I believe Trump’s blood relative Mary L. Trump, Ph.D. (a licensed psychologist) who has known him since her childhood days & wrote a great book about how dangerous he is to our Democracy.
Trump’s older sister, a former Federal judge, agrees with Dr. Mary L. Trump about her brother Donald J. Trump being a danger to society basically.
Don’t take my word, as his own relatives know him best!
NumisdudeTX
Amd relatives never talk bad about other relatives. They never fight over real estate, or property or inheritances. You can tell she is bitter. And even in psychology 101 they say most high iq people selfish and lack empathy. Psychopaths also are known for their high iq. Some blame their selfishness because they are rich, others think they are rich because they are selfish. I never met the guy. If greed and envy didn’t exist your theory would prove true. But I recall schumer going after rap music pretty hard. Ban it. Don’t glorify their culture. It makes them violent.… Read more »
Hi Craig,
You are talking about his picture book, which I think came out in 2021 or maybe early 2022. Seth is talking about a new book, with letters from celebrities and world leaders. It appears you are the one not keeping up with current affairs.
The book I’m referencing just came out this week by disgraced, twice-impeached former President Trump who was recently arrested, booked with fingerprints & photo & charged due to a majority of 23 Grand Jury members who agreed about 34 counts of his fraud in the indictment of Trump…you really need to read more real facts & real news Craig.
There will be no U.S. Presidential $1 coin for him.
NumisdudeTX
To be fair, most news articles are written to be understood by 6 graders so his tribe is ahead of the curve. You’re close. Reading funds the mental.
Or they are selling crazy high so nobody buys and they can hoard and sell elsewhere, or use as stockpile prepping for war and the need it’ll create. Or to sell to other mints. Maybe price has to do with shipping fees or taxes. Probably attached to a health bill for chicken pox vaccine at cheaper cost so hands are tied.
Interesting,seeing your post Dazed and Coinfused. I hadn’t, however intend(?) to post at some point on MNB. The other day I said: “It seems almost as if the US Government/US Mint is intentionally shifting silver sales to other Sovereign Mints, so they can capitalize vs the United States?” Then I said: “Damn, now for a seriously funny scenario? Maybe,Uncle Joe is having his good friend Xi produce them?” In reference to the American Presidential Silver medals. Now for the not so funny, potentially super scary, other potential that came to mind? Yikes… I was pondering all of this bullion American… Read more »
Gold is down $43 per ounce right now Friday, April 14 and below $2000 an ounce. Wow!
NumisdudeTX
Selling paper to buy physical and cover the margins