At the start of the new trading week on Monday, prices for precious metals diverged, with those for gold and silver falling while those for platinum and palladium rose.
Gold for June delivery fell by $8.80, or 0.4%, and closed at $2,007 an ounce on the Comex division of the New York Mercantile Exchange
"Heavy profit-taking pressure has been featured in both metals [gold and silver] the past two session after prices hit 13-month highs last week. The downside price action in gold and silver is so far normal corrections in uptrends that remain firmly in place on the daily charts. However, the gold and silver market bulls do need to step up and show fresh power soon to avoid some near-term technical damage being inflicted,” Jim Wyckoff, a senior analyst at Kitco Inc, said in a daily research note.
Gold futures traded in a range between $1,993.40 and $2,028, after declining 0.5% last week to end a six-week winning streak. On Thursday, gold finished at $2,055.30 an ounce, its highest level since August 6, 2020.
Meanwhile, silver for May delivery declined by 37.2 cents, or 1.5%, to settle at $25.088 an ounce. Silver futures ranged from $24.92 to $25.71. Last week, they rose 1.5%, marking their fifth consecutive weekly gain. On Thursday, silver settled at $25.925 an ounce, its highest closing price since April 18, 2022.
In other precious metals prices on Monday:
-
July platinum rose $5.60, or 0.5%, to $1,059.60 an ounce, trading between $1,050.20 and $1,069.90.
- Palladium for June delivery soared $64.20, or 4.3%, to $1,560.50 an ounce, ranging from $1,483.50 to $1,573.50.
Last week, platinum gained 3.7% and palladium increased by 2.3%.
US Mint Bullion Sales in 2023
U.S. Mint published bullion sales were unchanged on Monday. 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) | |||||||
|---|---|---|---|---|---|---|---|
| Monday | Last Week | January Sales | February | March | April | 2023 Sales | |
| $50 American Eagle 1 Oz Gold Coin | 0 | 56,500 | 118,000 | 41,500 | 211,000 | 74,500 | 445,000 |
| $25 American Eagle 1/2 Oz Gold Coin | 0 | 0 | 37,000 | 8,000 | 1,000 | 8,000 | 54,000 |
| $10 American Eagle 1/4 Oz Gold Coin | 0 | 0 | 62,000 | 12,000 | 10,000 | 10,000 | 94,000 |
| $5 American Eagle 1/10 Oz Gold Coin | 0 | 10,000 | 115,000 | 85,000 | 10,000 | 30,000 | 240,000 |
| $50 American Buffalo 1 Oz Gold Coin | 0 | 25,500 | 59,000 | 19,500 | 73,000 | 35,000 | 186,500 |
| $1 American Eagle 1 Oz Silver Coin | 0 | 0 | 3,949,000 | 900,000 | 900,000 | 450,000 | 6,199,000 |
| $100 American Eagle 1 Oz Platinum Coin | 0 | 0 | N/A | N/A | 7,500 | 500 | 8,000 |
I’ve read this week, if you have $50,000.00 in savings, invest it in gold and silver.
I don’t know. I bought my gold before the 2008 crash, and continue to buy silver.
We’ll see, we’ll see.
If you’re a neophyte to managing money, remember this…Diversity is the key to success. Never have more than 5% of your money in any investment. If you’re diligent and take time to research your investments continually, that $50K will seem like chicken feed with time. I’m currently taking advantage of high yield savings vehicles and 6 month treasuries that pay 5% with my excess funds. Diversity!
Hi Craig, In my opinion, diversification is for the middleclass and up to hold onto the money they have already made. If you are poor, the little amounts you have will never grow into anything if you diversify. If you are poor and more scared of losing the little you have, then by all means diversify, just do not expect a large retirement fund, even decades later (takes money to make money). You are just going to have to take some risks if you ever want a chance to join a higher social class. I believe poorer people who might… Read more »