During Wednesday’s mid-week trading session, silver and platinum prices increased, while gold and palladium prices decreased.
Gold for June delivery fell for a third time in four sessions, losing $12.40, or 0.6%, to settle at $2,007.30 an ounce on the Comex division of the New York Mercantile Exchange.
"Gold prices are lower near midday Wednesday but have posted a significant rebound from the early-session low. Silver prices are modestly up after also seeing solid losses in early dealings. The U.S. dollar index has lost most of its earlier good daily gains, which has given the metals market bulls some confidence to step in to buy today’s price dips. However, rising U.S. Treasury and European bond yields, as well as lower crude oil prices, are keeping the precious metals depressed today," Jim Wyckoff, a senior analyst at Kitco Inc, said in a daily research note.
After rising 0.6% on Tuesday and dropping 0.4% on Monday, gold futures traded today between $1,980.90 and $2,020.30. Notably, on Thursday, gold achieved its highest closing level since August 6, 2020, finishing at $2,055.30 an ounce.
Meanwhile, silver for May delivery rose 10.8 cents, or 0.4%, to settle at $25.371 an ounce, following a 0.7% increase on Tuesday and a 1.5% decrease on Monday. Silver futures ranged from $24.71 to $25.46. Last Thursday, silver ended at $25.925 an ounce, its highest closing price since April 18, 2022.
In PGM futures prices on Wednesday:
-
July platinum added $8.40, or 0.8%, to $1,105.70 an ounce, trading between $1,072 and $1,108.50.
- Palladium for June delivery lost $24.10, or 1.5%, to $1,618.80 an ounce, ranging from $1,577.50 to $1,635.
US Mint Bullion Sales in 2023
U.S. Mint published bullion sales were unchanged 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 / This Week | 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 |
According to a little blue bird, the US Mint recently reported historic gold demand with the best March and Quarterly sales in over two decades since 1999 when the gold price bottomed at $253 per ounce (however, silver sales remain problematic due to supply issues). Note, spot gold closed at $2,054 last week on April 13th.
Spot gold is $1993 per ounce right now in early trading…it couldn’t hold above $2000 for long. For an historical perspective, the USA government has only officially raised its gold price four times since 1792 when it was $19.75 per ounce. In 1834 it was raised to $20.67 per ounce. In 1934 it went up to $35 per ounce. In 1972 it was $38 per ounce & finally the last change was 40 years ago in 1972 gold was changed by the USA Government & set at the official price of $42.22 per ounce where it stays till this day.… Read more »
Major D, Yes, in September of 1974 after the in-person inspection, including by a few members of Congress & the others I posted about, the U.S. Treasury Department, Bureau of the Mint verified a total of 147.4 million troy ounces of pure 24k gold was in the 13 vaults inside the Ft. Knox Bullion Depository. Other USA Government owned gold is held at a few other places, but the vast majority is at Ft. Knox. At the time of the public audit in 1974, only one President had ever been in the building – President FDR who had ordered it… Read more »
Kaiser, The current cost to service our debt is roughly $385 billion, or 12% of our total budget. That’s expected to double by 2030 and triple by 2050. By 2030 it’ll be comparable to the amount we currently spend on our Military. Social Security payments are currently around $1.2 Trillion, which is our largest expense, but that could change if it becomes insolvent by 2034 (due to our beloved politicians stealing from the Lock Box).. I hope the Treasury keeps those printing presses well lubricated, because we need them running 24/7!
Kaiser, We can never know 100% for sure because it is a massive amount of gold, but the seals from the previous internal, private audit were still on the 13 vaults & had to be cut off to open the vaults & were sent to the National Archives in Washington D.C. for posterity. The U.S. Mint, under the aegis of the USA Department of the Treasury runs the Ft. Knox Bullion Depository, including armed U.S. Mint Police officers. I saw a 1-hour documentary about the place about 10 years ago & it was amazing to find out from former employees… Read more »
Kaiser,
So true. Just wait till AI robots take over security jobs!
NumisdudeTX
This sounds like more “fake news” to me. How in the world would 24K gold become imbued in this Russell’s pantyhose? Did the authorities at Fort Knox let the women “twerk” on the pallets of gold bars? `And people are surprised that no one trusts journalists. They will never let anyone do an audit on Fort Knox as Biden has probably given it all to his Chinese masters. Start learning Mandarin!
Hi Craig, If the last public audit was in 1974, how could Biden be responsible for any missing? If he took some or all out to the give to the Chinese, I assume you mean as President (so just recently). You do not mean as a senator or while he was Vice President, do you? Do they let any politician that wants to stop by, and wander around unescorted, do so? Maybe they show up with a Truck and trailer and a few helpers? or order the employees to help load it up? That sounds like fake news to me.… Read more »
Jeff Legan,
In the main photos taken that day at the last public audit, the two ladies each held a 27.5 pound (about 400 troy ounces) pure gold “brick”. It certainly rubbed off a little as they walked around the vaults.
Also, even USA Presidents require special permission to visit the Ft. Knox Bullion Depository under the aegis of the USA Department of the Treasury, Bureau of the Mint. U.S. Mint Police are the guards there.
NumisdudeTX
Jeff, I don’t think Biden is capable of reading a laid out script let alone procuring tons of gold from our inventories, but for the ‘powers to be” anything is possible. It’s my opinion that those who run our Military/Industrial complex are making most, if not all, of our nations policies. The Democrats and Republicans, they are just a distraction, much like a magicians slight of hand card trick, for people in this country.
I do not know Biden personally, so I cannot say what his reading ability is. I could say I think his reading ability is probably better than Trump’s is. Actually, based on the many spelling (1 was covfefe, remember that one?) and verbal gaffes Trump has made since he decided to become a politician (1 early one was from when he was running the first time and he talked about 9/11, but referred multiple times to it as 7- eleven.), Biden’s reading ability is better. And I have read that Trump does not even like to read. The more you… Read more »
Jeff Legan, Biden has a stuttering speech impediment since childhood. He spent many years in speech therapy. His so-called gaffes are mostly due to this pathological speech problem he has successfully lived with. You are right about Trump not liking to read when he was in the White House…his former communications aides have told that they found he would read more if they peppered his briefing papers with the word “Trump” as he loved seeing his name in print! These documents are all in the National Archives in Washington D.C. now (unless he took them to Mar-a-Lago with the other… Read more »
Kaiser,
I agree totally. “Politics” in Washington D.C. is NOT Political Science – it is a game, and a nasty game at that!
NumisdudeTX
I watched a reality show that aired on cable t.v. back when Colorado made all marijuana legal at state-controlled licensed dispensaries. It covered all aspects of the controversial issue. But, what you said is so true because the sales taxes on marijuana there was something like 20% to 30%. Ouch! My mother always said she didn’t have to worry about me getting into buying illegal drugs because I would rather use that money to buy coins & other numismatic items for my collection that started seriously at age 15. I only tried mj once at age 22 & did not… Read more »
Regarding the “gold in the pantyhose” thing. I used to work in inventory control for 8 years or so at one of the jobs I have held in my lifetime. If you are to do an accurate count, you need to get dirty. You will be touching and moving the product to be counted and if it sheds dust you will get some on you. Assuming mass quantities of gold are stacked in piles or on skids or something and gold does shed dust (I only have 2-1 ounce coins and they have never come into contact with each other),… Read more »
That is because there is no accountability. By design, I think. I worked for a high tech company with millions of dollars of computer parts in a warehouse (my inventory control job. Started as an order picker there) and we were watched by cameras everywhere except the bathrooms. We need something like that for government employees at all levels. They need a reminder of who they are working for.
All workers at pure gold storage facilities are required to wear disposable smocks since that happened in 1974. The gold is so soft if you have ever owned 22k or 24k jewelry or any of the U.S. Mint’s 24k 99.99% fine gold coins produced since 2006, you would know how soft that pure gold really is, as the most malleable metal on Earth. The workers who move the 20-pound gold bricks around have their smocks recycled by melting them down approximately once a month & the tiny particles of gold are retrieved. The expensive measurement scales used today in a… Read more »
Thanks for the original info and clarifications. Quite informative.
By the way, since your posts are always signed “NumisdudeTX” and your name at the top is “Seth Riesling”, how would you prefer I address you here? Either is fine with me.
Jeff Legan,
My adopted biblical name Seth is fine. Thanks.
NumisdudeTX
Got it. Jeff is fine on my end (for anyone here, not just Seth).
Jeff,
I posted something above about 5 hours ago about Biden’s speech problems since childhood. And about Trump not liking to read.
NumisdudeTX
I saw it, Seth. Thanks.
I’ve got a much cheaper solution to the storage of gold bars…have Mike Mezack sell the government Red Oak Boxes for each gold bar! You wouldn’t have to worry about gold flakes being attracted to women’s pantyhose, it would be a snap to dust, plus what a lovely way to display your 24K bars! Assuming there are any left at Fort Knox. With the way our money-hungry politicians blow thru money, why would they leave so much wealth untouched? If any of you don’t think that is possible, just look at the money they stole from Social Securities ‘Lock Box.”… Read more »
Excellent point, Kaiser. When I was running my business and would look at my pay stub, somehow I never felt “entitled” paying the government 12.4% of the total for SS. I always paid the maximal amount one could pay each year for SS. I don’t know about you, but I shelled out six figures in SS tax over the years. Would I prefer to be able to invest that money personally over my working career, you bet. I sure hope the younger generations are thinking about accumulating and investing for their future retirement years because I don’t see how SS… Read more »
I feel the same, Craig. I have always thought since I started investing that I could do a better job saving for my future with that Social Security money than they were going to do. Too bad we did not have the option to opt out and divert the money instead to an IRA. I also figure if the government would not have started raiding those funds, the amount of money earning interest in the account today would be generating massive amounts, making it self funding by now and in no danger of running out of funds ever, like I… Read more »
Kaiser Wilhelm, I never understood how someone getting divorced would have to pay say, a $10000 a month clothing allowance because that is the “level your soon to be ex was accustomed to”. Well, their circumstances have changed and they are just going to have to get accustomed to their “new” circumstances, like everyone else in the world has to do when their circumstances change. I could claim I had once gotten “accustomed” to an $18/hour job. I was at that job longer than most marriages last. Then I left it and had to get accustomed to making less. I… Read more »
The double dipping is what I hate. Collecting a pension while you are still working at the same job. Crap! They should not be allowed to collect that pension until they leave that job. Staying in that job means a younger person is locked out of a chance to hold that job and start contributing to their own pension. And it would not surprise me to find out they are still somehow adding to their pension benefits as they continue double dipping. I am pretty sure no private sector jobs allow double dipping, only jobs tied to our government. It… Read more »
Actually 1-ounce of 24k pure gold could be spun into a miniscule thread that could reach from Earth to the Moon theoretically. Scientists recently reported they can now get hammered 24k pure gold down to a few atoms thick!
NumisdudeTX
Kaiser,
That sound like a good idea for a future Disneyland ride – the DisneyMoon theme park – “To the Moon Alice!”
NumisdudeTX
Kaiser, You’re right on point for sure. I mean who hates Disney & their wonderful, magical theme parks?? – the answer is the Republican Governor of Florida, Ron DeSantis! He seems to have a problem with anyone or group or business that doesn’t think exactly like himself about any issue. Republican’s main platform includes a belief in limited government, but he wants his state government up in everyone’s business…so sad for such a well-educated man. Disney rules! (I wish I still had my Disney Dollars I bought in the first year issue in 1987 – they stopped printing them in… Read more »
I would say it is quite possible we are missing a substantial amount of gold. Look at how those Nickel traders just got ripped off with rocks substituted for the Nickel. And they are private sector, supposedly more efficient and on the ball than our government. Audits should be regular and frequent. One per year is not really enough. That computer company I worked for used to do only do 1 yearly audit, but finally started to take inventory control seriously after a Million dollar loss due to theft (they later found out the stolen parts were sold on Ebay).… Read more »
Kaiser, It sure sounds like some funny stuff was going on that day. I wasn’t aware that 24K gold apparently melts in your hands like chocolate.I know it is a very malleable metal, but if it can flake off in tiny pieces and end up in a woman’s pantyhose that easily, then maybe it also has a mind of it’s own. Lol.
I couldn’t agree more Kaiser. I only wonder what the breaking point is, when does this “house of cards” implode on itself.I just hope I’m not around when it does.
In my opinion, anyone who gets their news from only 1 source, or even multiple sources with the same or very similar point of view, is just asking to be misled. The 2 sides to every story thing. Usually the truth lies somewhere in-between. I think of it like triangulation. You need two different data points to accurately determine the third.
Seth, is the face value of the $50 Gold American Eagle one ounce (legal tender) coin related to the $42.22 price of gold per troy ounce used on the accounting books of the USA Treasury Department?