On Monday, the pricing movements of precious metals exactly reversed from Friday, with gold and silver gaining while platinum and palladium fell.
Gold for June delivery rose by $9.30, or 0.5%, to settle at $1,999.80 an ounce on the Comex division of the New York Mercantile Exchange.
"A lower U.S. dollar index and a decline in U.S. Treasury yields are supporting the metals market bulls today. However, the metals market bulls are still tentative amid general marketplace sentiment that Federal Reserve monetary policy is likely to remain tight in the coming months, despite notions the U.S. and/or global economy could slip into recession during that period," Jim Wyckoff, a senior analyst at Kitco Inc, said in a daily research note.
Gold futures ranged within $1,984.40 to $2,001.50, after experiencing a 1.3% decline last week and closing below $2,000 an ounce for the first time this month.
Meanwhile, silver for May delivery increased by 25.3 cents, or 1%, to settle at $25.311 an ounce. Silver futures traded between $24.84 and $25.32, after falling by 1.6% last week and ending a five-week winning streak.
On Monday, PGM’s fell, giving back some of their gains from last week:
-
July platinum tumbled $41, or 3.6%, to $1,097.70 an ounce, ranging within $1,094.90 to $1,142.50.
- Palladium for June delivery dropped $73, or 4.5%, to $1,534.40 an ounce, trading between $1,511 and $1,609.
Last week, platinum soared 8% and palladium soared by 7.4%.
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 | 47,500 | 118,000 | 41,500 | 211,000 | 122,000 | 492,500 |
| $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 | 2,000 | 62,000 | 12,000 | 10,000 | 12,000 | 96,000 |
| $5 American Eagle 1/10 Oz Gold Coin | 0 | 5,000 | 115,000 | 85,000 | 10,000 | 35,000 | 245,000 |
| $50 American Buffalo 1 Oz Gold Coin | 0 | 22,000 | 59,000 | 19,500 | 73,000 | 57,000 | 208,500 |
| $1 American Eagle 1 Oz Silver Coin | 0 | 450,000 | 3,949,000 | 900,000 | 900,000 | 900,000 | 6,649,000 |
| $100 American Eagle 1 Oz Platinum Coin | 0 | 0 | N/A | N/A | 7,500 | 500 | 8,000 |
Looking at Palladiums historic chart, it could easily drop below $500/oz. and probably will with the world changing to EV’s. You don’t need an expensive catalytic converter on a Tesla. Apparently, in doesn’t tarnish like gold or silver so it is in demand for jewellery rings and such.I wish I had taken a short position on it at $3400.00. As they say “what goes up must come down.” Look on the bright side, Kaiser, the price for the American Eagle Palladium coin might be cheaper!
Question is, if collectors bought when high (cost of coin, not them) at $2800 and suddenly palladium crashes to $400 do you think the collectors will sell them for under $1000 or keep them. With all the catalytic convertor thefts you’d think Pd would be skyrocketing. While true if cars go electric (I don’t see it happening in 20 years, the infrastructure isn’t there and the gubmint can’t afford to update anything. Parking garages collapsing from extra weight. Soon many bridges will start to crumble from the weight. But I think Pd will move to a different use. Like carbon… Read more »
There were about 150,000 thefts of those converters in 2022. 2-7 grams of Pd are in each, so if we assume an average of 5grams X 150k = 750,000 grams or 26.500 ounces of Pd. Is that enough to affect the world price of palladium? I don’t know but it is a valid question. I didn’t realise there were that many stolen. It’s a good thing I have a garage!
Hi Craig, there are over 28 grams in 1 regular ounce. I do not know if your calculation was done in troy ounces or something, but I think you are still off. Should be somewhere between 26000-27000 regular ounces, I think. I realize you might have actually known all that, but accidentally put a decimal point where you intended to put a comma. Just letting you know.
That should have been an “,” instead of the “.”..my bad, or more to the point, my bad eyes!
Kaiser, I absolutely love the obverse and reverse of the Pd ‘Mercury’ coin, but I still don’t have one in my collection due to the extremely high premium the mint wants to extract from me. Believe me when I say I was very close to pressing that “buy” button, but common sense finally ruled the day. I don’t feel sorry for collectors that bought them at inflated prices, after all, they have a beautiful coin and we all have had that happen to us at some point in life. Sometimes multiple times! Lol. BTW, GM just announced they are discontinuing… Read more »
I think GM is just going to replace their current Bolt model, not get away from EVs entirely.
EV’s are here to stay. I believe I heard Mary Barra, GM’s CEO, state that she wants the company to become carbon neutral by 2040 or so. Personally, I don’t see it happening. Does anyone think 60-70% of people living in this country, living pay check to pay check, are going to pony up $5000 or more to install a charging plug in their homes? Assuming they own a home. I still haven’t seen any charging stations readily available as I’m out and about. Not everyone is living in a city. Also, I wouldn’t park a car in my garage… Read more »
Pure gold does not tarnish, Craig.
But does anyone wear pure 24K gold rings. No because it wouldn’t last for long…remember the “pantyhose” problem?
Gold removes pantyhose. Not as fast as diamonds, but it isn’t always about the journey, but the destination
There is much wisdom in your words!
But they sell 24K gold jewelry currently, even rings. Someone must be wearing them. And I bet they always have. I imagine even King Tut had at least one 24K gold ring that he wore during his short life. I know I have seen at least one medieval era 24K gold ring for sale before. I assume Mr. T wore all 24K jewelry, or was he faking it? I know he wore gold chains. I think I recall he was wearing gold rings too. How about Trump? He loves gold. I assume he wears at least one gold ring (a… Read more »
There is a “Goldilocks zone” in which superconductivity works particularly well. And this zone is reached neither with nickel nor with copper, but with palladium. This could usher in a new “age of palladates” in superconductivity research. The results have now been published in the journal Physical Review Letters.
That’s cool, Dazed and Coinfused. I had not heard about that possible use. Palladium also seems to be useful in the aerospace industry. Between superconductors, aerospace, and jewelry, there still might be a very bright future for Palladium. I would imagine all of these uses would need more than the few grams per catalytic convertor they require today.
Most gold jewelry made in Thailand is 22k gold with a flexible/bendable clasp. My father was stationed there for a year in 1972 & brought back a thick baht (named after Thailand’s currency) gold necklace with a ivory Buddah in the pendant section. She didn’t care much for it & he sold it for her in 1980 when gold reached a then high price. The dealer who bought it broke the ivory Buddha out & handed it back to my father.
That 22k gold necklace did not tarnish.
NumisdudeTX