Aside from palladium which jumped on Wednesday, precious metals showed little overall movement in prices, with gold and silver down slightly and platinum up modestly.
Gold for June delivery declined by $8.50, or 0.4%, to settle at $1,996 an ounce on the Comex division of the New York Mercantile Exchange.
"Gold is consolidating strong gains from the weeks prior — settling around the $2,000 an ounce area as it builds a new market at these near record levels," MarketWatch quoted Peter Spina, president of GoldSeek.com. "The overbought conditions from weeks ago are no longer a problem and the market is simply drifting in more of a sideways range as very strong fundamentals continue to support price drops."
Gold futures ranged within $1,993.70 to $2,020.20, after edging 0.2% higher on Tuesday and rising by 0.5% on Monday.
Meanwhile, silver for May delivery dipped by just over a half cent, or 0.02%, settling at $24.876 an ounce. Silver futures traded between $24.81 and $25.33, after dropping 1.7% on Tuesday and increasing by 1% on Monday.
In PGM futures on Wednesday:
-
July platinum added $7.80, or 0.7%, to $1,106 an ounce, ranging within $1,100.60 to $1,124.
- Palladium for June delivery surged by $27.50, or 1.9%, to $1,508.40 an ounce, trading between $1,481 and $1,527.50.
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 | 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 |
Up is good.
Down is bad.
Technically, if you bought most of your stuff before today you’re still up. In that case up is good. If you buy most of your collection today and gold goes down 50% then down is bad.
Found great article on Kitco.
Palladium Investment Fundamentals
Extraction, history, uses, and demand. While maybe not catalytic convertor, it’s used in batteries. Downside is EV probably burns hot enough to melt it, unlike the temps from vehicle gas or oil fire. F150 lightning should be renamed wildfire after the blaze that caused production to stop.
Obviously because blazer was already taken. As is sunfire and firebird. Those all chevy and gm names. Closest Ford has to fire would be Pinto and that’s a horse.
I saw that “Inferno” F150 burn also. How would you like it if it was parked in your garage and turned into an “Inferno?” Come to think of it, I do have a new name for the EV F150!
Can I bring it back? No. Just park it in your street for now until we find a solution. Imagine in a parking garage of an apartment complex. Or at a potash factory. Or on a train. Maybe a late night firework trip. Lot of accidents and ooopsie doodles occurring lately
Not anywhere near a potash plant! Did you see that chocolate factory blow up in Pennsylvania..that was just candy. When you think about it, China might just take us over without firing a shot. They are killing a 100.000 a year with fentanyl and now they’re providing us with these flawless batteries. I have to give them credit for being so ingenious. For the record, I don’t buy items from China if there is an alternative. But I am honing up on my mandarin.
El Flamino
Hopefully you don’t mind me adding, “The El Scorcho”! The little brother of “Del”!
And…. Another 37,000; 1oz Bullion American Gold Eagles have been reported, boosting April 2023 sales totals, to 159,000 1oz AGE coins.