On Monday, silver finished nearly unchanged, rising by less than a penny, while gold, platinum, and palladium declined. The latter two experienced sharp drops.
Gold for June delivery shed $6.90, or 0.4%, to settle at $1,992.20 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the lowest since April 21.
"Technically, June gold futures bulls have the firm overall near-term technical advantage. However, a price uptrend on the daily bar chart has been negated. Bulls’ next upside price objective is to produce a close above solid resistance at the April high of $2,063.40. Bears’ next near-term downside price objective is pushing futures prices below solid technical support at the April low of $1,965.90," Jim Wyckoff, a senior analyst at Kitco Inc, said in a daily research note.
Gold futures traded between $1,985.70 and $2,015.40, after rising 0.4% last week to lift their April gain to 0.7%.
Silver for July delivery climbed by a fraction of a cent, or 0.02%, settling at $25.23 an ounce. Meanwhile, silver futures fluctuated between $25.14 to $26.21, after posting a 0.7% rise last week that contributed to their April increase of 4.4%.
In other precious metals prices on Monday:
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July platinum fell $25.40, or 2.3%, to $1,064.70 an ounce, trading between $1,062.30 and $1,103.80.
- Palladium for June delivery tumbled $63.10, or 4.2%, to $1,446.80 an ounce, ranging from $1,439 to $1,514.
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 | February | March | April | 2023 Sales | |
| $50 American Eagle 1 Oz Gold Coin | 0 | 37,000 | 41,500 | 211,000 | 159,000 | 529,500 |
| $25 American Eagle 1/2 Oz Gold Coin | 0 | 0 | 8,000 | 1,000 | 8,000 | 54,000 |
| $10 American Eagle 1/4 Oz Gold Coin | 0 | 0 | 12,000 | 10,000 | 12,000 | 96,000 |
| $5 American Eagle 1/10 Oz Gold Coin | 0 | 0 | 85,000 | 10,000 | 35,000 | 245,000 |
| $50 American Buffalo 1 Oz Gold Coin | 0 | 4,000 | 19,500 | 73,000 | 61,000 | 212,500 |
| $1 American Eagle 1 Oz Silver Coin | 0 | 0 | 900,000 | 900,000 | 900,000 | 6,649,000 |
| $100 American Eagle 1 Oz Platinum Coin | 0 | 0 | N/A | 7,500 | 500 | 8,000 |
Gold is still king. God save the king (this Saturday).
J.R.R.Tolkien…one of my favourite author’s. It took him 12 years to write ‘The Lord of the Rings’ novel and several more to get it published. That’s what I call dedication and perseverance. The book is so much better than the movies but I enjoy both.
A view from someone in the bullion business:
https://www.moneymetals.com/news/2023/05/01/ongoing-us-mint-failures-bring-discredit-to-america-002733
Let’s hope one day in our lifetime that the Mint and Congress allow the direct purchasing of bullion to Joe Six-pack – fingers crossed.