On Thursday, precious metals recorded declines, further extending the losses for both gold and silver to a second consecutive day. Gold fell by 0.8%, while silver tumbled by 4.8%, representing the outer range of metal declines.
Gold for June delivery fell by $16.60 to settle at $2,020.50 an ounce on the Comex division of the New York Mercantile Exchange.
"Some fresh banking jitters and weaker U.S. economic data today have rekindled concerns about an economic recession being on the horizon. Gold and silver market bulls are somewhat frustrated their metals are not performing better due to safe-haven demand amid the keener marketplace uncertainty. However, at least on this day it appears metals traders are more focused on the bearish weaker consumer and commercial demand implications a U.S. and/or global recession would have on metals markets," Jim Wyckoff, a senior analyst at Kitco Inc, said in a daily research note.
Gold futures traded between $2,016.70 and $2,047.60 after falling by 0.3% on Wednesday, increasing by 0.5% on Tuesday, and rising by 0.4% on Monday. Last Thursday, gold settled at $2,055.70 per ounce, marking its best price since reaching a record on Aug. 6, 2020.
Silver for July delivery sank by $1.23, settling at $24.424 an ounce. Silver futures traded within the range of $24.32 to $25.70, experiencing a decline of 0.9% on Wednesday, an increase of 0.3% on Tuesday, and a drop of 0.4% on Monday. Notably, last Thursday witnessed silver reaching $26.227 per ounce, marking its highest finish since March 10, 2022.
In other precious metals prices on Thursday:
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July platinum ended down by $14.10, or 1.3% to $1,105 an ounce, trading between $1,094.70 and $1,129.80.
- Palladium for June delivery lost $51.10, or 3.2%, to $1,554, ranging from $1,539 to $1,627.50.
US Mint Bullion Sales in 2023
U.S. Mint published bullion sales have been unchanged since their first gains of the month 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) | |||||||
|---|---|---|---|---|---|---|---|
| Thursday | Last Week | This Week / May | February | March | April | 2023 Sales | |
| $50 American Eagle 1 Oz Gold Coin | 0 | 0 | 13,000 | 41,500 | 211,000 | 159,000 | 542,500 |
| $25 American Eagle 1/2 Oz Gold Coin | 0 | 0 | 0 | 8,000 | 1,000 | 8,000 | 54,000 |
| $10 American Eagle 1/4 Oz Gold Coin | 0 | 0 | 18,000 | 12,000 | 10,000 | 12,000 | 114,000 |
| $5 American Eagle 1/10 Oz Gold Coin | 0 | 0 | 0 | 85,000 | 10,000 | 35,000 | 245,000 |
| $50 American Buffalo 1 Oz Gold Coin | 0 | 0 | 23,000 | 19,500 | 73,000 | 61,000 | 235,500 |
| $1 American Eagle 1 Oz Silver Coin | 0 | 0 | 450,000 | 900,000 | 900,000 | 900,000 | 7,099,000 |
| $100 American Eagle 1 Oz Platinum Coin | 0 | 0 | 0 | N/A | 7,500 | 500 | 8,000 |
What a bloodbath for silver.. Ouch!
NumisdudeTX
Sell in May and go away