Precious metals declined on Tuesday, giving back more than their gains from Monday. Additionally, gold and silver reached 2- and 7-week lows, respectively.
Gold for June delivery declined by $29.70, or 1.5%, to settle at $1,993 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the lowest since May 1.
"Weaker economic data coming out of China has prompted increased concerns about consumer and commercial demand for precious metals. Meantime, bearish outside market forces on this day are working against the metals markets — firmer U.S. dollar index, weaker crude oil and rising U.S. Treasury yields," Jim Wyckoff, a senior analyst at Kitco Inc, said in a daily research note.
Gold futures traded between $1,989.10 and $2,022.70, after edging up by 0.1% on Monday.
Meanwhile, silver for July delivery sank 39.8 cents, or 1.6%, closing at $23.893 an ounce, marking its lowest settlement since March 29. Silver futures traded between $23.80 and $24.28 after increasing by 0.6% on Monday.
In regards to other precious metals prices on Tuesday:
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July platinum lost $7.80, or 0.7%, to $1,066.90 an ounce, ranging from $1,061.80 to $1,078.70.
- Palladium for June delivery fell by $30.70, or 2%, to $1,499.60, trading between $1,492.50 and $1,535.50.
US Mint Bullion Sales in 2023
U.S. Mint published bullion sales were unchanged on Tuesday, following gains in gold and silver coins on Monday. The table below presents a breakdown of U.S. Mint bullion products sold, with columns indicating the number of coins sold (not total ounces) during different time periods.
| US Mint Bullion Sales (# of coins) | ||||||||
|---|---|---|---|---|---|---|---|---|
| Tuesday | Last Week | This Week | February | March | April | May | 2023 Sales | |
| $50 American Eagle 1 Oz Gold Coin | 0 | 13,000 | 21,500 | 41,500 | 211,000 | 159,000 | 34,500 | 564,000 |
| $25 American Eagle 1/2 Oz Gold Coin | 0 | 0 | 0 | 8,000 | 1,000 | 8,000 | 0 | 54,000 |
| $10 American Eagle 1/4 Oz Gold Coin | 0 | 18,000 | 18,000 | 12,000 | 10,000 | 12,000 | 18,000 | 132,000 |
| $5 American Eagle 1/10 Oz Gold Coin | 0 | 0 | 0 | 85,000 | 10,000 | 35,000 | 0 | 245,000 |
| $50 American Buffalo 1 Oz Gold Coin | 0 | 23,000 | 9,500 | 19,500 | 73,000 | 61,000 | 32,500 | 245,000 |
| $1 American Eagle 1 Oz Silver Coin | 0 | 450,000 | 403,000 | 900,000 | 900,000 | 900,000 | 853,000 | 7,502,000 |
| $100 American Eagle 1 Oz Platinum Coin | 0 | 0 | 0 | N/A | 7,500 | 500 | 0 | 8,000 |
If gold is acting like this in these conditions, perhaps it’s history as a preserver of wealth has finally run its course. How can the dollar be getting stronger but everything else is getting way more expensive. Not just luxuries, but bare necessities. It buys almost 25% less Peruvian money than just 2 months ago. Less countries are trading it. And ain’t like it’s rare, they print tons of the stuff. Record consumer debt. 40 year record inflation. Banks folding. Threat of default. Gold and silver deficit. Housing shortage. Propulsion grew 1% just in illegals. New York wants to house… Read more »
Dazed, I’m not trying to be pedantic, but did you mean ‘population grew 1% just in illegals?’ I was visualising a horde of illegals passing gas all at once and thought that might be enough propulsion for liftoff! You know these people aren’t going to be satisfied living in old schools. I’ve heard they want new houses to be built for them in the suburbs, post haste. Your boy Biden will have Yellen just print more of those ‘stronger than strong’ dollars to pay for them. To lower the cost of printing all these dollars, I’d propose we create a… Read more »
And once the illegals take over Beverly hills. Buydem will give them reparations and even reimburse them for the money spent on coyotes and camping equipment. You know, thr holographic paper, and plastic ribbon, cotton fibers (maybe that’s why blacks don’t have money, cotton is a trigger, had a lab partner that couldn’t touch cotton balls. Totally white, can’t remember if Russian or German) and the special inks. They will move to digital and instead of 21 million with 8 decimals to right of bitcoin they’ll just move the decimal to the far right and tadaaaa. Now there is 2,100,000,000,000,000.… Read more »
Well. If we don’t keep populating, these politicians can’t keep setting records.
And pretty soon the homeless will be even more homeless