On Friday, prices of most precious metals experienced a decline, but over the course of the week, they mostly recorded gains. Gold and silver were among the weekly gainers, marking their second consecutive week of increases.
Gold for August delivery dipped $1.40, or 0.07%, to settle at $1,977.20 an ounce on the Comex division of the New York Mercantile Exchange.
"Gold is oscillating in a $1,940-$1,990 range and is likely to remain so until inflation data and the Fed result next week," Reuters quoted Tai Wong, a New York-based independent metals trader, adding that bullion remains "more sensitive to weak or dovish economic data."
Gold prices climbed by 0.4% for the week, following a 1.3% increase last week. Year to date, the value of the yellow metal has risen by 8.3%.
Looking forward to the upcoming week, Kitco News offers the following forecasts via their Wall Street & Main Street surveys:
"This week, 21 Wall Street analysts participated in the Kitco News Gold Survey. Among the participants, nine analysts, or 43%, were bullish on gold in the near term. At the same time, two analysts, or 10%, were bearish for next week, and ten analysts, or 48%, saw prices trading sideways.
Meanwhile, 692 votes were cast in online polls. Of these, 435 respondents, or 63%, looked for gold to rise next week. Another 159, or 23%, said it would be lower, while 98 voters, or 14%, were neutral in the near term."
In other news, silver for July delivery increased by 6.2 cents, or 0.3%, to settle at $24.41 an ounce, extending its weekly gain to 2.8% following a 1.7% increase last week. Silver prices have risen by 1.5% since the beginning of the year.
When examining other precious metals, both on Friday and throughout the week:
-
July platinum fell by $1.10, or 0.1%, to end at $1,012.80 an ounce, trimming its weekly gain to 0.9%
- Palladium for September delivery tumbled by $53.50, or 3.9%, to finish at $1,304.80 an ounce, expanding its weekly loss to 7%.
Analyzing the performance since the beginning of the year, platinum has shown a decline of 6.5%, whereas palladium has experienced a substantial loss of 27.4%.
US Mint Bullion Sales in 2023
U.S. Mint published bullion sales have been unchanged so far this month. 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) | |||||||
|---|---|---|---|---|---|---|---|
| Friday / Week / June | Last Week | February | March | April | May | 2023 Sales | |
| $50 American Eagle 1 Oz Gold Coin | 0 | 8,000 | 41,500 | 211,000 | 159,000 | 60,500 | 590,000 |
| $25 American Eagle 1/2 Oz Gold Coin | 0 | 18,000 | 8,000 | 1,000 | 8,000 | 18,000 | 72,000 |
| $10 American Eagle 1/4 Oz Gold Coin | 0 | 14,000 | 12,000 | 10,000 | 12,000 | 32,000 | 146,000 |
| $5 American Eagle 1/10 Oz Gold Coin | 0 | 80,000 | 85,000 | 10,000 | 35,000 | 80,000 | 325,000 |
| $50 American Buffalo 1 Oz Gold Coin | 0 | 8,500 | 19,500 | 73,000 | 61,000 | 47,000 | 259,500 |
| $1 American Eagle 1 Oz Silver Coin | 0 | 693,000 | 900,000 | 900,000 | 900,000 | 1,593,000 | 8,242,000 |
| $100 American Eagle 1 Oz Platinum Coin | 0 | 1,200 | N/A | 7,500 | 500 | 1,200 | 9,200 |
A heads up for any that key be interested. The Mint has put up 70,Type 1(Mercanti/Helraldic Eagle) 2021 Proof American Silver eagles and there are 99+ Eleanor Roosevelt PDS AWQ’s sets available.
I find it interesting that the Mint hasn’t sold a single silver, gold or platinum bullion version coin in the new month of June. Why aren’t the “big boy” bullion coin dealers stocking up this month yet?
NumisdudeTX
Kaiser, It is a mystery to be solved for sure, especially in light of the “silver rush” of the past 2 years basically & falling platinum & palladium prices. You would think the customers of the large dealerships would be making purchases frequently. The typical “Summer doldrums” for the coin hobby (when family vacations take up big chunks of a household budget) hasn’t happened so much since the pandemic keep most at home or close to home & indications show the numismatic marketplace was highly active on all levels during the worst part of the Covid era. Maybe dealers are… Read more »
I read the posts as well and thank you guys for sharing your History with us here! I found that the stories of your stay’s on DOD property or around for that matter and activities that were available as well as how your time was spent during those very “formative years”, quite interesting! Then with the tie in on Mark Twain, quite fascinating, truly! Thanks for posting your memories as they don’t last forever and, these type posts, inspire me to often, at the very least, do a quick internet search for additional information re: topic or a spin-off topic,… Read more »
Anyone need to adjust or sign up for 2023 Peace and Morgan $1 offerings and speaking of a good mystery? When will the “old” Gold American Liberty coins(1oz, 1/10oz) from 2017 and 2017 be retired? FYI, US Mint shoppers! All products for the 2023 Morgan and Peace dollars are available for subscription, including the 2-coin RP Morgan Peace $1 dollar set, In theory the US Mint cleaned house of prior years AGE’s. Now if they could just double sales and push through those last 40,000-60,000+ 1oz 2017 American Liberty gold 1oz coins? Currently sales are at 38,710 out of 100,000.… Read more »
Caliskier, I have seen the 2017 & 2018 American Liberty gold coin sales as one of the Mint’s worst debacles since day one! They were so excited about celebrating that year as the Mint’s 225th anniversary, that they forgot common sense altogether! Lol. And they are now stuck with $millions worth of pure gold coins in high relief (2017) & Proof (2018) that are selling at a snails pace for 6 years on one & 5 years on the other! Like you referred to – when will they melt all of those 24k gold coins to use for new gold… Read more »
Hello fellow commenters, here on Coin News. FYI, trying to keep up with 3-6 comments threads goin at once has proved to be challenging to say the least. LOL Unless opposed, I get it, I’m a visitor and you guys have been(CoinNews) here a while, I’m going to alter some of where and when I post. Trying to eliminate or reduce the backtracking to find comments or questions? So I may start moving comments forward as our host continually, thankfully, puts up newer articles. Such as Kaiser Wilhelm previous thread says: “….” For example… Additionally I’ve become accustomed, via MNB,… Read more »
Thank you Kaiser Wilhelm, for the kind and flattering prose! I find all the different views, often stimulate thoughts of additional angles to, gander at coins, the hobby, business, production etc, from. Thanks again for the warm welcome and continued hospitality! You did mean the “A” team, right? LOL
I second that statement.
A penny for your thoughts…
“California
A million good lucks: California family finds over 1m copper pennies”
Wow! That would keep me busy for quite a while, searching for key dates, errors and such! LOL Link below to the article on The Guardian.
https://amp.theguardian.com/us-news/2023/jun/09/california-family-million-copper-pennies
PS Boy you could really put your $.02 cents in! Even with inflation, you could get generous and leave a $.03 cent tip!
PSS Current spot melt price places the value, right at $25,000.
I agree Kaiser, going blind looking at 1 million Penny’s could be a negative. I would ask my wife if she has a minute or two and help me sort. Sell it as a sort of husband and wife bonding. add flowers to the offer too. Then it’s only 500,000 pennies. Totally do-able!!
East Doast Guru and Kaiser Wilhelm both, you’d better think about sweetening the offer with at least a nice dinner out night out on the town, or ?, to celebrate at the conclusion of inspecting coin number 1,000,000! I was talking to my brother about these coins yesterday and I figured that it would take over 3 years for 1 person, if spending 1 minute per coin analyzing for a variety or error coin? Now the sucky part! You’d have to go, non-stop, 24 hours and “every minute” of every day,, with “zero” time for “anything” else! That’s a really… Read more »
Kaiser, Caliskier, All excellent points. Perhaps selling them by the roll which will generate 20,000 rolls @$2 each will get a nice sum of $40k when all is said and done
Solid idea, East Coast Guru, and may be the best way to unload for a profit and be done with it? Let someone else look for the golden ticket, in a hat stack! Of course you’d would also probably want to cease reading or listening to any news, as FOMO, would be strong and if you heard a hoard of rare coins were now coming to market from that batch, one may have a slight bit of remorse. I can’t imagine looking at more than a &100-$500 worth maximum and even then thats a lot of coins? Maybe you get… Read more »
I think I’d be entertained for about a week, then it could quickly be escalate into a really good time or a job hum, why’d I bother. I’d try to see how I did and what I found after a week and go from there. I like the idea of searching some and just unloading the rest as rolls, as mentioned by EC Guru.
True dat, Kaiser Wilhelm! Anyone that could pull that proposal off with their wife, should definitely be running for POTUS, as you can obviously talk your way, into or out of absolutely, anything”! Start of slow and build up to popping the question? Honey, how does looking at….a slice of pizza sound? Look how different all these pepperoni are! Then go from there…Pretty neat, huh? Ok, so you know how I like to also, look at coins…I was wondering if…..gulp….LOL Good luck guys!
LOL, fair enough Kaiser Wilhelm!
What? Are you serious? Holy smokes, how insane would it be to discover in a roll or bag from yesteryear? Not how this was found, assuredly, however I stumbled into this site just now, as I’m expanding my error coin; variety and general coin knowledge. “Unique GOLD Buffalo Sells For $400,000” When I saw this headline, initially I was thinking, some unique Modern variety or error on a Modern Bullion or Numismatic American Gold Buffalo. Nope, it is an insane, 1913 Buffalo Nickel struck on a $5 Gold planchet! Great article/read and they go over a few other “gold” planchet… Read more »
Arrrgh, stymied again Kaiser Wilhelm! LOL Your synopsis, more or less as well as more often than less, is likely one of, if not the most plausible scenario. Not sure why I’m always trying to apply or find logic when often, none is to be found nor expected by, seemingly the majority, IMO? I just find it odd that a director can essentially make or have made, crazy coins to hand out to friends and family or others at their own discretion, from what it sounds like. This coin is for sure not the only coin to show up at… Read more »
If your idea doesn’t work Kaiser Wilhelm, we can always knock off another 25% and see if those stale 2017 $ 2018 AGL’s move? LOL if that doesn’t do it perhaps an added “bonus” gift would do the trick? Just a buck!
HHL of 1 still up, However the 2021 2 coin Reverse Proof Designer set is available! Go get em’!
Kaiser,
There was a magazine once upon a time before the internet, that I cannot remember the name of, maybe Mad magazine, where they would show actual photos of about 4 real signs posted in public places on their last page each month. This was my all-time favorite! Lmao:
“Planned Parenthood
Parking in rear”
NumisdudeTX