Precious metals declined on Wednesday, led by palladium, which ended at its lowest price since early 2019. Gold fell the least in terms of percentage but also reached a three-and-a-half-month low.
Gold for August delivery edged down by $1.60, or 0.08%, to settle at $1,922.20 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the lowest since March 14.
"A lack of markets-moving fundamental news at mid-week has traders focused more on the analytical charts for the precious metals, which are leaning bearish," Jim Wyckoff, a senior analyst at Kitco Inc, said in a daily research note.
Gold futures traded between $1,911.40 and $1,926.10, after sliding by 0.5% on Tuesday and rising by 0.2% on Monday.
Meanwhile, silver for July delivery declined by 7.1 cents, or 0.3%, to close at $22.889 an ounce. Silver prices ranged from $22.60 to $23, after gaining 0.6% on Tuesday and increasing 2.1% on Monday. On Friday, silver ended at $22.354 an ounce for its weakest settlement since March 16.
In PGM futures prices on Wednesday:
-
October platinum shed $9.10, or 1%, to $924.90 an ounce, trading between $908.50 and $932.
- Palladium for September delivery lost $47.20, or 3.7%, to $1,246.90 an ounce, ranging from $1,204.50 to $1,299.50. The settlement was the lowest since Jan. 7, 2019.
US Mint Bullion Sales in 2023
The U.S. Mint reported no bullion sales gains on Wednesday. On Monday, the Mint reported gains for only the second time this month, following additions made on June 13.
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) | ||||||||
|---|---|---|---|---|---|---|---|---|
| Wednesday | Last Week | This Week | March | April | May | June | 2023 Sales | |
| $50 American Eagle 1 Oz Gold Coin | 0 | 0 | 13,500 | 211,000 | 159,500 | 60,500 | 29,500 | 620,000 |
| $25 American Eagle 1/2 Oz Gold Coin | 0 | 0 | 0 | 1,000 | 8,000 | 18,000 | 1,000 | 73,000 |
| $10 American Eagle 1/4 Oz Gold Coin | 0 | 0 | 0 | 10,000 | 12,000 | 32,000 | 4,000 | 132,000 |
| $5 American Eagle 1/10 Oz Gold Coin | 0 | 0 | 45,000 | 10,000 | 35,000 | 80,000 | 60,000 | 385,000 |
| $50 American Buffalo 1 Oz Gold Coin | 0 | 0 | 7,000 | 73,000 | 61,000 | 47,000 | 14,000 | 273,500 |
| $1 American Eagle 1 Oz Silver Coin | 0 | 0 | 530,000 | 900,000 | 900,000 | 1,593,000 | 1,25,500 | 9,497,000 |
| $100 American Eagle 1 Oz Platinum Coin | 0 | 0 | 0 | 7,500 | 500 | 1,200 | 3,500 | 12,700 |
Palladium has gone down so much, especially last year & this year, that it is the “jinx” metal now…how low can it go??
NumisdudeTX
Kaiser,
“I’ll take ‘monetary’ for $1000 Alex.” – “Jeopardy!”
Palladium is down $23 more this morning…
NumisdudeTX
Thoughts for the group. I signed up for the Morgan Peace subscription at 3 each when they first came out. Mostly because I wanted 3 to go with the three each I have from 2021. I just got the update your account email from the mint and now I am questioning my initial thoughts. All the 2021 Morgan Peace dollars are going for at least double the issue price. Only 175k mintage 200k for the Peace. Due to the huge increase in mintages, especially the proofs, for 2023, I am wondering if this will just barely appreciate and become an… Read more »
Mike Mezack is offering the Advanced Release label of the Morgan and Peace dollars for $249.99, which is $50 cheaper than the ASE’s with the same label. What does that say about interest/demand for these in today’s economic environment. Maybe if rambling Joe would just talk about them…