On Thursday, precious metals prices declined, with silver leading the way with a 2.2% loss. Gold experienced the smallest drop in terms of percentage, but it ended the day at its lowest price since mid-March.
Gold for August delivery fell by $11.70, or 0.6%, to settle at $1,915.40 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the lowest since March 14.
"The weakness that we’re seeing in gold is reflective of the expectations for a Fed that is more likely to raise interest rates at the July meeting," Reuters quoted David Meger, director of metals trading at High Ridge Futures.
"We’re seeing continuing jobless claims come down and the ADP private payroll numbers came out better than expected. As a result, we’re seeing yields increasing and hence some more pressure applied to the gold market."
Gold futures traded between $1,908.50 and $1,934. They dipped 0.1% on Wednesday and they edged 0.01% higher on Monday.
Meanwhile, silver for September tumbled 51.2 cents, or 2.2%, to close at $22.89 an ounce. The finish was the weakest since a week ago. Silver futures ranged from $22.72 and $23.47. They advanced by 1.3% on Wednesday and they increased by 0.4% on Monday.
In other precious metals prices on Thursday:
-
October platinum shed $15.30, or 1.7%, to $909.70 an ounce, trading between $899 and $931.
- Palladium for September delivery gave back $18.50, or 1.5%, to $1,239.40 an ounce, ranging from $1,221.50 to $1,272.50.
US Mint Bullion Sales in 2023
The U.S. Mint last reported bullion sales increases on Monday, June 26. 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) | |||||||
|---|---|---|---|---|---|---|---|
| Thursday / Week / July | Last Week | March | April | May | June | 2023 Sales | |
| $50 American Eagle 1 Oz Gold Coin | 0 | 13,500 | 211,000 | 159,500 | 60,500 | 29,500 | 620,000 |
| $25 American Eagle 1/2 Oz Gold Coin | 0 | 0 | 1,000 | 8,000 | 18,000 | 1,000 | 73,000 |
| $10 American Eagle 1/4 Oz Gold Coin | 0 | 0 | 10,000 | 12,000 | 32,000 | 4,000 | 132,000 |
| $5 American Eagle 1/10 Oz Gold Coin | 0 | 45,000 | 10,000 | 35,000 | 80,000 | 60,000 | 385,000 |
| $50 American Buffalo 1 Oz Gold Coin | 0 | 7,000 | 73,000 | 61,000 | 47,000 | 14,000 | 273,500 |
| $1 American Eagle 1 Oz Silver Coin | 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 | 7,500 | 500 | 1,200 | 3,500 | 12,700 |
A pound of gold would be about $30,646.40 and silver would be about $366.24. It looks like a lot until you figure what you can buy with that. A car? Or a down payment on one. Mortgage payment or rent for a few months? How long will that last you for groceries? These are the things that matter really. Well, I suppose one doesn’t necessarily need a car. I’m looking at the long term when I’m in my “senior” years.
D, Why would anyone buy from any of those sites? Are people that stupid that they don’t realise they can buy direct from the mint and still pay ludicrous prices for their coins. Maybe they are. I know FOMO drives many of these types to jump on these products, but history should teach them to exhibit a bit of patience and the prices should come in. It’ll be interesting to see what prices these sites will be offering them for in the Fall/Winter. I will own a few, so I’m obviously hoping their interest remains…strong.
Major D, I have 3 of the 2021 Peace Dollars and appreciate your update on what the secondary market is selling them for. I own all of the 2021 issues and plan on keeping them in my collection. I did have to buy a CC from silver.com and, as expected, it had a minor flaw on the obverse. I naturally assume any coin one buys on the secondary market has probably failed to grade 70. All the others I got from the mint appear perfect, but I don’t ‘slab’ mine so who knows. As for the price in the future,… Read more »