In the start of the new trading week, precious metals prices saw gold and silver posting slight gains, while platinum and palladium recorded significant increases.
After experiencing two consecutive but minimal losses, gold for December delivery rose by $6.90, or 0.4%, to settle at $1,946.80 an ounce on the Comex division of the New York Mercantile Exchange.
"Short covering by the futures traders is featured in gold, along with some perceived bargain hunting. The silver market is seeing some technical buying amid friendly near-term charts,” Jim Wyckoff, a senior analyst at Kitco Inc, said in a daily research note
Gold futures traded between $1,940.10 and $1,954.20. They advanced 1.2% last week, for their first weekly win after four weeks of losses.
Rising for the seventh time in eight sessions, silver for September increased by 1.8 cents, or 0.07%, to end at $24.252 an ounce. Throughout the day, silver prices ranged from $24.08 to $24.40, following a soaring 6.6% gain last week that snapped a five-week losing streak.
In other precious metals prices on Monday:
-
October platinum tacked on $24, or 2.5%, ending at $972.20 an ounce, with prices trading within a range of $942.90 and $977.30.
- Palladium for September delivery rose by $27.20, or 2.2%, to close at $1,256.30 an ounce. Palladium futures ranged from $1,217.50 to $1,263.
Last week, platinum jumped by 3.6%, while palladium fell by 2.5%.
US Mint Bullion Sales in 2023
On Monday, the U.S. Mint reported bullion sales gains of 79,500 ounces in American Gold Eagles and 603,000 ounces in American Silver Eagles.
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) | ||||||
|---|---|---|---|---|---|---|
| Monday | Last Week | June | July | August | 2023 Sales | |
| $50 American Eagle 1 Oz Gold Coin | 19,500 | 36,500 | 35,000 | 41,000 | 72,000 | 738,500 |
| $25 American Eagle 1/2 Oz Gold Coin | 0 | 0 | 1,000 | 0 | 2,000 | 75,000 |
| $10 American Eagle 1/4 Oz Gold Coin | 0 | 0 | 4,000 | 0 | 2,000 | 134,000 |
| $5 American Eagle 1/10 Oz Gold Coin | 60,000 | 0 | 60,000 | 0 | 120,000 | 505,000 |
| $50 American Buffalo 1 Oz Gold Coin | 0 | 8,000 | 17,000 | 16,500 | 19,500 | 312,500 |
| $1 American Eagle 1 Oz Silver Coin | 603,000 | 756,000 | 1,482,000 | 209,100,000 | 2,942,000 | 14,757,000 |
| $100 American Eagle 1 Oz Platinum Coin | 0 | 0 | 3,500 | 0 | 0 | 12,700 |
Kaiser,
I don’t think we are going to get rich(er) owning silver, but at least in looks good when made into coins. I have to laugh seeing commercials where the ‘experts’ say they ‘see’ Ag heading to all time highs…soon! I guess I need to find out where they get their glasses from. Here’s a question for you, if Ag would spike to $55-$60/oz., would you sell any of your silver coins?
Craig, It seems I can easily agree with all the points you made, and you did make them well. Barring unforeseen events or circumstances, I don’t believe there are any dramatic financial windfalls in store for those of us who own silver, whether in the short or the long term. Silver is a fine metal for the making of beautiful coins, and one would think that in itself ought to be enough. “Experts” predicting a run up of silver into the hundreds of dollars an ounce might just be propagandizing for the silver dealers since at the rate silver ordinarily… Read more »
Kaiser & Craig, Back before the internet when I was in college from 1980-1986, I used to read some of the many precious metals investment newsletters from different companies. Their so-called experts always called for silver to hit $100 & even $500 back then. Some of those newsletters were highly esteemed in investment circles & actually had to be purchased for like $25-$50 per copy (my coin club would subscribe to one & make photocopies for each club member). And fast forward to today, after 40 years & some of those same newsletters & some new ones are now calling… Read more »
Hey everyone, I cannot imagine this ever happening, but the only thing I could think of that might make Silver really skyrocket like that would be if the Mint started making circulating coinage in Silver again. I would imagine they would need to buy an awful lot of Silver every year. Kaiser Wilhelm, I think I remember you suggested a Silver Cent in the Silver Proof Set recently. I see the Dime is Silver already. They should make the Nickel in that set Silver as well. If they do that, why not the Cent too? And if they go that… Read more »
I like it! I probably priced myself out of the annual set (around $400 I would guess), but I like it. By subscription only!
Kaiser,
I’m in on that kind of set for sure! Great suggestion for a new product for sure. Send your recommendation to the Mint ASAP please. I would pay a pretty premium for such a set even if the mintage is high & a fairly high price…as long as the household limit is 1 set per household for the first day of issue to be fair to all.
NumisdudeTX
Hi Seth, I think we can do away with that “fair for all” problem on the first day permanently by making it subscription only with a limit of no more than 5 or 10 (for gifts) and then minting and releasing a small percentage (10% max is my idea) based off of the entire subscription amount on the first day of release for the flippers or late comers. If someone has an even larger family or gift list, they can do what I did in the past and ask an adult family member or friend with a different address to… Read more »
Now I really couldn’t argue with it, Kaiser Wilhelm. It would turn 4 separate purchases I made this year into 1. The Mint would save some money on labor, packaging and materials and I would save on shipping (2 less shipping fees as compared to before). Less effort all around. I would still be spending more money on the product (more Silver) than before unless the set is cheaper than buying each individually (ha, doubt it). And I might not ever qualify for free shipping from the Mint again. Depends how many special items catch my eye each year. I… Read more »
Jeff,
Great idea on an all silver coin denominations set! I would buy at least two sets if offered by the Mint.
NumisdudeTX
Thanks Seth!
We can accomplish great things by bouncing ideas off of each other rather than when we throw things at each other.
Major D,
This suggestion of an all silver denominations Proof set was recommended to the Citizens Coinage Advisory Committee (CCAC) by some collectors probably about 5 years ago & the Mint didn’t take the hint for a new product that would be popular if priced fairly. But that is a BIG “if”! Lol. But, I would buy two sets most likely if it was offered. 2026 would be a good year to issue it for the 250th anniversary of the USA.
NumisdudeTX
Seth, I was thinking about this after I made the comment below. Couldn’t the Limited Edition Silver Proof Set be the set they created in response to that suggestion “about 5 years ago”? I do not own any of them, I already have all the coins in other products. I just looked the set up, the earliest I saw appears to be from 2019. Is that correct? If that is the case I still like Kaiser Wilhelm’s specific set composition suggestion better. Plus this wouldn’t be in addition (as it appears they made the Limited Edition Silver Proof Set be)… Read more »
I was looking up the final mintages for the Silver Proof Set on some website and and had to scroll through data to get to it. I passed the LESP data. I see the set started in 2012 according to that site. So it couldn’t be from that suggestion Seth mentioned, unless it was made more like 15 years ago, not 5. I saw that for the SPS the lowest mintages were in the last few years, but the 2021 and 2022 sets are still for sale (at the 2023 price now). I wish they would stop selling specific coins… Read more »
Sorry, I had never heard that it was suggested before. Was it a specific suggestion made before? Even the Native American Dollar? I bet those would look good in Silver. I really liked the specific coins Kaiser Wilhelm suggested including. He did not suggest including the ASE, I noticed. I have always wondered why no Silver Dollars are included in the Silver Proof Set. Seemed a weird omission to me.
Sorry Major D, somehow I missed seeing (or forgot about) that earlier discussion. I see Kaiser Wilhelm revised his idea to include the ASE now, so the Mint could eliminate the LESPS. The Mint could do with a bit of reductions in SKUs in my opinion.
Seth.
A 17 year old with $950, you were a rich young man back then! I’ve talked to many people that held common Kennedy half dollars and didn’t sell them then because they thought they’d become highly collectible or silver would continue to go higher. Old Man Fate sometimes only gives us a brief opportunity to make a serious profit. You took advantage of that opportunity and make a nice profit! As they say ‘No one goes broke taking a profit.’
Craig, I think it was because of great timing since my family got back to the states in July, 1979 & as silver started going up quickly as the Hunt brothers here in Texas tried to corner the silver market. I told my father about silver & gold going up a lot since he had a few silver coins & a large, heavy 22k baht gold chain with a pendant of a Buddha in ivory surrounded by a gold bezel that he bought in Thailand while stationed there around 1972. We headed downtown to the biggest coin shop about 2… Read more »