In precious metals trading Thursday, platinum’s price increased while prices for gold, silver and palladium declined.
Falling from a six-week high, gold for April delivery gave back $8.30, or 0.4%, to settle at $1,923 an ounce on the Comex division of the New York Mercantile Exchange.
"Gold and silver prices are weaker in midday early U.S. trading Thursday, on profit-taking and corrective pullbacks after both metals scored five-week highs Wednesday. Veteran market watchers would deem the pauses as being actually healthy for the fledling price uptrends in gold and silver to continue,” Jim Wyckoff, a senior analyst at Kitco Inc, said in a daily research note.
Gold futures traded between $1,911.50 and $1,938. They tacked on 1.1% on Wednesday, registering their highest finish since Feb. 1, they shed 0.3% on Tuesday, and they gained 2.5% on Monday.
Silver for May delivery slipped 19 cents, or 0.9%, to close at $21.692 an ounce. Silver futures ranged from $21.59 to $22.21. They fell 0.7% on Wednesday, they rose 0.5% on Tuesday, registering their highest close since Feb. 10, and they soared 6.9% on Monday.
In other precious metals prices on Thursday:
-
April platinum rose $6.80, or 0.7%, to $977.10 an ounce, trading between $965.10 and $983.90.
- Palladium for June delivery declined $35.50, or 2.5%, to $1,409.30 an ounce, ranging from $1,403.50 to $1,470.50.
US Mint Bullion Sales in 2023
Published United States Mint bullion sales were unchanged on Thursday. Below is a sales breakdown of U.S. Mint bullion products with columns listing the number of coins sold during varying periods.
| US Mint Bullion Sales (# of coins) | |||||||
|---|---|---|---|---|---|---|---|
| Thursday | Last Week | This Week | January Sales | February | March | 2023 Sales | |
| $50 American Eagle 1 Oz Gold Coin | 0 | 10,500 | 39,500 | 118,000 | 41,500 | 50,000 | 209,500 |
| $25 American Eagle 1/2 Oz Gold Coin | 0 | 1,000 | 0 | 37,000 | 8,000 | 1,000 | 46,000 |
| $10 American Eagle 1/4 Oz Gold Coin | 0 | 2,000 | 8,000 | 62,000 | 12,000 | 10,000 | 84,000 |
| $5 American Eagle 1/10 Oz Gold Coin | 0 | 10,000 | 0 | 115,000 | 85,000 | 10,000 | 210,000 |
| $50 American Buffalo 1 Oz Gold Coin | 0 | 4,500 | 14,500 | 59,000 | 19,500 | 19,000 | 97,500 |
| $1 American Eagle 1 Oz Silver Coin | 0 | 450,000 | 0 | 3,949,000 | 900,000 | 450,000 | 5,299,000 |
If the brakes aren’t put on palladium’s value drop soon it may never come back to form.
Then again, why would any of us – except, I suppose, those looking to sell what palladium coins they already have – give a darn. In fact, for our own buying purposes the more it declines in value the better, that is, as long as the Mint adheres to its pricing grid, which is to say that as palladium drops so should the Mint’s prices for it.
I purchased exactly 1 palladium coin, just because I thought it would be cool to have one of each metal the mint used for coins (the other metals being fairly easy to get). not one of each type of finish, not one for each mint mark, not one for every year, just one single solitary palladium coin was fine for me. sure, when palladium shot up over $2000/oz I was tempted to sell it and make a profit, but then I would have zero palladium coins, so I didn’t.
Good for you, c_q, for holding fast to the true spirit of numismatics. We who are about to make further additions to our collections salute you!
fyi gold tipped over $2000 (and then promptly fell back below) just a few minutes ago (note i’m looking at the front primary futures contract, not spot). a bunch of the further out contracts are well over $2000 right now, so the indication is for gold spot to climb a bit more. but of course, futures data is only accurate when you look at it, it doesn’t really predict the actual future all that well.
poor palladium, down in the dumps, on the plus side maybe that means catalytic converter thieves won’t get as much and they’ll stop stealing them
I’m not sure, c_q, that anything will ever stop thievery of one sort or another. It’s my unswerving opinion that some people will engage in absolutely any endeavor other than work.
I hear crime pays well, if it were a country I think I remember it being ranked 2nd behind US. But California is 6th if it were a separate country. Life is one big ponzi scheme.
Talk about synchronicity, Dazed and Coinfused and c_q, I was just thinking the very same thing myself, which is: “Life is one big Ponzi scheme.”
By the way, the international crime industry generates fully 3.6% of the world’s yearly economic activity, which is equivalent to 2.1 trillion dollars or the annual GDP of Brazil, the current eighth largest economy on the planet.
Imagine gold’s peak when the people around the world all make a run on the banks. In cases like this. I’ll wait for prices to drop and then buy a slabbed mad mike special for less. Plus free oak box and because so many send coins to grade they pay for his grading. I gold oz from mint, I’d bet probably $3250. I wouldn’t hold paper too long. There’s 99 more people doing the same thing in line ahead of ya.
This is why the concept of stacking to survive is such a gross misapprehension of things to come, Dazed and Coinfused. Once the social order has devolved to the point where all normal human interaction and standard economic exchange has ceased to function, anyone venturing about in search of a barter opportunity of precious metal(s) for food and/or water would most likely have expended every single cartridge with which their crossed bandeleros had been festooned long before they had any chance of succeeding in their quest.
Red oak, Dazed and Coinfused, red oak. 🙂