Gold, Silver and Other Metals Soar on Monday, March 13

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Precious metals rallied Monday, which each scoring settlement highs that nearly reached three weeks for palladium and six weeks for both gold and platinum.

Gold for April delivery rose $49.30, or 2.6%, to settle at $1,916.50 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the highest since Feb. 2.

"The future of gold prices largely depends on whether the Fed’s measures prove effective. If the Silicon Valley Bank’s (SVB) bankruptcy is deemed an isolated incident, gold may lose some of its recent gains," Reuters quoted Alexander Zumpfe, a precious metals dealer at Heraeus.

"However, if the crisis leads to a sustained reversal in the Fed’s policy, gold may remain in demand."

Gold futures traded between $1,875.70 and $1,918.30. They advanced 0.7% last week.

Meanwhile, silver for May delivery soared $1.42, or 6.9%, to end at $21.923 an ounce. The close was the highest since Feb. 10. Silver futures ranged from $20.64 to $22.05. They fell 3.5% last week.

In other precious metals prices on Monday:

  • April platinum advanced $42.70, or 4.4%, to $1,004.90 an ounce, trading between $960.40 and $1,012. Like for gold, the settlement was the highest since Feb. 2.

  • Palladium for June delivery jumped $114.40, or 8.4%, to $1,476.70 an ounce, ranging from $1,363 to $1,485. The finish was the highest since Feb. 22. As recently as Wednesday, palladium at $1,363.10 an ounce logged its lowest settlement since June 7, 2019.

Last week, platinum lost 1.8% and palladium plunged 6%.

US Mint Bullion Sales in 2023

Published United States Mint bullion sales were unchanged on Monday. 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)
Monday Last Week January Sales February March 2023 Sales
$50 American Eagle 1 Oz Gold Coin 0 10,500 118,000 41,500 10,500 170,000
$25 American Eagle 1/2 Oz Gold Coin 0 1,000 37,000 8,000 1,000 46,000
$10 American Eagle 1/4 Oz Gold Coin 0 2,000 62,000 12,000 2,000 76,000
$5 American Eagle 1/10 Oz Gold Coin 0 10,000 115,000 85,000 10,000 210,000
$50 American Buffalo 1 Oz Gold Coin 0 4,500 59,000 19,500 4,500 83,000
$1 American Eagle 1 Oz Silver Coin 0 450,000 3,949,000 900,000 450,000 5,299,000
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Rich

The precious metals are experiencing a genuine flight to safety. Are you experienced?

Kaiser Wilhelm

Have you ever been experienced?

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