Gold and silver prices rallied Thursday, scoring settlement highs that reached more than a year for gold and to seven weeks for silver.
Up for a third time this week, gold for April delivery tacked on $46.30, or 2.4%, to close at $1,995.90 an ounce on the Comex division of the New York Mercantile Exchange. The finish was the highest since March 10, 2022, when gold ended at $2,000.40 an ounce.
"Gold and silver prices solidly higher in midday U.S. trading Thursday, boosted in the wake of the Federal Reserve raising its main interest rate by a quarter-point, but also suggesting rates will not continue to rise. A depreciating U.S. dollar on the foreign exchange market is also working in favor of the metals market bulls late this week,” Jim Wyckoff, a senior analyst at Kitco Inc, said in a daily research note.
On Wednesday, the Fed’s FOMC raised the benchmark federal-funds rate to a range between 4.75% and 5%, the highest level since September 2007.
Gold futures traded between $1,967.30 and $2,006.10. They inched 0.4% higher on Wednesday, they dropped 2.1% on Tuesday, and they gained 0.5% on Monday.
Meanwhile, silver for May delivery jumped 46.3 cents, or 2.1%, to end at $23.256 an ounce. For a second straight day, the settlement was the highest since Feb. 2.
Silver futures ranged from $22.90 and $23.36. They gained 1.6% on Wednesday, they lost 1% on Tuesday, and they moved up 0.8% on Monday.
In other precious metals prices on Thursday:
-
April platinum added $5.90, or 0.6%, to $992.90 an ounce, trading between $979.30 and $999.
- After soaring 4.5%, palladium for June delivery declined $12.90, or 0.9%, to $1,432.80 an ounce, ranging from $1,415 to $1,463.
US Mint Bullion Sales in 2023
Published United States Mint gold and platinum bullion sales increased Thursday. For the second time this week (and for the year), the 2023 American Platinum Eagle climbed, although its latest pick up was modest. U.S. Mint gold bullion coins, however, posted solid gains. Altogether, U.S. Mint bullion sales included increases of:
- 300 ounces in American Platinum Eagles,
- 28,000 ounces in American Gold Eagles, and
- 6,500 ounces in American Gold Buffalos.
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 | 28,000 | 39,500 | 92,000 | 118,000 | 41,500 | 142,000 | 301,500 |
| $25 American Eagle 1/2 Oz Gold Coin | 0 | 0 | 0 | 37,000 | 8,000 | 1,000 | 46,000 |
| $10 American Eagle 1/4 Oz Gold Coin | 0 | 8,000 | 0 | 62,000 | 12,000 | 10,000 | 84,000 |
| $5 American Eagle 1/10 Oz Gold Coin | 0 | 0 | 0 | 115,000 | 85,000 | 10,000 | 210,000 |
| $50 American Buffalo 1 Oz Gold Coin | 6,500 | 14,500 | 31,000 | 59,000 | 19,500 | 50,000 | 128,500 |
| $1 American Eagle 1 Oz Silver Coin | 0 | 0 | 450,000 | 3,949,000 | 900,000 | 900,000 | 5,749,000 |
| $100 American Eagle 1 Oz Platinum Coin | 300 | N/A | 7,500 | N/A | N/A | 7,500 | 7,500 |
More interesting to me for a change than the price of Palladium dropping yet again on the spot market versus that of Gold was that apparently droves of very rich people are continuing to fill their underground storehouses and impregnable vaults with countless more ounces of gold, platinum and silver ducats.
Good one Kaiser. I’m forwarding it. Also, ever notice that politicians started their careers as attorneys?
On a silver note, waiting for my proof silver AWQs. Nice one.
Thanks, Antonio. And yes, politicians almost inevitably get their start in the “legal” profession – “What do you call ten thousand lawyers at the bottom of the ocean? A good start.” – and finish their career in Congress as bought and paid for millionaires.
Congrats on the AWQs; it’s almost like celebrating Christmas in Spring!
The 2023 1-oz Platinum American Eagle Bullion Coin sales (so far) for it’s initial month of release seem quite low at 7,500. In comparison, here are the initial “first-month” of release US Mint sales figures for the $100 American Eagle 1 Oz Platinum Bullion Coin:
2022 Feb. sales total = 25,800
2021 Mar. sales total = 35,000
2020 Jan. sales total = 14,500
2019 Jan. sales total = 27,100
2018 Feb. sales total = 20,000
2017 Jan. sales total = 20,000
2016 Jul. sales total = 19,000
Not to worry, Good Sir Rich; once enough of our nation’s One Percenters get their sizeable guaranteed tax rebate from the Gummint those coins will be flying out the door!
Aha, I saw immediately where the disconnect here was, Craig. As soon as you mentioned “hundreds of dollars over spot” I realized you were referring to numismatic grade precious metal coins while I instead meant the bullion editions which come with what amounts to a vastly smaller premium over spot. The rich get richer by buying low and selling high; as it was it the beginning is now and ever shall be, in simple English.
Craig & Kaiser,
It is interesting to note that one of the wealthiest men in the world, Warren Buffet, says he does not own gold except his wedding ring!
He has consistently said, “Gold is dead money – it does not bring interest or dividends.”
NumisdudeTX
I thought back in the last century, Buffett bought a huge position in silver and then sold shortly thereafter. It’s been awhile so it might have been someone else.
Every year, East Coast Guru, I watch Warren Buffett and Charlie Munger hold court at Berkshire Hathaway’s annual meeting and I never come away without having learned something.
Seth and Craig,
In a way The Oracle Of Omaha is right. Gold doesn’t in and of itself generate any profits; it relies entirely on external circumstances to improve its relative financial (value) position.
Ironically, Seth and Craig, Mr. Buffet’s opinion on gold notwithstanding, even if gold doesn’t earn the kind of return that he ordinarily prefers from his investments it is still money in and of itself, something which can’t be said about artificially scarce diamonds, a fantasy conjured up by De Beers for the American market.
That makes more sense, Kaiser, but I’d still rather have my money earning a healthy interest rate in this chaotic economic environment we’re in. BTW Kaiser, I liked your idea regarding all of those lawyers. I’ve been saying we’re overrun with lawyers for years. We do need some, but 1.3 -1.4 million lawyers?
If you use the higher estimate of the number of attorneys in our country then that makes for one lawyer for every 236 people in the U.S. population, Craig. Perhaps too many is enough.
It is because the premiums the USM is charging on this year’s Plat Eagle to AP’s in much higher than it has ever been, which is why you see retail prices so high. No one wants that sort of premium risk on their books, and highly unlikely they’ll sell through even 1/4 of the planned mintage.
To be fair, Anon, I suppose one has to take into account the current extremely high inflation rate when judging how accurate and fair the Mint’s price increases are.
Can’t wait to buy 1oz at “TBD.” On sale in three days. No price. Brilliant marketing and transparency. P.S. No need to explain the Mint’s pricing process. I can read. The process is broken — if you’re a consumer.