In normal trading hours Wednesday, precious metals bounced from prior-day losses with gains ranging from 0.4% for gold to 4.5% for palladium. They advanced further in after-hours trade when the Fed announced another hike in interest rates.
Gold for April delivery rose $8.50 to settle at $1,949.60 an ounce on the Comex division of the New York Mercantile Exchange.
Gold futures traded between $1,936.50 and $1,982.30. They dropped 2.1% on Tuesday and they gained 0.5% on Monday, closing at their best price since April 18.
Following a two-day monetary policy meeting, the Fed’s FOMC raised the benchmark federal-funds rate by 0.25% to a range between 4.75% and 5%, the highest level since September 2007.
In after-hours trade, gold moved above $1,971 an ounce.
Elsewhere, silver for May delivery tacked on 36.1 cents, or 1.6%, to end at $22.786 an ounce. The settlement was the highest since Feb. 2. Silver futures ranged from $22.41 and $23.24. They lost 1% on Tuesday and they moved up 0.8% on Monday. The precious metal was last above $23 an ounce in later, electronic trading.
In PGM futures on Wednesday:
-
April platinum climbed $10.30, or 1.1%, to $987 an ounce, trading between $977.30 and $1,007.20.
- Palladium for June delivery rallied $62.60 to $1,445.70 an ounce, ranging from $1,360.50 to $1,461.50.
US Mint Bullion Sales in 2023
Published United States Mint bullion sales were unchanged on Wednesday. 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) | |||||||
|---|---|---|---|---|---|---|---|
| Wednesday | Last Week | This Week | January Sales | February | March | 2023 Sales | |
| $50 American Eagle 1 Oz Gold Coin | 0 | 39,500 | 64,000 | 118,000 | 41,500 | 114,000 | 273,500 |
| $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 | 0 | 14,500 | 24,500 | 59,000 | 19,500 | 43,500 | 122,000 |
| $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 | 0 | N/A | 7,200 | N/A | N/A | 7,200 | 7,200 |
Gold rose, silver tacked on, platinum climbed and palladium rallied…at least in the futures market. On the spot market all except for platinum (which stayed even) were lower.
I have to go there sorry, Kaiser Wilhelm. My brain wandered fast on your comment and at first, reversed your first part and was like, “Rose Gold”? My brain then started making other associations with the other metals and adjectives chosen. So I envisioned, Rose gold, silver tacks, as in thumb or silver tack as in equestrian gear, ie:bridle, spurs, then platinum carabiners for “climbing”, and finally a Palladium lined exhaust for “rallying”, in one’s rally car! LOL
Megakudos (is that even a word?) on every bit (straight from the horse’s mouth) of that brilliant (as applicable to all precious metals and your imagination) composition, Caliskier! The entire essay (assay?) clearly reached its peak with the minting of the unsurmountable concept of platinum carabiners! I’m ready to rally around that idea!
You are truly a word smith and thanks Kaiser Wilhelm, keep hammering them out! LOL
Thank you and you’re welcome, in that order, but I have to say that in my often not all that humble opinion it is not at all only on the rare occasion that your own talent for the smiting and hammering of words unquestionably exceeds mine due to its scintillating originality and boundless cleverness.
Speaking of metals precious, base and heavy. With all this banking and following PM’s loosely daily, I’ve managed to see some crazy stories I normally have or would have missed. Here’s just a taste, of what I’ve posted, relaying stories, most fairly recent and all “Big Money”! No longer a Penny or “Copper Cent” for one’s thoughts, inflation has brought this to a “Nickel”? “Trafigura has alleged it has been the victim of a “systematic fraud” and faces a writedown in excess of half a billion dollars after discovering that shipments of nickel that it purchased failed to contain the… Read more »
I don’t even know what I could say about this one? “According to recent reports, commodities trader Mercuria Energy Group Ltd. An agreement was reached last summer to buy $36 million of copper from Turkish suppliers. But when the goods began to arrive in China, only containers full of painted rocks were found.” “The bizarre case highlights the vulnerability of commodity traders to fraud even when safety and inspection controls are in place.” First thing that came to mind was, I wonder what alloy is really inside of a bar of “Nadir” silver? Crazy.! $36 million worth! https://news.metal.com/newscontent/101416204/rough-copper-turns-into-stone-the-commodity-giant-was-subjected-to-bizarre-fraud-involving-6000-tons-of-crude-copper Kind of… Read more »
“I got a rock.” – Charlie Brown.
NumisdudeTX
I saw some Nadir company branded silver ingots…I wonder why a company would use the word “Nadir” which means the lowest point in a person’s or company’s fortunes basically?!
NumisdudeTX
“Nadir” was the name of the Turkish businessman that founded the Nadir Refinery and the Nadir Trading Company to market the products. Per Wikipedia, “Nadir is both a surname and a given name that is a variation of Nader. In the Arabic language, it is a boy’s name meaning “dear”, “scarce” or “precious”.
Paul and Seth,
Kind of hearkens back to the old expression “What’s in a name?
You never cease to amaze me Kaiser Wilhelm. After consideration, I stumbled on this. “ “What’s in a name?” in Romeo and Juliet, he was referring to the idea that names themselves are a convention to distinguish things or people, but themselves do not have any worth or meaning.” Often, it is these interpretations, translations, symbolism’s, I’m unable to make, whilst trekking through the forrest?
Amazement is a two way street (most likely located somewhere in a back lot at EPCOT) which is what makes it all the more entertaining. That brings to mind my personal favorite lines in Romeo and Juliet: “Do you bite your thumb at us sir?” “No sir, I do not bite my thumb at you, sir, but I do bite my thumb, sir.”
Thanks Paul for the additional info on Nadir.
Thanks Paul!
Kind of like “Turkish Delight”…
NumisdudeTX
much different than afternoon delight. which i understand is meant more for KRAFTy people.
“I gotta rock.” – Dee Snider.
If you steal $36 dollars of copper from a retail store you will likely end up with more than getting their hand slapped. If you sell $36 million dollars worth of painted rocks instead of copper, you’re free to be on your way to collect more rocks for yet another extremely lucrative fraudulent sale. Business as usual, these are not the droids you’re looking for, pay no attention to the man behind the curtain, it’s not what you know it’s who you know, same as it ever was.
All the more reason, Caliskier, to give Nickleback to Canada.
am i supposed to “look at this photograph” and “everytime i should laugh”?
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so chase thinks they have nickel and they discover bags of rocks. not even pet rocks. anywho, suddenly diamon is wrapped up in paradise island, but we are to believe that all the gold they claim they actually possess. which is 15 to 1 gold and 12 to 1 silver. admitted ratios. lawd only knows what the true rate is. i think platinum and silver are going to be the big winners. also water companies. i am not sure palladium’s path, but i think it will go up slightly behind it’s platinum’s cousin’s ratio. ask yourself, do the archeaologists that… Read more »
Unless, Dazed and Coinfused, it’s a room full of books from the Library of Alexandria, in which case the value of the gold and gilded room would easily pale in comparison.