Gold Logs Over 3-Month Low; Silver Tumbles


Precious metals prices tumbled Thursday, led by a 7.3% drop in palladium. Silver marked a nearly 22-month low and gold finished at a more than 3-month low.

Gold for June delivery fell $29.10, or 1.6%, to settle at $1,824.60 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the lowest since Feb. 8 when gold ended at $1,821.80 an ounce.

Gold and silver were “pressured in part by a very strong U.S. dollar index that today scored a 20-year high. Bearish charts are also keeping the technically based bears active on the sell side in the futures markets,” Jim Wyckoff, a senior analyst at Kitco Inc, said in a daily research note.”

Gold futures ranged from $1,820.70 to $1,858.80. They rose 0.7% on Wednesday, they declined 1% on Tuesday, and they fell 1.3% on Monday.

Silver for July delivery tumbled 80.2 cents, or 3.7%, to close at $20.773 an ounce. The settlement was the lowest since silver ended at $20.192 an ounce on July 20, 2020. Silver futures traded between $20.59 and $21.63. They added 0.7% on Wednesday, they lost 1.8% on Tuesday, and they dropped 2.5% on Monday.

In other precious metals futures prices on Thursday:

  • July platinum declined $58.40, or 5.9%, to $931.40 an ounce, ranging from $929.30 to $987.40.

  • Palladium for June delivery sank $147.30, to $1,860.60 an ounce, trading between $1,837 and $2,025.00.

US Mint Bullion Sales in 2022

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 March April May 2022 Sales
$50 American Eagle 1 Oz Gold Coin 0 36,000 0 140,500 80,500 36,000 466,500
$25 American Eagle 1/2 Oz Gold Coin 0 1,000 0 5,000 3,000 1,000 54,000
$10 American Eagle 1/4 Oz Gold Coin 0 4,000 0 20,000 14,000 4,000 106,000
$5 American Eagle 1/10 Oz Gold Coin 0 0 50,000 75,000 25,000 50,000 370,000
$50 American Buffalo 1 Oz Gold Coin 0 16,500 0 64,500 27,500 16,500 198,500
$1 American Eagle 1 Oz Silver Coin 0 425,000 0 1,080,500 850,000 425,000 8,856,500
$100 American Eagle 1 Oz Platinum Coin 0 0 0 14,200 0 0 40,000
$25 American Eagle 1 Oz Palladium Coin 0 0 0 0 0 0 0

 



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Deb Morgan has been a coin collector since she was young. She loves researching and reporting news about the numismatic community, and also about bullion coins, including silver, gold, platinum and palladium.

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