Gold and silver post losses for fifth consecutive month
Precious metals fell for the fourth consecutive day on Wednesday, reversing already steep losses in August. The monthly declines for gold and silver were the fifth in a row. Also, silver ended the month at a more than two-year low and gold marked a roughly five-week low.
gold for December delivery, the price fell $10.10, or 0.6% $1,726.20 per ounce on the Comex division of the New York Mercantile Exchange. Settlement was the lowest since July 27.
“The gold futures bears have the solid short-term overall technical advantage. Prices are in a three week old downtrend on the daily bar chart. The bulls’ next upside target is to find a close above the solid resistance at $1,780.00. The next short-term price target on the downside is to push futures prices below solid technical support at the July low of $1,686.30,” said Jim Wyckoff, a senior analyst at Kitco Inc, in a daily research note.
The price of gold lost 3.1% in August. They are now down $227.80 or 11.7% in total through the five monthly declines. The yellow metal is down 5.6% year to date.
In the meantime, Silver- for delivery in December the price fell by 40.5 cents or 2.2% $17.882 per ounce. The close was the weakest since June 24, 2020. Silver prices fell 11.5% for the month, adding to five-month losses to $7.25, or 28.9%. They are 23.4% lower than last year.
In PGM futures on Wednesday and for the month:
October platinum fell $5.10 or 0.6% to end $827 an ounce, for a 7.1% drop in August. The daily tally was the lowest since July 14.
- palladium for December delivery down $8.90 or 0.4% to end $2,078.90 per ouncefor a monthly decline of 2.4%.
The two are at odds year to date, with platinum down 14.4% and palladium down 8.7%.
US Mint Bullion Sales in 2022
The United States Mint’s published bullion sales were unchanged on Wednesday. Below is a breakdown of US Mint bullion product sales with columns detailing the number of coins sold over different time periods.
|US Mint Bullion Sales (number of coins)|
|Wednesday||Last week||In this week||Can||June||July||August||Sale 2022|
|$50 American Eagle 1 ounce gold coin||0||0||16,500||164,500||31,000||59,500||43,500||729,000|
|$25 American Eagle 1/2 Oz Gold Coin||0||0||0||7,000||6,000||5,000||1,000||72,000|
|$10 American Eagle 1/4 oz gold coin||0||0||0||8,000||18,000||2,000||2,000||132,000|
|$5 American Eagle 1/10 oz gold coin||0||0||0||50,000||135,000||20,000||15,000||540,000|
|American Buffalo 1 ounce gold coin valued at $50||0||0||6,500||56,000||21,500||39,500||17,500||316,500|
|$1 American Eagle 1 ounce silver coin||0||0||425,000||1,350,000||925,000||850,000||850,000||12,406,500|
|$100 American Eagle 1 Oz Platinum Coin||0||0||0||0||23,500||15,500||1,000||80,000|