Gold and Silver Prices Ease Slightly

Above, 2023 King Charles III Britannia coins. Photo by Armand Vaquer.

Precious metals declined a bit yesterday. This is expected as the ebb and flow of the current financial situation has enough volatility to go around. At least silver and gold weathered the declines better than platinum and palladium.

As things turned out, my latest silver order arrived yesterday, a day earlier than expected.

According to Coin News:

On Wednesday, precious metals experienced losses, with platinum and palladium falling over 2% each while gold and silver posted modest declines. This came after the latter two metals reached around one-year highs in the prior session.

Gold for June delivery shed $2.60, or 0.1%, to settle at $2,035.60 an ounce on the Comex division of the New York Mercantile Exchange.

"Gold and silver prices are near steady in midday U.S. trading Wednesday, on a bit of profit-taking pressure and chart consolidation after hitting 12-month highs overnight. Both metals are in strong technical positions to suggest still more upside in the near term," Jim Wyckoff, a senior analyst at Kitco Inc, said in a daily research note.

Having advanced by 1.9% on Tuesday for their highest settlement since March 8, 2020, gold futures on Wednesday traded between $2,026.10 and $2,049.20. They had also increased by 0.7% on Monday.

Meanwhile, silver for May delivery gave back 6.4 cents, or 0.3%, to end at $25.037 an ounce. Silver futures traded within a range of $24.78 to $25.30. They rallied 4.5% on Tuesday, logging their highest settlement since April 20, 2022, and they fell 0.6% on Monday.

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