Gold, Silver and Platinum Score Weekly Gains

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Gold, Silver and Platinum Score Weekly Gains

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Gold prices posted a 0.7% weekly gain Gold, silver and platinum retreated on Friday, paring their gains on the week. Palladium also declined on Fr

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Gold prices posted a 0.7% weekly gain

Gold, silver and platinum retreated on Friday, paring their gains on the week. Palladium also declined on Friday, barely, standing by itself with a weekly loss.

Gold for December delivery declined $16.40, or 0.8%, to settle at $1,947.90 an ounce on the Comex division of the New York Mercantile Exchange.

“The precious metal remains supported by low-to-negative government bond yields, rising coronavirus cases in the United States and a tired U.S. dollar,” MarketWatch quoted Lukman Otunuga, senior research analyst at FXTM. “On top of this, the Federal Reserve’s policy shift to let inflation rip may provide gold with a tailwind as interest rates remain lower for an extended period.”

Gold futures rose 0.7% this week following two straight weekly losses. They are 27.9% higher on the year to date. In looking ahead to next week, Kitco News offers the following forecasts via their Wall Street & Main Street surveys:

“This week, 15 Wall Street professionals took part in the latest Kitco survey. Among the participants, five voters, or 36%, called for gold prices to rise; three analysts, or 21%, said they expect to see lower prices and six voters, or 43% were neutral on the precious metal…

A total of 1,359 votes were cast in an online Main Street poll. Of these, 926 respondents, or 68%, looked for gold to rise next week. Another 205, or 15%, said lower, while 228 voters, or 17%, were neutral.”

Silver for December delivery dropped 43.4 cents, or 1.6%, to settle at $26.857 an ounce. Silver prices rose 0.5% this week after falling 3.9% last week. They are up 49.9% on the year.

In PGM futures on Friday and for the week:

  • October platinum shed $1.40, or 0.2%, to end at $939.60 an ounce, but logged a sharp weekly increase of 4.6%.

  • Palladium for December delivery edged down 10 cents to $2,330.80 an ounce, for a loss on the week of 0.5%.

The two are divided on the year so far with platinum 3.9% lower and palladium 22.1% higher

London Precious Metals Prices (LBMA)

London precious metals prices ended lower on Friday and higher on the week. In comparing their levels from Thursday PM to Friday PM:

  • Gold fell $18.85, or 1%, to $1,947.40 an ounce.
  • Silver lost 23 cents, or 0.9%, to $26.875 an ounce.
  • Platinum shed $1, or 0.1%, to $929 an ounce.
  • Palladium declined $10, or 0.4%, to $2,301 an ounce.

In LBMA weekly results, gains reached 1.1% for gold, 0.2% for silver, 2.9% for platinum and 0.5% for palladium.

US Mint Bullion Sales in 2020

The United States Mint published no bullion sales gains in the prior two weeks. The Mint this week posted total sales of:

  • 3,500 ounces in American Gold Eagles,

  • 1 million ounces in American Silver Eagles, and

  • 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. Products with an asterisk (*) are no longer available.

US Mint Bullion Sales (# of coins)
FridayLast WeekJulyAugustThis Week / Sept.2020 Sales
$50 American Eagle 1 Oz Gold Coin00107,500104,000**1,500540,500
$25 American Eagle 1/2 Oz Gold Coin004,00010,000**1,00056,000
$10 American Eagle 1/4 Oz Gold Coin0010,00020,000**2,00086,000
$5 American Eagle 1/10 Oz Gold Coin0035,00070,000**10,000290,000
$50 American Buffalo 1 Oz Gold Coin0030,00028,000**500184,500
$1 American Eagle 1 Oz Silver Coin001,084,5004,477,000**1,000,00019,178,000
America Samoa 5 oz Silver Coin*0000045,000
Weir Farm 5 oz Silver Coin*0000045,000
Salt River Bay 5 oz Silver Coin*0000045,000
Marsh Billings 5 oz Silver Coin*0045,0000045,000
$1 American Eagle 1 Oz Platinum Coin*0000056,500

 

**On Wednesday, the U.S. Mint published adjusted August sales of American Buffalo coins to 28,000 from 22,500; changed August sales of American Silver Eagles to 4,477,000 from 2,593,000; and modified August sales of American Gold Eagles with the 1-ounce size to 104,000 from 86,000; the 1/2-ounce size to 10,000 from 6,000; the 1/4-ounce size to 20,000 from 12,000; and the 1/10-ounce size to 70,000 from 30,000.





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