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
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)|
|Friday||Last Week||July||August||This Week / Sept.||2020 Sales|
|$50 American Eagle 1 Oz Gold Coin||0||0||107,500||104,000**||1,500||540,500|
|$25 American Eagle 1/2 Oz Gold Coin||0||0||4,000||10,000**||1,000||56,000|
|$10 American Eagle 1/4 Oz Gold Coin||0||0||10,000||20,000**||2,000||86,000|
|$5 American Eagle 1/10 Oz Gold Coin||0||0||35,000||70,000**||10,000||290,000|
|$50 American Buffalo 1 Oz Gold Coin||0||0||30,000||28,000**||500||184,500|
|$1 American Eagle 1 Oz Silver Coin||0||0||1,084,500||4,477,000**||1,000,000||19,178,000|
|America Samoa 5 oz Silver Coin*||0||0||0||0||0||45,000|
|Weir Farm 5 oz Silver Coin*||0||0||0||0||0||45,000|
|Salt River Bay 5 oz Silver Coin*||0||0||0||0||0||45,000|
|Marsh Billings 5 oz Silver Coin*||0||0||45,000||0||0||45,000|
|$1 American Eagle 1 Oz Platinum Coin*||0||0||0||0||0||56,500|
**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.