Gold’s Streak Advances to 11 Straight Sessions, Posts 1% Weekly Gain

by CoinNews.net on January 6, 2018 · 0 comments

Gold bars and stok market

Gains on the week for precious metals futures ranged from 0.8% for silver to 3.9% for platinum

Gold futures increased their winning streaks on Friday to 11 straight sessions and 4 straight weeks. The yellow metal also closed at a fresh 16-week high.

Gold for February delivery on Friday inched up 70 cents, or less than 0.1%, to settle at $1,322.30 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the highest since Sept. 15 when prices ended $1,325.20 an ounce.

Gold futures traded 1% higher this week, advancing a combined 5.9% through their four consecutive weekly gains. In looking ahead to next year, Kitco News offers the following forecasts via their gold survey:

"Twenty market professionals took part in the Wall Street survey. Eleven, or 55%, called for gold to rise. There were five votes, or 25%, saying gold would fall, with the remaining four votes, or 20%, neutral or calling for a sideways market.

Meanwhile, 775 votes were cast in an online Main Street poll. A total of 477 voters, or 62%, looked for gold to climb in the next week. Another 217, or 28%, said lower, while 81, or 10%, were neutral."

Ending higher for an eighth session in a row, silver for March delivery added 1.6 cents, or about 0.1%, to settle at $17.285 an ounce. The close was the highest since Nov. 17 when prices settled at $17.373 an ounce. Silver futures moved ahead 0.8% this week after two prior weekly increases of 2.4% and 1.5%.

In PGM futures on Friday and for the week:

  • April platinum gained $5, or 0.5%, to $975.20 an ounce, for a 3.9% weekly advance.

  • Palladium for March delivery declined $12.55, or 1.2%, to $1,082.20 an ounce, but rose 2% on the week. On Thursday, palladium closed at an all-time high.

London Precious Metals Prices

London precious metals prices were mixed on Friday and higher on the week. In comparing final prices from Thursday to Friday:

  • Gold rose $2.65, or 0.2%, to $1,317.15 an ounce.
  • Silver added 2.5 cents, or 0.2%, to $17.155 an ounce.
  • Platinum moved up $7, or 0.7%, to $966 an ounce.
  • Palladium fell $5, or 0.5%, to $1,095 an ounce.

Their weekly gains reached 1.6% for gold, 1.7% for silver, 4.2% for platinum and 3.7% for palladium.

US Mint Bullion Sales in 2018

U.S. bullion sales were unchanged this week, according to the agency’s online data. Below is a sales breakdown of U.S. 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 / This Week Last Week December 2017 Sales 2018 Sales
$100 American Eagle 1 Oz Platinum Coin 0 0 0 20,000 0
$25 American Eagle 1 Oz Palladium Coin* 0 0 0 15,000 0
$50 American Eagle 1 Oz Gold Coin 0 2,000 38,000 228,500 0
$25 American Eagle 1/2 Oz Gold Coin 0 0 3,000 37,000 0
$10 American Eagle 1/4 Oz Gold Coin 0 0 4,000 64,000 0
$5 American Eagle 1/10 Oz Gold Coin 0 0 25,000 395,000 0
$50 American Buffalo 1 Oz Gold Coin 0 0 14,000 99,500 0
$1 American Eagle 1 Oz Silver Coin 0 0 742,000 18,065,500 0
2017 Effigy Mounds 5 Oz Silver Coin 0 0 0 35,000 0
2017 Frederick Douglass 5 Oz Silver Coin 0 0 0 20,000 0
2017 Ozark Riverways 5 Oz Silver Coin 0 0 0 20,000 0
2017 Ellis Island 5 Oz Silver Coin* 0 0 0 40,000 0
2017 George Rogers Clark 5 Oz Silver Coin 0 0 0 32,400 0

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