Gold Ends Week at Fresh 2-Week Low

by CoinNews.net on March 17, 2018 · 22 comments

gold bars and scale weighing gold bars

Precious metals futures mostly ended lower than a week ago

Gold futures declined for a third straight day Friday — their fourth loss in five sessions, driving prices nearly 1% lower on the week and to a fresh two-week low.

Gold for April delivery shed $5.50, or 0.4%, to settle at $1,312.30 an ounce on the Comex division of the New York Mercantile Exchange. The close is the lowest since March 1.

"There is a lot of confusion in the market about what the White House’s strategy is on any large macro issues," Reuters quoted Mitsubishi Analyst Jonathan Butler. "These factors should keep gold above $1,300, but it’s more of a holding pattern and a generally supportive environment than something that is going to raise prices significantly."

Gold futures declined 0.9% this week after edging up 0.05% last week. The yellow metal is a scant 0.2% higher on the year to date. In looking ahead to next week, Kitco News offers the following forecasts via their Wall Street vs. Main Street survey:

"Nineteen market professionals took part in the weekly Kitco News Wall Street survey. There were eight votes, or 42%, calling for gold prices to fall over the next week. Another seven voters, or 37%, look for gold to rise, while four, or 21%, call for a sideways market or are neutral.

Meanwhile, a smaller-than-normal 460 voters took part in an online Main Street poll. A total of 202 voters, or 44%, said bullish. Another 187 voters, or 41%, said bearish, while 71, or 15%, were neutral."

Silver for May delivery fell 15 cents, or 0.9%, to settle at $16.272 an ounce. Silver futures traded 2% lower this week after climbing 0.9% last week. They are down 5.1% on the year to date.

In PGM futures on Friday and for the week:

  • April platinum declined $6.70, or 0.7%, to $950.20 an ounce, for a 1.5% weekly loss.

  • Palladium for June delivery gained $7.55, or 0.8%, to $988.55 an ounce, for a 0.2% weekly increase.

The pair remains divided on the year so far with platinum 1.3% higher and palladium 6.8% lower.

London Precious Metals Prices

London precious metals prices were mostly lower on Friday and they were divided on the week. In comparing their levels from Thursday PM to Friday PM:

  • Gold declined $8.65, or 0.7%, to $1,310.10 an ounce.
  • Silver fell 4.5 cents, or 0.3, to $16.475 an ounce.
  • Platinum declined $9, or 0.9%, to $950 an ounce.
  • Palladium was unchanged at $987 an ounce.

As for the week in LBMA metal prices, gold slipped 0.8% and silver lost 0.1% while platinum rose 0.1% and palladium gained 0.3%.

US Mint Bullion Sales in 2018

U.S. Mint gold coin sales were muted this week after they advanced by 4,500 ounces last week.

Silver coin sales rose by 270,000 ounces this week compared to 165,000 ounces previously. For a second week in a row, sales came entirely from American Silver Eagles.

Below is a sales breakdown of U.S. Mint bullion products with columns listing the number of coins sold during varying periods.

US Mint Bullion Sales (# of coins)
Friday Last Week This Week February March 2018 Sales
$100 American Eagle 1 Oz Platinum Coin 0 0 0 20,000 0 20,000
$50 American Eagle 1 Oz Gold Coin 0 2,500 0 5,000 2,500 43,500
$25 American Eagle 1/2 Oz Gold Coin 0 0 0 0 0 16,000
$10 American Eagle 1/4 Oz Gold Coin 0 0 0 0 0 26,000
$5 American Eagle 1/10 Oz Gold Coin 0 10,000 0 5,000 10,000 95,000
$50 American Buffalo 1 Oz Gold Coin 0 1,000 0 2,500 1,000 27,500
$1 American Eagle 1 Oz Silver Coin 0 165,000 270,000 942,500 435,000 4,612,500
Pictured Rocks 5 Oz Silver Coin 0 0 0 20,000 0 20,000

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22 Comments on "Gold Ends Week at Fresh 2-Week Low"

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Old Collector
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Old Collector

Does this “gold ending at a two week low” include the $300-million-plus in gold bars that fell to earth out of an airplane plane in Russia? If so, this “low” is at ground level! smile

Speaking of which, whoever managed to beat the police and any ancillary public order units to that airport runway just became instantly wealthy, that is, if they can figure out how to turn their shiny (but somewhat worse for wear) bricks into rubles or dollars without coming to the attention of the – yep, that’s who also was on the scene pronto – Russian Secret Service.

Old Collector (& Commissar Expecter)

Joe Brown
Guest

Old Collector – *U know the >comrade in armsconfusion< in the *super*market.

Joe Brown
Guest

i*ll say it 1 more time! Sent’s that’s not what i* said in my last *blog above. *U know! The >comrade in armsconfusion<, in the*super*market.

Joe Brown
Guest

Well, i* did say 1 more time! But *my last *blog, “””for some *reason””” , did not come-out the way *i typed it, ether some >1machinecomrade in armsconfusion< in the *super*market.

Joe Brown
Guest

ok! *smile, that last-blog is not what *i typed, funny*thing! I*ll save it for latter, it*s *Sunday, & its *lent, *my *higher*power*+*, more than *likely, wants *me to do something more *useful with this day*, my *maker*+* gave*me,*peace, i*ll write this one*off, for now.*smile*, good*day*all*, my*blessing*s *people of the *coin*world*, say, a *prayer*+*! It*s *Free.

Joe Brown
Guest

my*funny machine, gave its *a*OK*, for my*last *1, go figure, just*nut*s, i* say! *Nuts*.

Old Collector
Guest
Old Collector

Joe Brown,

“Don’t turn around, uh oh,
Der Kommissar’s in town, uh oh,
(Alles klar, Herr Kommissar?)…”

— After the Fire

Old Collector

Joe Brown
Guest

They have my #!

Old Collector
Guest
Old Collector

Joe Brown,

Well, there’s being casually acquainted with, there’s being familiar, there’s being known, there’s being famous, and then there’s BEING ON A LIST. Uh oh!

Old [Anonymous For A Reason] Collector

Joe Brown
Guest

unless you live* on some no name star*! You will be found,*smile.

Joe Brown
Guest

O*! If that’s the *case, take my* wife, *please! Who! said that. *grins.

Old Collector
Guest
Old Collector

Joe Brown,

Well, yes, in these days of all-pervasive social media it IS almost impossible to remain entirely hidden and/or anonymous.

In a way, our sun doesn’t really HAVE a name; I mean, what kind of a moniker is “Old Sol”?

Rodney Dangerfield apparently stopped using the expression “Take my wife, please!” after his spouse passed away; very understandable and very sweet.

Old Collector

Old Collector
Guest
Old Collector

“Palladium Man”

There once was a man who so loved palladium,
He had acquired enough to fill a whole stadium.
When the price that he paid for it plunged thru the floor,
What else could he dream about but buying tons more.

Old Collector

Joe Brown
Guest
Old Collector – Thanks! that’s who, *Rodney Dangerfield, laugh! Here*s *John*y, all the *old*great*ones were on *John*y *Carson, right after the late news, my *moms time, she curl up on the couch just about every night, with a *manhattine* loaded with *cherry*s, smile*. Mom* would fall asleep about 15 minutes into the show. So *i would sneak out of bed, even tho i* was still in *grade*school, back in the *black & *white TV* days, & watch John*y, id sit in my*dads* *Arch’y *Bunker *chair, while *mom slept, & *my dear*dad was *snoring the roof of our *home like a *lion, he was a early riser*, up at 5:am to be at *work at 7:am, id* be in stitches* some *nights, *good stuff! Than i* would help my*self to *moms *maraschino *cherries, soaked in *C&C, Wiskey*, when the *National*Anthem* was over, of course *i was standing with my right*hand on… Read more »
Old Collector
Guest
Old Collector

Joe Brown,

I’m glad you liked my little venture into precious metal poetry, but I rather think I’ll keep my day job, that is, if I still had one, I would.

Loved your story about your Mom and you both – but apparently not simultaneously awake in this regard, it so appears – watching the late great Johnny Carson and all of the attendant fun you managed to have as a youngster with the yummy C&C-soaked cherries; wild times for a little kid!

Old Collector

Joe Brown
Guest

ya! i* always could find a way to amuse* my*self! All for the *good*of*things*, i* must say!*smile.

Seth Riesling
Guest
Seth Riesling

Old Collector –

Nice precious metal poem. Fun stuff!

Joe Brown –

Did you ever wash those soaked cherries down with a swig of Vicks Formula 44-D cough syrup!? LOL. My mother used to give us that stuff when I was a kid with a cold. I learned when I got older that the old formula back then had like 40% alcohol! No wonder we slept well after a dose (shot)!! Good times! LMAO

-NumisdudeTx

Old Collector
Guest
Old Collector

Joe Brown,

I’m that way too…always have been. I don’t know the meaning of boredom and literally can’t understand what people mean when they claim to have that feeling. Outside of my universe!

Old Collector

Old Collector
Guest
Old Collector

Seth Riesling,

Many thanks for the very kind words regarding my little ditty; much appreciated indeed! smile

Old Collector

Joe Brown
Guest
Seth Riesling – o*ya! i* always had my yearly does of that cherry knock-out juice, there was always a 1/2, pint on the top shelf of the kitchen cab, & there more than likely still is some of that good old stuff up their!*smile’ *i never mixed the two together, but *i remember! &she was always creative, my*mom had no top*in for her ice*cream Sunday for a late night snack, so she put a couple of teaspoons of *44d over her ice*cream, she said it was an, Italian* thing, her *papa, my gran*pa, was right of the *boat, from a small hood in *Napel, & he had a *cobbler shop in *Boston,s North*end, where she always hung out growing up with her *papa! Sure enough, my mom*dad &*i, when i was young, were in her old stomping grounds for her *Easter food shoping spree*, so we stop in to her… Read more »
Old Collector
Guest
Old Collector

Joe Brown & Seth Riesling,

Cough syrup, vanilla extract, mouthwash, etc.; for the truly creative, the list could become a long one.

Old Collector

Joe Brown
Guest

once bought a poor*bum one *Sunday afternoon a bottle of *listeren, mouth wash, he was shot a quarter & shut off from *wool*worths in down*town crossing, he was hurting, so *i ran in *wool*worths, and got him a *jug, poor*man not doing good when you get shut off from *old*wool*worth five & dime store, at least he blessed me* after his first*swig,*smile*.