Precious metals futures ended higher Friday and most of them posted weekly increases. Palladium was the biggest winner on the day and week. It drove its winning streak to four straight sessions and finished at a fresh record.
Gold for December delivery gained $8, or 0.7%, to settle at $1,223 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the highest since Nov. 8.
"Gold looks vulnerable to weakness in the very short term from a technical perspective," MarketWatch quoted Mark O’Byrne, research director at Dublin-based GoldCore. However, geopolitical risk "should support gold and lead to gains into year end and in 2019."
Gold futures advanced 1.2% this week following two straight and weekly losses of 2% and 0.2%. They marked their lowest finish of the week on Tuesday at $1,201.40 an ounce — the weakest close since Oct. 10. The yellow metal is 6.6% lower on the year so far.
In looking ahead to next week, Kitco News offers the following forecasts via their Wall Street & Main Street surveys:
"Fifteen market professionals took part in the Wall Street survey. Nine respondents, or 60%, predicted higher prices by next Friday. There were three votes, or 20%, for both lower and sideways prices.
Meanwhile, 502 people responded to an online Main Street poll. A total of 311 respondents, or 60%, called for gold to rise. Another 123, or 26%, predicted gold would fall. The remaining 68 voters, or 14%, see a sideways market."
Elsewhere, silver for December delivery rose 11.9 cents, or 0.8%, to settle at $14.382 an ounce. Silver futures jumped 1.7% this week after tumbling 4.2% last week. On Tuesday, they ended at $13.977 an ounce for their worst close since Jan. 15, 2016. The precious metal is 16.1% lower on the year to date.
In PGM futures on Friday and for the week:
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January platinum climbed $1.30, or 0.2%, to $846.60 an ounce, but logged a 1.1% weekly decline.
- Palladium for December delivery surged $17.20, or 1.5%, to $1,154.60 an ounce for a new all-time record. Palladium prices rallied 5.2% on the week.
The pair is divided on the year so far with platinum 9.8% lower and palladium 8.8% higher.
London Precious Metals Prices
London precious metals prices were higher on Friday and divided on the week. In comparing their levels from Thursday PM to Friday PM:
- Gold rose $10.55, or 0.9%, to 1,222.40 an ounce.
- Silver added 15.5 cents, or 1.1%, to $14.285 an ounce.
- Platinum gained $9, or 1.1%, to $842 an ounce.
- Palladium advanced $48, or 4.2%, to $1,178 an ounce.
In LBMA weekly results, gold rose 0.9% and palladium jumped 5% while silver shed 0.4% and platinum fell 1.9%.
US Mint Bullion Sales in 2018
Demand for United States Mint bullion products was mixed this week with silver sales sharply stronger and gold sales markedly weaker. In headline week-over-week comparisons:
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Gold bullion coins rose by 3,000 ounces this week after increasing by 8,000 ounces last week. Sales splits included 2,000 ounces in American Gold Eagles compared to 6,000 previously and 1,000 ounces in American Gold Buffalos versus 2,000 ounces previously.
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Silver bullion coins advanced by 865,000 ounces this week after rising by 405,000 ounces last week. American Silver Eagles accounted for all sales in both weeks.
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 | October | November | 2018 Sales | |
| $100 American Eagle 1 Oz Platinum Coin* | 0 | 0 | 0 | 0 | 0 | 30,000 |
| $50 American Eagle 1 Oz Gold Coin | 0 | 4,000 | 1,000 | 21,000 | 5,000 | 177,000 |
| $25 American Eagle 1/2 Oz Gold Coin | 0 | 2,000 | 0 | 4,000 | 2,000 | 30,000 |
| $10 American Eagle 1/4 Oz Gold Coin | 0 | 0 | 2,000 | 2,000 | 2,000 | 62,000 |
| $5 American Eagle 1/10 Oz Gold Coin | 0 | 10,000 | 5,000 | 10,000 | 15,000 | 225,000 |
| $50 American Buffalo 1 Oz Gold Coin | 0 | 2,000 | 1,000 | 6,500 | 3,000 | 117,500 |
| $1 American Eagle 1 Oz Silver Coin | 0 | 405,000 | 865,000 | 1,430,000 | 1,270,000 | 14,835,000 |
| Pictured Rocks 5 Oz Silver Coin* | 0 | 0 | 0 | 0 | 0 | 30,000 |
| Apostle Islands 5 Oz Silver Coin* | 0 | 0 | 0 | 0 | 0 | 30,000 |
| Voyageurs 5 Oz Silver Coin* | 0 | 0 | 0 | 0 | 0 | 30,000 |
| Cumberland Island 5 Oz Silver Coin | 0 | 0 | 0 | 0 | 0 | 52,500 |
