Gold Slides on Week; US Silver Coin Sales Highest Since Mid-January

Gold bar on top of silver bar
Precious metals dropped on the week. United States Mint silver coin sales were the highest for a week since mid-January.

Gold snapped a five-session losing streak on Friday but the gain was slight and the yellow metal resultantly logged its first weekly decline in three weeks.

On Friday, gold for August delivery edged up $1.40, or 0.1%, to settle at $1,173.20 an ounce on the Comex division of the New York Mercantile Exchange.

"The gold price reflects the fight between bulls who see a ‘Grexit’ coming, versus bears who believe in an improving [U.S.] economy and rising interest rates," MarketWatch quoted Taki Tsaklanos, head of research at Secular Investor.

Greece has until Monday to reach a deal with its creditors as its current bailout agreement expires on Tuesday.

Gold shed 2.4% on the week after climbing 1.9% last week. The weekly loss nudged prices 0.9% lower on the year. Gold prices on Thursday settled at their lowest level in three weeks. Looking ahead, Kitco News offers the following forecasts via their Wall Street vs. Main Street survey:

"This week, 292 people participated in Kitco’s online survey. Of those 140 participants, or 48%, are bearish on gold next week; 115 people, or 39%, are bullish on gold and 37 people, or 13%, are neutral.

The results of the professional survey was considerably closer. Out of 33 market experts contacted, 19 responded; of those, seven participants, or 37%, are bullish on gold next week. Six experts, or 31%, see lower prices and six people, are also neutral…

Last week, retail investors proved to be the most accurate as the previous results showed that 52% of those survived expected to see lower prices."

Silver for July delivery declined 7 cents, or 0.5%, to close at $15.74 an ounce. Silver prices fell 2.3% on the week after surging 1.8% last week. They remain higher on the year-to-date, but just slightly at 0.9%.

In other precious metals futures on Friday and for the week:

  • July platinum slipped $3.70, or 0.3%, to $1,080.70 an ounce, falling 0.6% from a week ago.

  • Palladium for September dipped 75 cents, or 0.1%, to $678.60 an ounce, diving 4.1% on the week.

Their losses drove prices deeper into the red for this year with platinum off 10.6% and palladium down 15%.

London Precious Metals Prices

London precious metals prices fell this week and most registered losses on Friday. In comparing London bullion prices from Thursday PM to Friday PM:

  • Gold gave back $2.15, or 0.2%, to $1,170.50 an ounce,
  • Silver rose 6 cents, or 0.4%, to $15.83 an ounce,
  • Platinum lost $1, or 0.1%, $1,074 an ounce, and
  • Palladium declined $3, or 0.4%, to $676 an ounce.

Losses on the week stacked to 2.7% for gold, 1.8% for silver, 1% for platinum and a hefty 5.8% for palladium.

US Mint Bullion Coin Sales in June

Last week, United States Mint sales of gold and silver coins scored their highest weekly totals since the week after their 2015-dated versions launched in January. This week, silver coins jumped even higher. In the latest weekly bullion sales comparisons:

  • Gold coins advanced by 18,500 ounces after last week’s pick up of 29,000 ounces. Weekly splits include 15,000 ounces in American Gold Eagles compared to 22,500 previously and 3,500 ounces in American Gold Buffalo coins compared to 6,500 ounces previously.

  • Silver coins rallied by 1,265,000 ounces, the highest weekly total since mid-January when 2015 American Silver Eagles made their first appearance. Silver sales rose 975,000 ounces last week. Splits this week include 1.09 million in one-ounce American Silver Eagles and 175,000 ounces in Blue Ridge National Forest Five Ounce Silver Bullion Coins. The new five ounce piece launched on Monday and temporarily sold out on the same day. The U.S. Mint is making more, but has not yet when they will be available.

Below is a listing of U.S. Mint bullion products that shows the number of coins sold during varying periods. Products with an asterisk (*) are no longer available.

US Mint Bullion Sales (# of coins)
Friday Sales Last Week Current Week May Sales June Sales YTD Sales
$50 American Eagle 1 Oz Gold Coins 0 18,000 12,500 13,500 50,500 186,500
$25 American Eagle 1/2 Oz Gold Coins 0 2,000 1,000 3,000 3,000 35,000
$10 American Eagle 1/4 Oz Gold Coins 0 6,000 0 10,000 8,000 66,000
$5 American Eagle 1/10 Oz Gold Coins 0 20,000 20,000 40,000 75,000 380,000
$50 American Buffalo 1 Oz Gold Coins 0 6,500 3,500 9,500 16,000 91,500
$1 American Eagle 1 Oz Silver Coins 410,000 975,000 1,090,000 2,023,500 3,690,000 20,636,000
2015 Homestead 5 Oz Silver Coins* 35,000
2015 Kisatchie 5 Oz Silver Coins* 12,000 42,000
2015 Blue Ridge Parkway 5 Oz Silver Coins   35,000 N/A 35,000 35,000


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