Gold futures ended at a more than two-week low ahead of the three-day holiday weekend, falling for a third day in a row and for their eighth loss in ten sessions. Other precious declined as well, with silver snapping a six-session winning streak. U.S. markets close on Monday for Labor Day.
On Friday, gold for December delivery dipped $3.10, or 0.3%, to settle at $1,121.40 an ounce on the Comex division of the New York Mercantile Exchange. The close is the lowest since Aug. 18 when the yellow metal ended at $1,116.90 an ounce.
As for the week, gold prices fell 1.1% after shedding 2.2% last week. Gold is off 5.3% since its final 2014 settlement at $1,184.10 an ounce. Looking ahead to next week, Kitco News offers the following forecasts via their Wall Street vs. Main Street survey:
"Interest appears to be waning in the gold market as Kitco saw its lowest participation in the online survey, with market bulls having a slight advantage. This week, 159 people voted in the weekly online gold survey. Among the participants, 70 people, or 44%, are bullish on gold next week; 61 voters, or 38%, are bearish on the yellow metal; and 28 people, or 18%, are neutral…
The results of Kitco’s market professional survey were mixed. Out of 35 market experts contacted, 17 responded, of which eight, or 47%, said they expect to see higher prices next week. At the same time, five professionals, or 29%, said they see lower prices, and four people, or 24%, are neutral on gold."
Elsewhere, silver for December delivery gave back 16 cents, or 1.1%, to settle at $14.55 an ounce. Silver prices ended flat on the week, keeping their losses on the year at 6.7%.
In PGM futures on Friday and for the week:
October platinum dropped $17.70, or 1.8%, to $992.40 an ounce, sliding 2.9% from a week ago.
- Palladium for December delivery shed $4.40, or 0.8%, to $577.15 an ounce, losing 2.2% on the week.
For the year to date, platinum is off 18% and palladium is down 27.7%.
London Precious Metals Prices
London precious metals declined on Friday and were mixed on the week. In comparing London bullion prices from Thursday PM to Friday PM:
- Gold fell $9.75, or 0.9%, to $1,118.25 an ounce.
- Silver lost 2 cents, or 0.1%, to $14.69 an ounce.
- Platinum declined $11, or 1.1%, to $991 an ounce.
- Palladium fell $10, or 1.7%, to $575 an ounce.
For the week, gold shed 1.5% and platinum lost 1.2% while silver advanced 1.7% and palladium edged up 0.3%.
US Mint Bullion Coin Sales in September
United States Mint gold coins rallied yet again, though they slowed from a week ago when sales of American Gold Eagles scored their highest total of the year. In the latest count, gold coins advanced 48,000 ounces after last week’s 68,500 ounces. Sales splits include 40,000 ounces in American Gold Eagles compared to 56,500 previously and 8,000 ounces in American Gold Buffalo coins compared to 12,000 ounces previously.
For a fifth straight week, sales increases for silver coin came entirely from American Silver Eagles since the first three 2015-dated America the Beautiful Five Ounce Silver Bullion Coins sold out and the next one does not launch until Sept. 30.
American Silver Eagles for the year at 32,495,000 are tracking a record, even with the Mint’s use of weekly sales limits after inventory temporarily ran out in July. In 2014 when sales ended at a record 44,006,000, the coins by Sept. 4, 2014 posted sales of 28,351,000. The U.S. Mint last year also allocated sales of Silver Eagles but not during the summer months.
Below is a listing of United States Mint bullion products with 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||This Week||August Sales||Sept Sales||YTD Sales|
|$50 American Eagle 1 Oz Gold Coins||7,500||47,500||28,500||78,500||19,500||441,000|
|$25 American Eagle 1/2 Oz Gold Coins||1,000||4,000||3,000||8,000||2,000||56,000|
|$10 American Eagle 1/4 Oz Gold Coins||2,000||12,000||8,000||24,000||2,000||124,000|
|$5 American Eagle 1/10 Oz Gold Coins||5,000||40,000||80,000||130,000||45,000||700,000|
|$50 American Buffalo 1 Oz Gold Coins||1,000||12,000||8,000||20,000||5,500||154,000|
|$1 American Eagle 1 Oz Silver Coins||0||812,500||1,000,000||4,935,000||245,000||32,495,000|
|2015 Homestead 5 Oz Silver Coins*||–||35,000|
|2015 Kisatchie 5 Oz Silver Coins*||–||42,000|
|2015 Blue Ridge Parkway 5 Oz Silver Coins*||–||45,000|