Gold, Silver Advance in First Week of 2016

Gold bar on top of silver bar
Gold futures surged 3.6% on the week

Gold futures on Friday fell from a more than two-month high, snapping a five-session winning streak. Still, the yellow metal posted its biggest weekly increase in more than four months.

Gold for February delivery declined $9.90, or 0.9%, to settle at $1,097.90 an ounce on the Comex division of the New York Mercantile Exchange.

"The week provided a good gold rally as stocks were slammed but today (a) 5 percent jobs report added some bears to gold as (the) Fed seems on path with future rate hikes on this news," Reuters quoted George Gero, precious metals strategist for RBC Capital Markets in New York.

Gold prices surged 3.6% on the week, the most since the one ended Aug. 21. The precious metal on Thursday closed at its highest price since Nov. 3.

In looking ahead to next week, Kitco News offers the following forecasts via their Wall Street vs. Main Street survey:

"This week, 464 people participated in Kitco’s online survey. Of those, 304 participants, or 66%, said they are bullish on prices next week; at the same time, 117 people, or 25% are bearish; and 43 people, or 9% are neutral…

Out of 34 market experts contacted, 18 responded, of which 10, or 56%, said they expect to see higher prices next week; four professionals, or 22%, said they see lower prices; and four analysts are neutral on gold."

Falling on Friday for the first time in five sessions, silver for March delivery tumbled 42.6 cents, or 3%, to settle at $13.918 an ounce. For the week, silver prices still advanced 0.8%. On Thursday, they logged their highest price since Dec. 24.

In PGM futures on Friday:

  • April platinum edged up $1.20, or 0.1%, to settle at $878.70 an ounce.
  • Palladium for March delivery climbed 60 cents, or 0.1%, to close at $493.60 an ounce.

For the week, platinum declined 1.6% and palladium dived 12.2%.

London Precious Metals Prices

London precious metals were mixed on Friday and on the week. In comparing their levels from Thursday PM to Friday PM:

  • Gold shed $4.50, or 0.4%, to $1,101.85 an ounce.
  • Silver added a penny, or less than 0.1%, to $14.04 an ounce.
  • Platinum added $9, or 1%, to $874 an ounce.
  • Palladium added $19, or 3.9%, to $505 an ounce.

Palladium plunged 7.7% from a week ago while the others registered weekly gains of 3.7% for gold, 1.6% for silver and 0.2% for platinum.

US Mint Bullion Coin Sales in 2016

United States Mint bullion sales will take off on Monday, Jan. 11, when newly 2016-coins become available. Most of the 2015-dated issues sold out with product series scoring multi-year highs, like American Gold Buffalo and ATB five ounce coins, and an annual record, like American Silver Eagles.

Below is a sales breakdown of U.S. Mint bullion products with columns listing the number of bullion coins sold during varying periods. Products with an asterisk (*) have sold out.

US Mint Bullion Sales (# of coins)
This Week Last Week Dec Sales 2015 Sales YTD Sales
$50 American Eagle 1 Oz Gold Coins* N/A N/A N/A 626,500 N/A
$25 American Eagle 1/2 Oz Gold Coins 0 0 1,000 75,000 0
$10 American Eagle 1/4 Oz Gold Coins* N/A N/A N/A 158,000 N/A
$5 American Eagle 1/10 Oz Gold Coins* N/A N/A N/A 980,000 N/A
$50 American Buffalo 1 Oz Gold Coins 0 0 1,500 220,500 0
$1 American Eagle 1 Oz Silver Coins* N/A N/A 2,333,500 47,000,000 N/A
2015 Homestead 5 Oz Silver Coins* N/A 35,000 N/A
2015 Kisatchie 5 Oz Silver Coins* 42,000
2015 Blue Ridge Parkway 5 Oz Silver Coins* 45,000
2015 Bombay Hook 5 Oz Silver Coins* 45,000
2015 Saratoga 5 Oz Silver Coins* N/A 9,200 45,000
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