Gold Logs First Weekly Increase in 3 Weeks; US Mint Coin Sales Mixed

1000 g fine gold
Precious metals futures were split this week with gold and palladium higher and silver and platinum lower

Gold futures declined on Friday but still edged higher in the longer haul for their first weekly increase in three weeks.

Gold for December delivery on Friday fell $11, or 0.8%, to settle at $1,346.20 an ounce on the Comex division of the New York Mercantile Exchange. The one-day loss is the biggest since Aug. 5.

Gold saw support earlier in the week from a lower U.S. dollar and on July FOMC minutes that showed mixed views over the pace of raising rates.

"Interest rate expectations are the driving force behind the recent moves in both the dollar and gold," MarketWatch quoted Chris Gaffney, president of EverBank World Markets. "Expectations of higher interest rates here in the U.S. support a stronger dollar while they weigh on the price of precious metals."

Gold futures inched up 0.2% this week after slipping less than 0.1% last week and losing 1% the week before then. On Thursday, prices ended at a two-week high. The precious metal is now $286, or 27%, higher than its final settlement in 2015 at $1,060.20 an ounce.

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

"Nineteen analysts and traders took part in the Wall Street survey. Seven participants, or 37%, look for gold to be sideways next week. Six each, or 32%, voted higher and the same number voted lower.

Meanwhile, 961 Main Street participants submitted votes in either an online or Twitter survey. A total of 631respondents, or 66%, said they were bullish for the week ahead, while 204, or 21%, were bearish. The neutral votes totaled 126, or 13%."

Elsewhere, silver for September delivery sank 42.3 cents, or 2.1%, to settle at $19.317 an ounce. Silver futures posted their third straight weekly decline with losses of 2% this week, 0.6% last week, and 2.6% the week before then. Silver remains the best performing precious metal this year, gaining 40%.

In PGM futures on Friday and for the week:

  • October platinum lost $14.80, or 1.3%, to $1,118.40 an ounce, for a 1% weekly decline.

  • Palladium for September delivery dipped $4.05, or 0.6%, to $709.35 an ounce, and jumped 2.7% this week.

Both metals are higher on the year so far with gains of 25.2% for platinum and 26.2% for palladium.

London Precious Metals Prices

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

  • Gold dipped $3.65, or 0.3%, to $1,346.40 an ounce.
  • Silver fell 36.5 cents, or 1.9%, to $19.42 an ounce.
  • Platinum declined $16, or 1.4%, to $1,106 an ounce.
  • Palladium gained $10, or 1.4%, to $711 an ounce.

For the week in London bullion prices, the decliners included gold by 0.4%; silver by 2.3%; and platinum by 3.5%. Palladium logged a 2.4% weekly increase.

US Mint Bullion Coin Sales in 2016

U.S. Mint bullion products also registered mixed weekly results compared to a week ago with gold sales sharply lower and silver sales slightly higher. In week-over-week comparisons:

  • Gold coins rose 8,000 ounces after climbing 28,000 ounces last week — their highest weekly total since the one ended April 22. This week’s splits include 6,500 ounces in American Gold Eagles compared to 24,500 ounces previously and 1,500 ounces in American Gold Buffalo coins compared to 3,500 ounces previously.

  • Silver coin sales advanced 257,000 ounces after rising by 250,000 ounces previously. American Silver Eagles accounted for all silver sales last week. This week’s splits include 255,000 ounces in American Silver Eagles and 2,000 ounces in America the Beautiful Five Ounce Silver Uncirculated Coins.

  • American Platinum Eagle sales rose 19,000 ounces during their first week of availability, which ended July 29. Their sales have not advanced in the three weeks since then.

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 (*) are no longer available.

US Mint Bullion Sales (# of coins)
Friday Sales Last Week This Week July Sales Aug Sales 2016 Sales
$100 American Eagle 1 Oz Platinum Coins 0 0 0 19,000 0 19,000
$50 American Eagle 1 Oz Gold Coins 5,000 21,500 5,000 30,000 31,500 467,500
$25 American Eagle 1/2 Oz Gold Coins 1,000 1,000 1,000 2,000 2,000 50,000
$10 American Eagle 1/4 Oz Gold Coins 2,000 0 2,000 10,000 2,000 98,000
$5 American Eagle 1/10 Oz Gold Coins 5,000 25,000 5,000 50,000 35,000 590,000
$50 American Buffalo 1 Oz Gold Coins 1,500 3,500 1,500 10,000 5,000 127,500
$1 American Eagle 1 Oz Silver Coins 200,000 250,000 255,000 1,370,000 580,000 28,200,500
2016 Shawnee 5 Oz Silver Coins* 0 0 0 0 0 105,000
2016 Cumberland Gap 5 Oz Silver Coins* 0 0 0 0 0 75,000
2016 Harpers Ferry 5 Oz Silver Coins 200 0 400 0 400 34,600


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I hope it comes down a little bit more, so that the new Gold Quarter will fall below the 400.00 price range.