Gold Logs 1.2% Weekly Gain; US Mint Bullion Sales Strengthen

Gold Bullion, five bars
Precious metals futures registered weekly increases ranging from 0.5% for platinum to 4.6% for palladium

Gold futures edged lower for a second day in a row Friday, after climbing for five straight sessions to a three-month high, but the yellow metal still scored its second straight weekly gain. Silver, meanwhile, did advance to a three-month high and extended its weekly winning streak to six in a row.

Gold for April delivery dipped 90 cents, or less than 0.1%, to settle at $1,235.90 an ounce on the Comex division of the New York Mercantile Exchange.

"Obviously the dollar has recovered a bit of strength in the past day or so, which has weighed on precious metals," Reuters quoted Mitsubishi analyst Jonathan Butler.

"The move above $1,220 was pretty convincing, but we didn’t get to the next level at $1,249-$1,250, which would have been confirmation of that bullish trend going back to the start of the year," Butler added.

Gold futures traded 1.2% higher this week after rising 2.7% last week, which was their biggest weekly gain since the one ended June 10. On Wednesday, the precious metal closed at $1,239.50 an ounce for its best close since Nov. 10. Prices are 7.3% higher through the first six weeks of this year.

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

"Eighteen traders and analysts took part in a weekly Wall Street survey. Ten voters, or 56%, see gold prices rising by next Friday. Three, or 17%, said lower, while five voters, or 28%, look for a sideways market.

Meanwhile, 1,187 respondents took part in a Main Street online survey. A total of 657 participants, or 55%, called for gold to rise, while 372, or 31%, saw lower prices. The remaining 158 voters, or 13%, were neutral."

Advancing Friday for the fifth time in six sessions, silver for March delivery tacked on 19.2 cents, or 1.1%, to $17.933 an ounce. The settlement is the highest since Nov. 10, when prices ended at $18.737 an ounce. Silver futures gained 2.6% this week and are 12.2% higher on the year to date.

In PGM futures on Friday and for the week:

  • April platinum declined $10.50, or 1%, to $1,011.70 an ounce, lowering its weekly increase to 0.5%.

  • Palladium for March delivery settled up $10.55, or 1.4%, to $783.10 an ounce, lifting its weekly increase to 4.6%.

The two metals have rallied so far this year with gains of 11.7% for platinum and 14.6% for palladium.

London Precious Metals Prices

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

  • Gold declined $8.50, or 0.7%, to $1,228.30 an ounce.
  • Silver fell 9.5 cents, or 0.5%, to $17.62 an ounce.
  • Platinum fell $26, or 2.6%, to $993 an ounce.
  • Palladium added $4, or 0.5%, to $781 an ounce.

Their weekly increases totaled 1.1% for gold, 2% for silver, 0.1% for platinum and 4.6% for palladium.

US Mint Bullion Coin Sales in 2017

Orders for U.S. Mint bullion coins picked up following three consecutive weeks of slower sales. In the latest week-over-week comparisons:

  • Gold coins advanced 17,500 ounces after rising by 13,000 ounces last week. Sales splits include 12,500 ounces in American Gold Eagles versus 9,000 ounces previously and 5,000 ounces in American Gold Buffalo coins compared to 4,000 ounces previously.

  • Silver coins gained 338,500 ounces after rising by 230,000 ounces last week, all from American Silver Eagles. This week’s splits include 250,000 ounces in American Silver Eagles and 88,500 ounces in America the Beautiful Five Ounce Silver Bullion Coins. The latter’s figure is entirely from the new five ounce coin commemorating Effigy Mounds National Monument in Iowa.

Below is a sales breakdown of U.S. bullion products with columns listing 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 Jan Sales Feb Sales 2017 Sales
$100 American Eagle 1 Oz Platinum Coin 0 0 0 20,000 0 20,000
$50 American Eagle 1 Oz Gold Coin 0 8,000 10,000 86,500 11,500 98,000
$25 American Eagle 1/2 Oz Gold Coin 0 0 4,000 19,000 4,000 23,000
$10 American Eagle 1/4 Oz Gold Coin 0 0 0 36,000 0 36,000
$5 American Eagle 1/10 Oz Gold Coin 0 10,000 5,000 125,000 10,000 135,000
$50 American Buffalo 1 Oz Gold Coin 1,000 4,000 5,000 32,000 7,500 39,500
$1 American Eagle 1 Oz Silver Coin 0 230,000 250,000 5,127,500 250,000 5,377,500
2017 Effigy Mounds 5 Oz Silver Coin 0 17,700 100 17,700 17,700
2016 Shawnee 5 Oz Silver Coins*
2016 Cumberland Gap 5 Oz Silver Coin*
2016 Harpers Ferry 5 Oz Silver Coin 0 0 0 100 0 0
2016 Theodore Roosevelt 5 Oz Silver Coin* 800
2016 Fort Moultrie 5 Oz Silver Coin 0 0 0 0 0 0


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