Gold Logs Fourth Straight Weekly Gain, Silver Slips on Week

Four Gold Ingots, One Silver Bullion Bar
Precious metals futures moved mostly higher this week. Silver was the exception, sliding 0.6%.

Gold futures closed higher Friday, logging their fifth advance in the past six sessions and scoring their fourth straight week of gains.

Gold for June delivery rose $4, or 0.3% to settle at $1,257.30 an ounce on the Comex division of the New York Mercantile Exchange. Prices reached as high as $1,273.30 an ounce — their best level since Nov. 10.

"You’ve got people doing safe-haven seeking," Bloomberg News quoted Brad Yates, head of trading for Elemetal, one of the biggest U.S. gold refiners. "Gold broke through its 200-day moving average. That has some shorts covering and potentially a new leg higher."

Gold futures climbed 0.5% this week following three prior weekly gains of 0.2%; 1.5%; and 2.4%. On Tuesday, they ended at $1,258.40 an ounce for their highest close since Feb 27. The yellow metal is 9.2% higher for the year to date.

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

"Seventeen market professionals took part in a Wall Street survey. Thirteen voters, or 76%, see gold prices rising by next Friday. Four, or 24%, said lower. There were no sideways votes this week.

Meanwhile, 760 Kitco readers submitted votes in an online Main Street poll. A total of 523 voters, or 69%, are bullish. Another 146, or 19%, say that gold will fall, while 91, or 12%, are neutral."

Elsewhere, silver for May delivery shed 9.5 cents, or 0.5%, to settle at $18.151 an ounce. Silver futures traded 0.6% lower this week after three straight weekly gains that lifted prices by a combined 9.3%. Silver prices on Tuesday finished at $18.323 an ounce for their highest settlement since March 1. So far, the precious metal is up 15.6% for the year.

In PGM futures on Friday and for the week:

  • July platinum added $3.70, or 0.4%, to $962.60 an ounce, for a 1.1% weekly gain.

  • Palladium for June delivery dipped 40 cents, or less than 0.1%, to $803.70 an ounce, but edged up 0.7% for the week.

Both metals are higher for the year to date with increases of 6.3% for platinum and 17.6% for palladium.

London Precious Metals Prices

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

  • Gold rose $13.95, or 1.1%, to $1,266.45 an ounce.
  • Silver added 18 cents, or 1% to $18.40 an ounce.
  • Platinum rose $12, or 1.3%, to $967 an ounce.
  • Palladium added $3, or 0.4%, to $806 an ounce.

For the week, their gains totaled 1.7% for gold, 1.9% for silver, 2.9% for platinum and 1% for palladium.

US Mint Bullion Coin Sales in 2017

U.S. Mint bullion products registered mixed weekly results with matching gold sales and lower silver sales. In the latest week-over-week comparisons:

  • Gold coins advanced by 3,500 ounces, the same as last week. Splits include 2,500 ounces in American Gold Eagles compared to 2,000 ounces previously and 1,000 ounces in American Gold Buffalo compared to 1,500 ounces previously.

  • Silver coins advanced by 306,500 ounces compared to 321,000 ounces previously. Splits include 255,000 ounces in American Silver Eagles versus 320,000 ounces previously and 51,500 ounces in ATB 5-ounce silver bullion coins compared to 1,000 ounces previously. Most of the 5-ounce sales were from the newly released bullion coin honoring Frederick Douglass National Historic Site in Washington, D.C.

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 / April Mar Sales 2017 Sales
$100 American Eagle 1 Oz Platinum Coin 0 0 0 0 20,000
$50 American Eagle 1 Oz Gold Coin 0 1,500 1,500 16,000 125,000
$25 American Eagle 1/2 Oz Gold Coin 0 0 0 1,000 25,000
$10 American Eagle 1/4 Oz Gold Coin 0 2,000 2,000 4,000 46,000
$5 American Eagle 1/10 Oz Gold Coin 0 0 5,000 35,000 195,000
$50 American Buffalo 1 Oz Gold Coin 0 1,500 1,000 8,500 56,500
$1 American Eagle 1 Oz Silver Coin 0 320,000 255,000 1,615,000 8,212,500
2017 Frederick Douglass 5 Oz Silver Coin 0 N/A 9,700 N/A 9,700
2017 Effigy Mounds 5 Oz Silver Coin 0 200 600 200 20,300


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