Gold Advances 2.3% on Week, Silver Soars 5%

Shelves of gold bullion bars
Precious metals futures logged weekly gains ranging from 2.1% for platinum to 5% for silver

Silver and gold futures advanced on Friday, padding weekly gains — their fifth in six weeks, and posting respective settlement highs of more than eight and nine weeks.

Gold for December delivery climbed $3.90, or 0.3%, to close at $1,294 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the strongest since June 6 when prices finished $3.50 higher.

The yellow metal saw safe-haven demand for much of the week on rising tensions between the U.S. and North Korea. On Friday, prices were also supported by a report showing subdued U.S. inflation in July.

"If you look at the gold price after the CPI (inflation) data, it tells you that the Fed is not going to be in any rush to increase the interest rate this year," Reuters quoted Naeem Aslam, chief market analyst at Think Markets. "The level which we are looking at now is $1,300."

Gold futures traded 2.3% higher this week after sliding 0.3% last week. They are 12.4% stronger on the year to date. In looking ahead to next week, Kitco News offers the following forecasts via their Wall Street vs. Main Street survey:

"This week, 17 traders and analysts took part in a Wall Street survey. Nine voters, or 53%, see gold prices rising by next Friday. Two, or 12%, see lower prices, while six voters, or 35%, are either neutral or expect sideways trading.

Meanwhile, 2,153 Kitco readers submitted votes in online Main Street polls. A total of 1,018 voters, or 47%, are bullish. Another 661, or 31%, say that gold will fall, while 474, or 22%, are neutral."

Ending higher for a fourth day in a row after falling for five straight sessions, silver for September delivery advanced a half cent, or less than 0.1%, to settle at $17.07 an ounce. The close was its best since June 14 when prices ended at $17.136 an ounce. Silver futures rallied 5% this week after sinking 2.7% last week. They are 6.8% higher so far this year.

In PGM futures on Friday and for the week:

  • October platinum added $3.80, or 0.4%, to $989.70 an ounce, for a 2.1% weekly increase.

  • Palladium for September delivery declined $2.35, or 0.3%, to $894.70 an ounce, but advanced 2.3% on the week.

Both metals are also higher on the year to date with increases of 9.3% for platinum and 30.9% 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 rose $1.70, or 0.1%, to 1,286.10 an ounce.
  • Silver added a penny, or less than 0.1%, to $17.09 an ounce.
  • Platinum rose $2, or 0.2%, to $984 an ounce.
  • Palladium fell $6, or 0.7%, to $898 an ounce.

For the week, advances totaled 2.3% for both gold and silver, 1.9% for platinum and 1.6% for palladium.

US Mint Bullion Sales in 2017

United States Mint bullion sales picked up compared to last week. In week-over-week comparisons:

  • Gold coins moved up by 7,000 ounces after rising by 2,500 ounces last week. Splits include 5,000 ounces in American Gold Eagles compared to 1,000 ounces previously and 2,000 ounces in American Gold Buffalos compared to 1,500 ounces previously.

  • Silver coins advanced by 110,000 ounces compared to 50,000 ounces previously. American Silver Eagles accounted for all silver sales for a sixth straight week.

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 Last Week This Week July August YTD
$100 American Eagle 1 Oz Platinum Coin 0 0 0 0 0 20,000
$50 American Eagle 1 Oz Gold Coin 4,000 1,000 4,500 13,500 4,500 160,000
$25 American Eagle 1/2 Oz Gold Coin 0 0 1,000 0 1,000 28,000
$10 American Eagle 1/4 Oz Gold Coin 0 0 0 4,000 0 52,000
$5 American Eagle 1/10 Oz Gold Coin 0 0 0 30,000 0 290,000
$50 American Buffalo 1 Oz Gold Coin 2,000 1,500 2,000 6,000 2,000 74,000
$1 American Eagle 1 Oz Silver Coin 0 50,000 110,000 2,320,000 110,000 14,663,500
2017 Effigy Mounds 5 Oz Silver Coin 0 0 0 0 0 35,000
2017 Frederick Douglass 5 Oz Silver Coin 0 0 0 0 0 20,000
2017 Ozark Riverways 5 Oz Silver Coin 0 0 0 0 0 20,000


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