Gold Logs Fourth Weekly Loss, Silver Gains

Pure Gold 999.9 Bars
Metals divided on the week with gold and palladium lower and silver and platinum higher

Precious metals futures ended mixed on Friday and for the week. Gold registered its fourth straight weekly decline but climbed from the eight-week low notched on Thursday.

Gold for December delivery rose $1.70, or 0.1%, to settle at $1,274.90 an ounce on the Comex division of the New York Mercantile Exchange.

"The Russian report of a looming North Korean missile test that could reach the west coast of the United States combined with a weakening dollar goosed gold from two-month lows," Reuters quoted Tai Wong, head of base and precious metals trading at BMO Capital Markets in New York. "Gold has slumped 7 percent over the past month, which is making speculative shorts wary at current levels so we may see $1,300 before $1,250."

On Thursday, gold ended at its lowest price since Aug. 8. Gold futures traded 0.8% lower this week and have fallen a combined 5.6% in their four weeks of losses. The yellow metal is 10.7% higher so far this year.

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

"Fifteen market professionals took part in the Wall Street survey. Ten participants, or 67%, look for gold to be lower next week. Four, or 27%, called for higher, while one, or 7%, sees sideways prices ahead.

Meanwhile, a larger-than-average 2,756 votes were cast in an online Main Street poll, in which respondents correctly called two of the last three weekly declines. A total of 1,204 voters, or 44%, predicted gold will rise in the week ahead. Another 1,019, or 37%, were bearish. The neutral votes totaled 533, or 19%."

Ending higher for a second straight session after falling for four in a row, silver for December delivery advanced 15.2 cents, or 0.9%, to settle at $16.79 an ounce. Silver futures rose 0.7% this week after three weekly losses brought prices down by a combined 8%. The precious metal is 5% higher on the year to date.

In PGM futures on Friday and for the week:

  • January platinum fell $1.30, or 0.1%, to $916.70 an ounce, but edged up 0.1% on the week.

  • Palladium for December delivery lost $17.50, or 1.9%, to $919 an ounce, for a 1.9% weekly decline.

The two metals are higher on the year with increases of 1.2% for platinum and 34.5% 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 declined $12.70, or 1%, to 1,261.80 an ounce.
  • Silver fell 3.5 cents, or 0.2%, to $16.625 an ounce.
  • Platinum lost $1, or 0.1%, to $911 an ounce.
  • Palladium added $13, or 1.4%, to $943 an ounce.

For the week, palladium gained 1.4% while other London metal prices registered losses of 1.7% for gold, 1.4% for silver, and 1% for platinum.

US Mint Bullion Sales in 2017

United States Mint bullion sales were mixed this week as compared to last week with gold sales stronger and silver sales weaker. In headline comparisons:

  • Gold coins advanced by 4,500 ounces compared to 3,000 ounces previously. Splits include 3,000 ounces in American Gold Eagles, like last week, and 1,500 ounces in American Gold Buffalos compared to none in the previous week.

  • Silver coins climbed by 150,000 ounces compared to last week’s increase of 195,000 ounces. American Silver Eagles accounted for all silver sales in both weeks.

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 September This Week / October YTD
$100 American Eagle 1 Oz Platinum Coin 0 0 0 0 20,000
$25 American Eagle 1 Oz Palladium Coin* 0 15,000 15,000 0 15,000
$50 American Eagle 1 Oz Gold Coin 0 2,000 8,000 2,500 172,500
$25 American Eagle 1/2 Oz Gold Coin 0 1,000 1,000 1,000 31,000
$10 American Eagle 1/4 Oz Gold Coin 0 0 2,000 0 56,000
$5 American Eagle 1/10 Oz Gold Coin 0 5,000 25,000 5,000 335,000
$50 American Buffalo 1 Oz Gold Coin 0 0 1,500 1,000 77,500
$1 American Eagle 1 Oz Silver Coin 0 195,000 320,000 150,000 16,048,500
2017 Effigy Mounds 5 Oz Silver Coin 0 0 0 0 35,000
2017 Frederick Douglass 5 Oz Silver Coin 0 0 0 0 20,000
2017 Ozark Riverways 5 Oz Silver Coin 0 0 0 0 20,000
2017 Ellis Island 5 Oz Silver Coin* 0 0 0 0 40,000


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