Gold Slides on Week, Silver Plunges

Gold Bullion on Scale
Weekly losses in precious metals futures ranged from 4.2% for silver and 3.7% for palladium

Precious metals futures ended mostly lower on Friday and they all declined on the week, led by silver and followed by palladium.

Gold for April delivery declined $10.60, or 0.8%, to settle at $1,337.30 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the weakest since Jan. 23.

"After holding it’s own through the week and reacting to a very consistent FOMC statement earlier in the week, [Friday’s] jobs report, signs of wage inflation and resurgence of the U.S. dollar has taken gold lower … with a negative bias heading into the weekend," MarketWatch quoted Jeff Wright, chief investment officer at Wolfpack Capital.

Gold futures traded 1.1% lower this week after climbing 1.4% last week. They are 2.1% 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:

"Seventeen market professionals took part in the Wall Street survey. Eleven, or 65%, called for gold to fall. There were three votes each, or 18%, calling for higher and sideways prices.

Meanwhile, 1,060 votes were cast in an online Main Street poll. A total of 676 voters, or 64%, looked for gold to climb next week. Another 238, or 22%, said lower, while 146, or 14%, were neutral."

Silver for March delivery plunged 44.6 cents, or 2.6%, to settle at $16.709 an ounce. The close was the lowest since Dec. 26. Silver futures dropped 4.2% this week after rising 2.4% last week. They are down 2.5% on the year to date.

In PGM futures on Friday and for the week:

  • April platinum declined $8.40, or 0.8%, to $999.40 an ounce, for a 1.9% weekly loss.

  • Palladium for March delivery tacked on $20.25, or 2%, to $1,044.95 an ounce, but sank 3.7% on the week.

The two are divided on the year so far with platinum 6.5% higher and palladium 1.5% lower.

London Precious Metals Prices

London precious metals prices divided on Friday and finished lower from a week ago. In comparing their levels from Thursday PM to Friday PM:

  • Gold declined $10.20, or 0.8%, to $1,331.15 an ounce.
  • Silver fell 5.5 cents, or 0.3%, to $17.135 an ounce.
  • Platinum rose $1, or 0.1%, to $997 an ounce.
  • Palladium added $8, or 0.8%, to $1,047 an ounce.

As for the week in LBMA precious metals prices, their losses totaled 1.6% for gold, 1.5% for silver, 2% for platinum and 3.7% for palladium.

US Mint Bullion Sales in 2018

United States Mint bullion sales slowed from a week ago. In week-over-week comparisons:

  • Gold coins advanced by 4,000 ounces this week after rising by 9,000 ounces last week. Splits included 2,500 ounces in American Gold Eagles against 6,500 ounces previously, and 1,500 ounces in American Gold Buffalos compared to 2,500 ounces previously.

  • American Silver Eagles advanced by 140,000 coins after they moved up by 325,000 coins last week.

Below is a sales breakdown of U.S. bullion products with columns listing the number of coins sold during varying periods.

US Mint Bullion Sales (# of coins)
Friday / February Last Week This Week December 2017 Sales 2018 Sales
$50 American Eagle 1 Oz Gold Coin 1,000 4,500 2,000 38,000 228,500 37,000
$25 American Eagle 1/2 Oz Gold Coin 0 2,000 0 3,000 37,000 16,000
$10 American Eagle 1/4 Oz Gold Coin 0 2,000 0 4,000 64,000 26,000
$5 American Eagle 1/10 Oz Gold Coin 0 5,000 5,000 25,000 395,000 80,000
$50 American Buffalo 1 Oz Gold Coin 1,000 2,500 1,500 14,000 99,500 25,000
$1 American Eagle 1 Oz Silver Coin 0 325,000 140,000 742,000 18,065,500 3,235,000
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Joe Brown

the amazing run on palladium, even tho i have none, still in the *green, ya gotta love it.