Gold Falls on Week, Silver Extends Weekly Wins to Three

999.9 Fine Gold Bar
Precious metals futures ended mixed this week with silver and palladium sharply higher and gold and platinum slightly lower

Gold and silver futures declined for a second straight session Friday. The loss for gold snatched away its weekly gain. Silver, however, still advanced on the week — its third straight weekly increase.

Gold for June delivery declined $10.50, or 0.8%, to settle at $1,338.30 an ounce on the Comex division of the New York Mercantile Exchange.

"There was a bit of upward momentum, but you are still in the $1,300-$1,365 range. It’s more of a technical trade at the moment — it tries the upside again and if that doesn’t succeed then it falls back," Reuters quoted Dan Denbow, USAA senior portfolio manager. "Rates are up and dollar-supportive. The Fed still seems to be on the path for tightening. The Fed and cryptocurrencies, a bit, have been hampering (gold)."

Gold futures shed 0.7% this week after two consecutive weekly wins of 0.9% and 0.7%. They are 2.2% higher for the year so far. In looking ahead to next week, Kitco News offers the following forecasts via their Wall Street & Main Street surveys:

"Sixteen market professionals took part in the survey. Seven respondents, or 44%, called for gold prices to rise over the next week. Another six voters, or 38%, looked for gold to fall, while three, or 19%, called for a sideways market.

Meanwhile,  677 voters responded in an online Main Street survey. A total of 463 respondents, or 68%, predicted that gold prices would be higher in a week. Another 145 voters, or 21%, said gold will fall, while 69, or 10%, see a sideways market."

Elsewhere, silver for May delivery lost 7.6 cents, or 0.4%, to finish at $17.163 an ounce. Silver futures jumped 3% this week after rising 1.8% last week and climbing 0.6% the week before then. On Wednesday, they settled at $17.248 an ounce for their best close since Jan. 26. Silver is a modest 0.1% higher on the year to date.

In PGM futures on Friday and for the week:

  • July platinum declined $8.30, or 0.9%, to $931.80 an ounce, for a 0.1% weekly loss.

  • Palladium for June delivery added $3.75, or 0.4%, to $1,030.20 an ounce, for a 5% weekly increase.

The two metals remain lower on the year with losses of 0.7% for platinum and 2.9% for palladium.

London Precious Metals Prices

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

  • Gold declined $11.85, or 0.9%, to $1,336.75 an ounce.
  • Silver lost 8.5 cents, or 0.5%, to $17.11 an ounce.
  • Platinum fell $10, or 1.1%, to $933 an ounce.
  • Palladium shed $5, or 0.5%, to $1,031 an ounce.

In weekly LBMA results, advances included 3.7% for silver, 0.4% for platinum and 4.6% for palladium. Gold declined 0.5%.

US Mint Bullion Sales in 2018

United States Mint bullion sales were mixed this week with gold coins moving slower and silver coins jogging quicker. In headline weekly comparisons:

  • Gold bullion coins rose by 1,000 ounces after rising by 2,500 ounce last week. Splits included 500 ounces in American Gold Eagles against 2,000 ounces previously and 500 ounces in American Gold Buffalos to match last week.

  • American Silver Eagles advanced by 275,500 coins this week after they climbed by 125,000 coins last week.

  • On Monday, the U.S. Mint released its second 2018-dated 5-ounce bullion silver coin. The piece depicts Apostle Islands National Lakeshore in Wisconsin and it registered first-week sales of 30,000 coins or 150,000 ounces. No 5-ounce coins sold last week.

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

US Mint Bullion Sales (# of coins)
Friday Last Week This Week March April 2018 Sales
$100 American Eagle 1 Oz Platinum Coin 0 0 0 0 0 20,000
$50 American Eagle 1 Oz Gold Coin 0 2,000 500 2,500 2,500 46,000
$25 American Eagle 1/2 Oz Gold Coin 0 0 0 0 0 16,000
$10 American Eagle 1/4 Oz Gold Coin 0 0 0 0 0 26,000
$5 American Eagle 1/10 Oz Gold Coin 0 0 0 10,000 0 95,000
$50 American Buffalo 1 Oz Gold Coin 0 500 500 1,000 1,000 29,500
$1 American Eagle 1 Oz Silver Coin 0 125,000 275,000 915,000 610,000 5,702,500
Pictured Rocks 5 Oz Silver Coin 0 0 0 10,000 0 30,000
Apostle Islands 5 Oz Silver Coin 0 N/A 30,000 N/A 30,000 30,000


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