Gold Drops for Second Straight Week, Silver Snaps Three Weekly Win Streak

Shelves of gold bullion bars
Gold shed 1.1% this week

Precious metals futures ended mixed on Friday but they declined on the week with losses ranging from 1.1% for gold to 6.5% for palladium.

Gold for June delivery rose $5.50, or 0.4%, to settle at $1,323.40 an ounce on the Comex division of the New York Mercantile Exchange.

"The shining metal, for the time being, is trading in a range where the top side is capped by the resistance of $1,366 and the support is at $1,302," MarketWatch quoted Naeem Aslam, chief market analyst at Think Markets. "We need to break out of this ugly consolidation zone so a new trend could emerge and that would attract many traders who use technical analysis for their trading strategies."

Gold futures declined 1.1% this week after slipping 0.7% last week. On Thursday, they ended at their lowest price since March 20. The yellow metal is 1.1% 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:

"Twenty-three market professionals took part in the survey. Twelve respondents, or 52%, called for gold prices to rise over the next week. Another five voters, or 22%, looked for gold to fall, while six, or 26%, called for a sideways market.

Meanwhile, 903 voters responded in an online Main Street survey. A total of 522 respondents, or 58%, predicted that gold prices would be higher in a week. Another 295 voters, or 33%, said gold will fall, while 86, or 10%, see a sideways market."

Elsewhere, silver for May delivery lost 8.5 cents, or 0.5%, to settle at $16.406 an ounce. Sinking 4.4% this week — their first weekly decline in four weeks, silver futures have now given back 4.3% since ending last year at $17.145 an ounce. As recently as April 18, the precious metal had scored a three-month high at $17.248 an ounce.

In PGM futures on Friday and for the week:

  • July platinum rose $6.30, or 0.7%, to $916.40 an ounce, but posted a 1.7% weekly loss.

  • Palladium for June delivery lost $16.05, or 1.6%, to $963 an ounce, for a 6.5% weekly decline.

The two metals are lower on the year with losses of 2.3% for platinum and 9.2% for palladium.

London Precious Metals Prices

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

  • Gold added 80 cents, or less than 0.1%, to $1,321.50 an ounce.
  • Silver declined 4.5 cents, or 0.3%, to $16.53 an ounce.
  • Platinum fell $1, or 0.1%, to $911 an ounce.
  • Palladium rose $8, or 0.8%, to $983 an ounce.

In weekly LBMA results, the losses reached 1.1% for gold, 3.4% for silver, 2.4% for platinum and 4.7% for palladium.

US Mint Bullion Sales in 2018

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

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

  • American Silver Eagles rose by 75,000 coins this week after they advanced by 275,000 coins last week.

  • Five-ounce silver bullion sales were muted this week. Last week, with the debut of the second 2018-dated 5-ounce bullion silver coin featuring Apostle Islands National Lakeshore in Wisconsin, sales grew by 30,000 coins or 150,000 ounces.

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 1,000 500 1,000 2,500 3,500 47,000
$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 500 500 500 1,000 1,500 30,000
$1 American Eagle 1 Oz Silver Coin 50,000 275,000 75,000 915,000 685,000 5,777,500
Pictured Rocks 5 Oz Silver Coin 0 0 0 10,000 0 30,000
Apostle Islands 5 Oz Silver Coin 0 30,000 0 N/A 30,000 30,000


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