Silver Logs Ninth Weekly Loss, Gold Edges Down

one-ounce gold, sqare bars
Weekly losses in precious metals futures ranges from 0.3% for gold to 1.1% for silver

Precious metals futures were mostly lower Friday and they all declined on the week. Silver’s weekly loss was its ninth straight, and its ending price was at a more than two-year low.

Gold for December delivery on Friday edged down 90 cents, or less than 0.1%, to settle at $1,219.90 an ounce on the Comex division of the New York Mercantile Exchange.

"The price action is telling us that people don’t want to buy gold now. It’s in a downtrend, so that’s adding more weight to push it down further," Reuters quoted Michael Matousek, head trader at U.S. Global Investors. "You need to see it above $1,260, before you see that trend turn around."

Gold futures slipped 0.3% this week after edging up less than 0.1% last week. On Monday, gold ended at its lowest point since July 13, 2017. The yellow metal is down 6.9% on the year to date.

In looking ahead to next week, Kitco News offers the following forecasts via their Wall Street & Main Street surveys:

"Fifteen market professionals took part in the Wall Street survey. Ten respondents, or 67%, called for higher prices, while three, or 20%, said lower. Two respondents, or 13%, predicted a sideways market.

Meanwhile, 694 voters responded in an online Main Street survey. A total of 311 respondents, or 45%, predicted that gold prices will be higher next week. Another 271 voters, or 39%, said gold will fall, while 112, or 16%, see a sideways market."

Ending lower Friday for the first time in four days, silver for September dropped 16.7 cents, or 1.1%, to $15.295 an ounce. The settlement is the weakest since April 7, 2016 when the precious metal ended at $15.158 an ounce.

Silver futures declined 1.1% on the week as well, falling a combined 8.6 % in their nine straight weekly losses. The metal has plunged 10.8% on the year.

In PGM futures on Friday and for the week:

  • October platinum declined $4.50, or 0.5%, to $829.60 an ounce, for a 0.9% weekly loss.

  • Palladium for September delivery rose $2.70, or 0.3%, to $901.10 an ounce, but declined 0.8% on the week.

Both are down on the year to date with losses of 11.6% for platinum and 15.1% for palladium.

London Precious Metals Prices

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

  • Gold rose a nickel to 1,214.40 an ounce.
  • Silver shed 10.5 cents, or 0.7%, to $15.375 an ounce.
  • Platinum declined $9, or 1.1%, to $828 an ounce.
  • Palladium added $13, or 1.4%, to $911 an ounce.

In LBMA results for the week, prices for silver rose 0.1% while those for gold, platinum and palladium declined 0.2%, 0.5%, and 1%.

US Mint Bullion Sales in 2018

United States Mint bullion sales this week scored stronger gains in both gold and silver coins. In headline week-over-week comparisons:

  • Gold bullion coins increased by 15,000 ounces this week after rising by 8,500 ounces last week. Splits included 6,000 ounces in American Gold Eagles against 2,000 ounces previously, and 9,000 ounces in American Gold Buffalos compared to 6,500 ounces previously.

  • Silver bullion coins moved up by 235,000 this week after climbing by 130,000 last week. For a sixth week in a row sales came entirely from American Silver Eagles.

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 July August 2018 Sales
$100 American Eagle 1 Oz Platinum Coin 0 0 0 0 0 30,000
$50 American Eagle 1 Oz Gold Coin 0 2,000 6,000 31,500 6,500 125,500
$25 American Eagle 1/2 Oz Gold Coin 0 0 0 1,000 0 18,000
$10 American Eagle 1/4 Oz Gold Coin 0 0 0 2,000 0 50,000
$5 American Eagle 1/10 Oz Gold Coin 0 0 0 25,000 0 150,000
$50 American Buffalo 1 Oz Gold Coin 0 6,500 9,000 24,500 9,500 87,500
$1 American Eagle 1 Oz Silver Coin 0 130,000 235,000 885,000 265,000 7,972,500
Pictured Rocks 5 Oz Silver Coin 0 0 0 0 0 30,000
Apostle Islands 5 Oz Silver Coin 0 0 0 0 0 30,000
Voyageurs 5 Oz Silver Coin 0 0 0 0 0 30,000


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Seth Riesling

Monday morning Aug. 13th: Right now spot gold is down over $12 at under $1200 ! And silver is almost under $15 an ounce!