Precious metals futures climbed Friday and all but platinum scored weekly gains. Gold was the biggest winner for the day, closing at a five-month high.
Gold for February delivery rose $9, or 0.7%, to settle at $1,252.60 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the highest since July 10.
"At this point it looks like the price of gold has a strong foundation at these levels and should remain in a bullish mode the rest of the year," Reuters quoted Walter Pehowich, executive vice president of investment services at Dillon Gage Metals.
Gold futures advanced 2.2% this week. They have now logged a combined 3.6% increase in their four straight weeks of gains. The yellow metal, however, is still 4.3% lower on the year to date.
In looking ahead to next week, Kitco News offers the following forecasts via their Wall Street & Main Street surveys:
"Fourteen market professionals took part in the Wall Street survey. Eight respondents, or 57%, predicted higher prices by next Friday. There were three votes each, or 21%, for lower and sideways/neutral.
Meanwhile, 501 people responded to an online Main Street poll. A total of 319 respondents, or 64%, called for gold to rise. Another 118, or 24%, predicted gold would fall. The remaining 64 voters, or 13%, saw a sideways market."
Elsewhere, silver for March delivery tacked on 18.7 cents, or 1.3%, to settle at $14.696 an ounce. The finish was the best since Nov. 2. Silver futures traded 3.4% higher this week after slipping 0.2% last week. They are 14.3% lower on the year so far.
In PGM futures on Friday and for the week:
January platinum edged up 80 cents, or 0.1%, to $790.40 an ounce, but posted a 1.2% weekly loss.
- Palladium for March delivery jumped $28.90, or 2.5%, to $1,170.80 an ounce, for a 2.3% gain on the week. On Wednesday, palladium settled at a record of $1,184.40 an ounce.
The two are divided on the year with platinum 15.8% lower and palladium 10.3% higher.
London Precious Metals Prices
London precious metals prices ended mixed on Friday and for the week. In comparing their levels from Thursday PM to Friday PM:
- Gold edged up 75 cents, or less than 0.1%, to 1,243.30 an ounce.
- Silver rose 10.5 cents, or 0.7%, to $14.485 an ounce.
- Platinum added $1, or 0.1%, to $789 an ounce.
- Palladium declined $13, or 1.1%, to $1,208 an ounce.
In LBMA weekly results, prices for platinum fell 2% while others gained — 2.1% for gold, 1.8% for silver, and 0.2% for palladium.
US Mint Bullion Sales in 2018
Demand for United States Mint bullion products fell from a week ago. In headline week-over-week comparisons:
Sales of gold bullion coins were muted this week after advancing by 15,000 ounces previously. Last week, sales splits included 12,500 ounces in American Gold Eagles and 2,500 ounces in American Gold Buffalos.
Silver bullion coins advanced by 150,000 ounces this week after rising by 775,000 ounces last week. This week, sales came entirely from American Silver Eagles. Sales splits last week included 375,000 ounces in American Silver Eagles and 400,000 ounces in Block Island America the Beautiful Five Ounce Silver Bullion Coins.
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 / December||November||2018 Sales|
|$100 American Eagle 1 Oz Platinum Coin*||0||0||0||0||30,000|
|$50 American Eagle 1 Oz Gold Coin||0||11,000||0||16,000||188,000|
|$25 American Eagle 1/2 Oz Gold Coin||0||2,000||0||4,000||32,000|
|$10 American Eagle 1/4 Oz Gold Coin||0||0||0||2,000||62,000|
|$5 American Eagle 1/10 Oz Gold Coin||0||5,000||0||20,000||230,000|
|$50 American Buffalo 1 Oz Gold Coin||0||2,500||0||5,500||120,000|
|$1 American Eagle 1 Oz Silver Coin||0||375,000||150,000||1,645,000||15,360,000|
|Pictured Rocks 5 Oz Silver Coin*||0||0||0||0||30,000|
|Apostle Islands 5 Oz Silver Coin*||0||0||0||0||30,000|
|Voyageurs 5 Oz Silver Coin*||0||0||0||0||30,000|
|Cumberland Island 5 Oz Silver Coin||0||0||0||0||52,500|
|Block Island 5 Oz Silver Coin||0||80,000||0||80,000||80,000|