Precious metals ended divided Friday with gold and silver lower and platinum and palladium higher. They all gained on the week. Palladium was the biggest winner on the week and for the day, scoring a new all-time high.
Gold for February delivery declined $9, or 0.7%, to settle at $1,285.80 an ounce on the Comex division of the New York Mercantile Exchange. On Thursday, gold ended at its highest price since June 14.
"Industrial commodities and currencies have rebounded therefore the precious metals which have been the safe haven such as gold, silver have retraced today," Reuters quoted said David Meger, director of metals trading at High Ridge Futures. "That is exacerbated by a stronger-than-expected payrolls data."
Nonfarm payrolls surged by 312,000 in December, the Labor Department said Friday, nearly double the number expected.
Gold futures rose 0.2% this week, marking their third straight weekly increase. They are 0.4% higher year to date.
"Gold is starting 2019 with increasing price support and growing demand. I believe gold will reach its next major resistance level of $1,300 very soon, and after a short period of time should break above," stated Barry Stuppler of Woodland Hills, California, President of the Accredited Precious Metals Dealers (https://apmddealers.org), a division of the Professional Numismatists Guild (https://pngdealers.org).
"The gold fundamentals have never looked better. Interest rates, such the U.S. 10-Year Treasury Note which is under to 2.7%, and the U.S. dollar are dropping. Demand is increasing from hedge funds, ETFs and central banks. While the global equity markets remain a question mark, we are seeing increasing gold demand from stock investors moving to a proven safe haven from the volatility they are seeing," explained Stuppler.
"As global equity markets continue to move lower, gold buying in Asia, the Middle East and Europe is increasing as the price moves above $1,285 per ounce. January has an excellent history of showing higher gold prices, and last year gold hit its highest price in January," he pointed out.
In looking ahead to next week, Kitco News offers the following forecasts via their Wall Street & Main Street surveys:
"Twenty market professionals took part in the Wall Street survey. There were 11 votes, or 55%, calling for gold prices to rise. Six voters, or 30%, look for gold to fall, while three, or 15%, see the metal sideways or else are neutral.
Meanwhile, Main Street was the most bullish on gold than it has been in since April, with the 706 respondents in an online poll the most since mid-August. A total of 544 voters, or 77%, called for gold to rise, the most significant bullish percentage since 84% back on April 12. Another 101, or 14%, predicted gold would fall. The remaining 61 voters, or 9%, see a sideways market."
Snapping a string of gains that reached seven straight, silver for March delivery dipped 1.1 cents, or less than 0.1%, to $15.786 an ounce. On Thursday, the metal registered its best settlement since July 16.
Silver futures surged 2.3% this week, also registering their third consecutive weekly advance. They are 1.6% higher year to date.
In PGM futures on Friday:
April platinum jumped $27.90, or 3.5%, to $827.20 an ounce, for a 3.9% increase on the week.
- Palladium for March delivery surged $34.10, or 2.8%, to $1,234.40 an ounce — a new record, posting a 4.3% weekly gain.
The two are higher on the year with advances of 3.3% for platinum and 3.1% for palladium.
London Precious Metals Prices
London gold and silver prices ended divided on Friday and for the week. In comparing their levels from Thursday PM to Friday PM:
- Gold declined $10.55, or 0.8%, to $1,279.90 an ounce.
- Silver rose 17 cents, or 1.1%, to $15.705 an ounce.
In LBMA weekly results, gold edged up less than 0.1% and silver gained 2.7%.
US Mint Bullion Sales
Sales of United States Mint bullion products improved for silver coins but were muted for gold coins. In headline week-over-week comparisons:
Gold bullion coin sales were flat this week after rising by 1,000 ounces in American Gold Eagles last week.
Silver bullion coins moved up by 100,000 ounces this week after advancing by 40,000 ounces last week. For a fifth 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 / 2019||Last Week||This Week||December||2018 Sales|
|$100 American Eagle 1 Oz Platinum Coin*||0||0||0||0||30,000|
|$50 American Eagle 1 Oz Gold Coin||0||1,000||0||3,000||191,000|
|$25 American Eagle 1/2 Oz Gold Coin||0||0||0||0||32,000|
|$10 American Eagle 1/4 Oz Gold Coin||0||0||0||0||62,000|
|$5 American Eagle 1/10 Oz Gold Coin||0||0||0||0||230,000|
|$50 American Buffalo 1 Oz Gold Coin||0||0||0||1,500||121,500|
|$1 American Eagle 1 Oz Silver Coin||0||40,000||100,000||490,000||15,700,000|
|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||0||0||0||80,000|