Gold Logs Sixth Weekly Increase in Seven Weeks

Two gold bullion bars
Gold registered a 1.9% weekly increase

Precious metals futures ended divided Friday with gold and silver lower and platinum and palladium higher. All but palladium advanced on the week. Gold, silver and platinum scored their second straight weekly gains.

Gold for April delivery on Friday shed $3.10, or 0.2%, to settle at $1,322.10 an ounce on the Comex division of the New York Mercantile Exchange.

"The ongoing trend in precious metals markets continues. The much more dovish-than-expected Fed stance continues to support commodity prices across the board, weaken the dollar and support the precious metals complex as well," Reuters quoted David Meger, director of metals trading at High Ridge Futures.

Gold futures moved up 1.9% this week after rising last week by 1.2%. On Thursday, they settled at their best price since April 24 and ended January with a 3.4% increase. The yellow metal has advanced in six of the last seven weeks and is 3.2% higher on the year to date.

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 Wall Street survey. There were 10 votes, or 63%, calling for higher prices.  Two respondents, or 13%, said lower, while four, or 25%, said sideways.

Meanwhile, 561 respondents took part in an online Main Street poll. A total of 357 voters, or 64%, called for gold to rise. Another 135, or 24%, predicted gold would fall. The remaining 69 voters, or 12%, see a sideways market."

Elsewhere Friday, silver for March delivery lost 14.1 cents, or 0.9%, to close at $15.931 an ounce. Silver futures gained 1.5% this week after rising 2% last week. On Thursday, they marked their best close since July 10. The precious metal is 2.5% higher on the year.

In PGM futures on Friday and for the week:

  • April platinum added $2, or 0.2%, to $826.70 an ounce, for a 1% weekly gain.

  • Palladium for March moved up $13.70, or 1.1%, to $1,313.60 an ounce, but lost 0.5% on the week.

Both are higher on the year so far with increases of 3.2% for platinum and 9.7% for palladium.

London Precious Metals Prices

London precious metals prices mostly declined on Friday but they all advanced on the week. In comparing their levels from Thursday PM to Friday PM:

  • Gold declined $4.55, or 0.3%, to $1,318.70 an ounce.
  • Silver fell 6.5 cents, or 0.4%, to $16.01 an ounce.
  • Platinum rose $4, or 0.5%, to $825 an ounce.
  • Palladium declined $12, or 0.9%, to $1,368 an ounce.

In LBMA weekly results, gains reached 1.9% for gold, 4.1% for silver, 1.6% for platinum, and 2.8% for palladium.

US Mint 2019 Bullion Sales

United States Mint bullion sales were mixed on the week compared to last week. In headline week-over-week comparisons:

  • Gold bullion coins rose by 5,000 ounces after rising by 4,000 ounces last week. Splits include 4,000 ounces in American Gold Eagles against 2,500 ounces previously and 1,000 ounces in American Gold Buffalos versus 1,500 ounces previously.

  • American Silver Eagles climbed by 116,500 ounces after advancing by 375,000 ounces last week.

  • American Platinum Eagles rose by 2,000 ounces after being unchanged 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 / February Last Week This Week January 2019 Sales
$100 American Eagle 1 Oz Platinum Coin 500 0 2,000 27,100 27,600
$50 American Eagle 1 Oz Gold Coin 1,000 2,500 2,500 44,500 45,500
$25 American Eagle 1/2 Oz Gold Coin 0 0 1,000 15,000 15,000
$10 American Eagle 1/4 Oz Gold Coin 0 0 0 20,000 20,000
$5 American Eagle 1/10 Oz Gold Coin 0 0 40,000 85,000 85,000
$50 American Buffalo 1 Oz Gold Coin 0 1,500 1,000 23,500 23,500
$1 American Eagle 1 Oz Silver Coin 30,000 375,000 116,500 4,017,500 4,047,500


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