Gold Ends Week at Two-Week High, Palladium Marks New Record

Partial Photo of Bullion Gold
Gold futures settled Friday at their highest price since Feb. 1

Precious metals ticked higher Friday. Gains in gold drove it to a two-week high while those for palladium lifted the metal to another record.

Gold for April delivery added $8.20, or 0.6%, to settle at $1,322.10 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the highest since Feb. 1.

"Gold (price action) is like watching oil evaporate. The market is continually bearish at lows and bullish at highs with actual breaks infrequent," Reuters quoted Tai Wong, head of base and precious metals derivatives trading at BMO.

"The end of the (Fed) tightening cycle now looms which improves the overall backdrop for gold significantly. With the Fed on hold, there is less pressure for the rest of the globe to keep pace."

Gold futures gained 0.3% this week after dipping 0.3% last week. The yellow metal 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:

"Seventeen market professionals took part in the Wall Street survey. There were 13 votes, or 76%, calling for higher prices. There were two votes each, or 12%, for both lower and sideways.

Meanwhile, 455 respondents took part in an online Main Street poll. A total of 244 voters, or 54%, called for gold to rise. Another 115, or 25%, predicted gold would fall. The remaining 96 voters, or 21%, see a sideways market."

Elsewhere, silver for March delivery rose 21.5 cents, or 1.4%, to close at $15.743 an ounce. Silver futures declined 0.4% this week after falling 0.8% last week. The precious metal is 1.3% higher on the year.

In PGM futures on Friday and for the week:

  • April platinum jumped $17.70, or 2.2%, to finish at $806.90 an ounce, for an almost 0.6% weekly gain.

  • Palladium for March delivery rallied $21.30, or 1.5%, to settle at $1,407.20 an ounce — a new record settlement. Palladium advanced 2.6% on the week.

Both are also higher on the year to date with increases of 0.8% for platinum and 17.5% for palladium.

London Precious Metals Prices

London precious metals prices finished higher on Friday but divided for the week. In comparing their levels from Thursday PM to Friday PM:

  • Gold rose $5.10, or 0.4%, to $1,316.55 an ounce.
  • Silver gained 9.5 cents, or 0.6%, to $15.675 an ounce.
  • Platinum added $6, or 0.8%, to $788 an ounce.
  • Palladium rose $34, or 2.4%, to $1,437 an ounce.

In LBMA weekly results, winners included gold and palladium with gains of 0.1% and 3.1% while silver and platinum logged declines of 0.7% and 1.4%.

US Mint 2019 Bullion Sales

Demand for United States Mint bullion products was mixed this week from last one with gold coin sales lower and silver coin sales higher. In headline week-over-week comparisons:

  • Gold bullion coins rose by 5,000 ounces after rising by 7,500 ounces last week. Splits include 2,500 ounces in American Gold Eagles against 4,500 ounces previously and 2,500 ounces in American Gold Buffalos versus 3,000 ounces previously.

  • American Silver Eagles surged by 775,000 ounces after advancing by 255,000 ounces last week.

  • American Platinum Eagles rose by 400 ounces after climbing by 900 ounces 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 Last Week This Week January February 2019 Sales
$100 American Eagle 1 Oz Platinum Coin 0 900 400 27,100 1,800 28,900
$50 American Eagle 1 Oz Gold Coin 0 3,500 2,000 44,500 6,500 51,000
$25 American Eagle 1/2 Oz Gold Coin 0 1,000 0 15,000 1,000 16,000
$10 American Eagle 1/4 Oz Gold Coin 0 0 0 20,000 0 20,000
$5 American Eagle 1/10 Oz Gold Coin 0 5,000 5,000 85,000 10,000 95,000
$50 American Buffalo 1 Oz Gold Coin 0 3,000 2,500 23,500 5,500 29,000
$1 American Eagle 1 Oz Silver Coin 0 255,000 775,000 4,017,500 1,060,000 5,077,500


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Joe C.

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