Precious Metals Log Weekly Gains, Palladium Ends at New Record

Three Gold Bullion Bars, Dark Background
Gold prices gained 0.8% on the week

Precious metals futures bounced Friday from their losses on Thursday. Palladium ended the day at another record. Gold and silver, meanwhile, failed in returning from their multi-month highs on Wednesday but they still gained on the week.

Gold for April delivery rose $5, or 0.4%, to settle at $1,332.80 an ounce on the Comex division of the New York Mercantile Exchange.

"Gold has also continued to rise at a time when its polar opposite, the U.S. dollar, has essentially been flat. This suggests to me that gold has been responding to the recovery in commodity prices (energy, metals, grains, lumber)," MarketWatch quoted Colin Cieszynski, chief market strategist at SIA Wealth Management.

Gold futures gained 0.8% this week after rising 0.3% last week. On Wednesday, they closed at $1,347.90 an ounce for their highest settlement since April 19. The yellow metal is 4% 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:

"This week, 20 market professionals took part in the Wall Street survey. There were 15 votes, or 75%, calling for higher prices. Three participants, or 15%, were bearish for next week. Two participants, or 10%, were neutral on the yellow metal.

Meanwhile, 734 respondents took part in an online Main Street poll. A total of 413 voters, or 56%, called for gold to rise. Another 192, or 26%, predicted gold would fall. The remaining 129 voters, or 18%, saw a sideways market."

Silver for March delivery added 11.3 cents, or 0.7%, to close at $15.914 an ounce. Silver futures advanced 1.1% this week after losses of 0.4% last week and 0.8% the week before then. On Wednesday, they ended at $16.177 an ounce for their best settlement since June 29. The precious metal is 2.4% higher on the year.

In PGM futures on Friday and for the week:

  • April platinum jumped $19.60, or 2.4%, to $845.90 an ounce, for a 4.8% weekly increase.

  • Palladium for March tacked on $17.10, or 1.2%, to $1,462.20 an ounce, — a new record settlement. Palladium prices gained 3.9% on the week.

Both are also higher on the year to date with increases of 5.7% for platinum and 22.1% for palladium.

London Precious Metals Prices

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

  • Gold declined $2.20, or 0.2%, to $1,329.05 an ounce.
  • Silver slipped 4 cents, or 0.3%, to $15.87 an ounce.
  • Platinum added $4, or 0.5%, to $830 an ounce.
  • Palladium rose $1, or 0.1%, to $1,482 an ounce.

In LBMA weekly results, gains reached 1% for gold, 1.2% for silver, 5.3% for platinum, and 3.1% for palladium.

US Mint 2019 Bullion Sales

Demand for United States Mint bullion products was divided for a second week in a row with gold coin sales lower and silver coin sales higher. In headline week-over-week comparisons:

  • Gold bullion coins rose by 3,500 ounces after rising by 5,000 ounces last week. Sales this week came entirely from American Gold Eagles. Splits last week included 2,500 ounces in American Gold Eagles and 2,500 ounces in American Gold Buffalos.

  • American Silver Eagles climbed by 997,500 ounces after moving up by 755,000 ounces last week. On Thursday, the U.S. Mint announced that it had temporarily sold of the bullion coins.

  • American Platinum Eagles were unchanged this week after climbing by 400 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 0 400 0 27,100 1,800 28,900
$50 American Eagle 1 Oz Gold Coin 1,500 2,000 3,000 44,500 9,500 54,000
$25 American Eagle 1/2 Oz Gold Coin 0 0 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 10,000 100,000
$50 American Buffalo 1 Oz Gold Coin 0 2,500 0 23,500 5,500 29,000
$1 American Eagle 1 Oz Silver Coin 0 775,000 997,500 4,017,500 2,057,500 6,075,000


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