Gold and Silver Log Fifth Weekly Losses in Six Weeks

Staggered gold bars
Gold prices declined 0.6% this week

Precious metals futures advanced Friday but ended lower than a week ago. Weekly losses in gold and silver were their fifth in six weeks. While gold bounced from its more than four-month low on Thursday it closed Friday at the same price it ended at on the final trading day of last year.

Gold for June delivery moved up $9.30, or 0.7%, to settle at $1,281.30 an ounce on the Comex division of the New York Mercantile Exchange.

"We are seeing a short-covering rally after a sell-off during the week. We also saw some good physical demand at price levels below $1,270," Reuters quoted David Meger, director of metals trading at High Ridge Futures.

Gold futures slipped 0.6% this week after rising 1% last week. On Thursday, gold closed at its lowest price since Dec. 24. The yellow metal is flat on the year to date.

In looking ahead to next week, Kitco News offers the following forecasts via their Wall Street & Main Street surveys:

"Twelve market professionals took part in the Wall Street survey. There were four voters each — or 33% — for higher, lower and sideways.

Meanwhile, 475 respondents took part in an online Main Street poll. A total of 207 voters, or 44%, called for gold to fall. Another 205, or 43%, predicted gold would rise. The remaining 63 voters, or 13%, saw a sideways market."

Elsewhere, silver for July delivery surged 36.1 cents, or 2.5%, to settle at $14.978 an ounce. Silver futures lost 0.2% this week after edging up 0.3% last week. The precious metal is 3.6% lower on the year.

In PGM futures on Friday and for the week:

  • July platinum gained $20.60, or 2.4%, to $874.80 an ounce, but logged a 3.2% weekly decline.

  • Palladium for June delivery rose $14.80, or 1.1%, to $1,358 an ounce, but sank 6.2% on the week.

Both remained higher on the year so far with advances of 9.3% for platinum and 13.4% for palladium.

London Precious Metals Prices

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

  • Gold rose $7.60, or 0.6%, to $1,278.55 an ounce.
  • Silver declined 2 cent, or 0.1%, to $14.655 an ounce.
  • Platinum fell $2, or 0.2%, to $855 an ounce.
  • Palladium added $1, or 0.1%, to $1,359 an ounce.

In LBMA results for the week, losses reached 0.4% for gold, 2.3% for silver, 3.8% for platinum, and 5% for palladium.

US Mint 2019 Bullion Sales

Sales of all United States Mint bullion products, with the exception of American Gold Eagles, picked up from a week ago. In headline week-over-week comparisons:

  • Gold bullion coins moved up by 2,500 ounces after rising by 3,000 ounces previously. Splits included 1,000 ounces in American Gold Eagles compared to 2,500 ounces previously and 1,500 ounces in American Gold Buffalos against 500 ounces previously.

  • American Silver Eagle advanced by 714,000 after three straight weeks of muted sales.

  • American Platinum Eagles rose by 2,600 ounces after climbing by 1,800 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. Products with an asterisk (*) are no longer available.

US Mint Bullion Sales (# of coins)
Friday Last Week This Week March April May 2019 Sales
$100 American Eagle 1 Oz Platinum Coin* 0 1,800 2,600 4,000 6,500 0 40,000
$50 American Eagle 1 Oz Gold Coin 0 2,500 1,000 8,500 6,500 0 70,500
$25 American Eagle 1/2 Oz Gold Coin 0 0 0 1,000 1,000 0 19,000
$10 American Eagle 1/4 Oz Gold Coin 0 0 0 4,000 2,000 0 26,000
$5 American Eagle 1/10 Oz Gold Coin 0 0 0 15,000 10,000 0 145,000
$50 American Buffalo 1 Oz Gold Coin 0 500 1,500 5,500 6,500 0 41,500
$1 American Eagle 1 Oz Silver Coin 0 0 714,000 850,000 1,196,000 68,000 8,189,000
Lowell 5 Oz Silver Coin* 0 0 0 80,000 0 0 80,000


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Seth Riesling

Mike Unser & Coinnews readers FYI –

As of today Sunday May 5 (May 6 in Australia), the Royal Australian Mint-U.S. Mint special 2-coin 50th anniversary of the first manned moon landing silver coin set limited to 10,000 sets is available for pre-order at the RAM website. It is approximately $177 (USD) plus a high S&H charge!. Unfortunately, the Australian coin in the set is a colorized (on one side) kitsch coin! Nice design, but I will not buy a colorized coin.


Seth Riesling readers & Mike Unser FYI –

See above info…from Royal Australian Mint official e-mail newsletter from today Sunday, May 5 (USA), Monday, May 6 (Australia).