Gold, Silver and Palladium Post Weekly Increases

999.9 Fine Gold Bar
Gold prices climbed 0.6% this week

Gold and silver futures declined Friday but still advanced on the week. Silver’s weekly gain was its first in four weeks. Palladium, meanwhile, ended higher on the day and week.

Gold for June delivery shed $1.80, or 0.1%, to settle at $1,283.60 an ounce on the Comex division of the New York Mercantile Exchange.

"Gold’s safe-haven demand has underperformed other flight-to-safety assets throughout the recent trade war escalation," MarketWatch quoted Edward Moya, senior market analyst at Oanda. "The yellow metal remains an unattractive play and we will likely see traders wait until we see price take out the $1,300 an ounce level or break below the 2019 lows at around $1,265."

Gold futures traded 0.6% higher this week after sliding 0.9% last week. They are 0.2% 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:

"This week, 15 market professionals took part in the Wall Street survey. A total of nine voters, or 60%, called for gold to rise. Five voters, or 33%, were neutral on the yellow metal in the near term. Only one analyst called for lower prices.

Meanwhile, 431 respondents took part in an online Main Street poll. A total of 103 voters, or 55%, called for gold to rise. Another 125, or 29%, predicted gold would fall. The remaining 69 voters, or 16%, saw a sideways market."

Elsewhere, silver for July delivery declined 5.8 cents, or 0.4%, to settle at $14.555 an ounce. Silver futures rose 1.2% this week following three straight weeks of losses that pulled prices down by a combined 4.1%. They are 6.3% lower on the year

In PGM futures on Friday and for the week:

  • July platinum added $3.40, or 0.4%, to $802.90 an ounce, but declined 2.1% on the week.

  • Palladium for June delivery advanced $17.90, or 1.4%, to $1,325.70 an ounce, for a 1.5% weekly increase.

Both are higher on the year so far with gains of 0.3% for platinum and 10.7% for palladium.

London Precious Metals Prices

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

  • Gold declined $1.15, or 0.09%, to $1,282.50 an ounce.
  • Silver rose 7 cents, or 0.5%, to $14.55 an ounce.
  • Platinum added $2, or 0.3%, to $800 an ounce.
  • Palladium rose $18, or 1.4%, to $1,329 an ounce.

In LBMA results for the week, platinum dropped 2.8% while the other logged increases totaling 0.1% for gold, 0.5% for silver, and 1% for palladium.

US Mint 2019 Bullion Sales

United States Mint bullion gains this week included a combined 4,000 ounces in gold coins, with splits of 2,000 ounces in American Gold Eagles and 2,000 ounces in American Gold Buffalos, and a combined 956,000 in silver coins, with splits of 566,000 in American Silver Eagles and 390,000 ounces in American Memorial Park 5-ounces silver coins.

Last week, only gold coins moved higher with gains of 1,000 ounces in American Gold Eagles and 1,000 ounces in American Gold Buffalos.

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* N/A 4,000 6,500 N/A 40,000
$50 American Eagle 1 Oz Gold Coin 0 1,000 1,500 8,500 6,500 2,500 73,000
$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 5,000 15,000 25,000 5,000 140,000
$50 American Buffalo 1 Oz Gold Coin 0 1,000 2,000 5,500 6,500 3,000 44,500
$1 American Eagle 1 Oz Silver Coin 0 0 566,000 850,000 1,196,000 726,000 8,847,000
Lowell 5 Oz Silver Coin* N/A 80,000 N/A 80,000
American Memorial Park 5 Oz Silver Coin 0 N/A 78,000 N/A 78,000 78,000


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