Most precious metals futures declined Friday but they all advanced on the week, led by performances in silver and gold.
Gold for December delivery lost $1, or 0.07%, to settle at $1,508.50 an ounce on the Comex division of the New York Mercantile Exchange.
"The trade spat is driving the market crazy. We don’t rule out technical corrections, but $1,500 is now the new normal unless trade relations take a turn in a right direction," Reuters quoted Jigar Trivedi, commodities analyst at Mumbai-based Anand Rathi Shares & Stock Brokers.
Gold futures gained 3.5% this week after rising 2.7% last week. On Wednesday, they ended at $1,519.60 an ounce for their highest settlement since April 11, 2013. Gold is 17.7% higher on the year.
In looking ahead to next week, Kitco News offers the following forecasts via their Wall Street & Main Street surveys:
"This week, 16 market professionals took part in the Wall Street survey. A total of 12 voters, or 75%, called for gold to be higher next week. Bearish and neutral votes were tied with each getting two votes or 13%.
Meanwhile, 910 respondents took part in Kitco’s online Main Street poll. Participation in this week’s survey is at its highest level in more than a year. A total of 599 voters, or 65%, called for gold to rise further. Another 187 participants, or 21%, predicted for gold to fall. The remaining 124 voters, or 14%, saw a sideways market."
Elsewhere, silver for September delivery shed a half cent, or 0.03%, to close at $16.931 an ounce. Silver futures soared 4.1% this week after slipping 0.8% last week. On Wednesday, they settled at $17.196 an ounce for the best finish since June 14, 2018. The precious metal is 9% higher on the year so far.
In PGM futures on Friday and for the week:
October platinum declined $3.70, or 0.4%, to $863.80 an ounce, but logged a 1.3% weekly increase.
- Palladium for September rose $5.80, or 0.4%, to $1,419.30 an ounce, for a 1.1% gain on the week.
Both are higher on the year with gains of 7.9% for platinum and 18.6% for palladium.
London Precious Metals Prices
London precious metals prices finished mostly higher on Friday and higher for the week. In comparing their levels from Thursday PM to Friday PM:
- Gold rose $1.95, or 0.1%, to $1,497.70 an ounce.
- Silver dipped 2 cents, or 0.1%, to $17 an ounce.
- Platinum added $13, or 1.5%, to $863 an ounce.
- Palladium rose $13, or 0.9%, to $1,420 an ounce.
In LBMA weekly results, the gains totaled 3.9% for gold, 5% for silver, 2.6% for platinum, and 2.2% for palladium.
US Mint 2019 Bullion Sales
United States Mint bullion sales slowed from last week. In week-over-week comparisons:
Gold bullion coins climbed by 1,500 ounces after rising by 2,500 ounces previously. Splits included 1,000 ounces in American Gold Eagles compared to 2,000 ounces previously and 500 ounces in American Gold Buffalo coins to match the prior week.
American Silver Eagles were muted this week compared to their sales increase last week of 756,000.
Five-ounce America the Beautiful silver coins were also muted this week. They registered gains last week of 65,000 units for 325,000 ounces — all coming from the newest issue honoring Guam’s War in the Pacific National Historical Park.
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||July||August||2019 Sales|
|$50 American Eagle 1 Oz Gold Coin||0||1,500||1,000||2,500||1,000||82,000|
|$25 American Eagle 1/2 Oz Gold Coin||0||1,000||0||3,000||0||22,000|
|$10 American Eagle 1/4 Oz Gold Coin||0||0||0||2,000||0||28,000|
|$5 American Eagle 1/10 Oz Gold Coin||0||0||0||15,000||0||160,000|
|$50 American Buffalo 1 Oz Gold Coin||0||500||500||500||1,000||49,000|
|$1 American Eagle 1 Oz Silver Coin||0||756,000||0||1,240,000||0||11,262,000|
|War in the Pacific 5 Oz Silver Coin||0||65,000||0||57,000||8,000||65,000|
|American Memorial Park 5 Oz Silver Coin||0||0||0||0||0||78,000|
|Lowell 5 Oz Silver Coin*||N/A||80,000|
|$100 American Eagle 1 Oz Platinum Coin*||N/A||40,000|