Most precious metals futures finished lower on Friday and for the week. Gold was one of the metals to fall on the day, albeit modestly, but it climbed on the week.
Gold for December delivery on Friday edged 90 cents, or 0.06%, lower to settle at $1,512.90 an ounce on the Comex division of the New York Mercantile Exchange.
Gold futures rose 0.4% this week after sliding 0.6% last week. They are 18.1% 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, 17 market professionals took part in the Wall Street survey. Twelve analysts or 71% said they see higher prices next week. Another two, or 18%, predicted gold would fall. The remaining 2 voters, or 12%, saw a sideways market or else were neutral.
Meanwhile, 679 respondents took part in an online Main Street poll. A total of 446 voters, or 65%, called for gold to rise. Another 145, or 21%, predicted gold would fall. The remaining 88 voters, or 13%, saw a sideways market."
Elsewhere, silver for December delivery shed 5.1 cents, or 0.3%, to settle at $17.625 an ounce. Silver futures dipped 0.2% this week after falling 1.1% last week. They are 13.4% higher on the year to date.
In PGM futures on Friday and for the week:
January platinum declined $7.50, or 0.8%, to $886.90 an ounce, for a 5.3% weekly loss.
- Palladium for December delivery tacked on $12.20, or 0.8%, $1,642.40 an ounce, but marked a loss on the week of 0.6%. On Wednesday, they logged a record settlement of $1,665.50 an ounce.
Both metals are higher on the year so far with gains of 10.8% for platinum and 37.2% for palladium.
London Precious Metals Prices
London precious metals prices ended mixed on Friday and for the week. In comparing their latest day-over-day PM prices:
- Gold declined $17.95, or 1.2%, to $1,499.15 an ounce.
- Silver added a half penny, or 0.03%, to $17.605 an ounce.
- Platinum fell $20, or 2.2%, to $873 an ounce.
- Palladium declined $9, or 0.5%, to $1,661 an ounce.
In LBMA weekly results, gold and silver posted respective gains of 0.6% and 0.5% while platinum and palladium registered declines 5.6% and 0.5%.
US Mint 2019 Bullion Sales
United States Mint bullion performances improved this week from last for both gold and silver coins. In week-over-week comparisons:
Gold bullion sales advanced 2,500 ounces after moving up by 1,000 ounces last week. For a second week in a row, American Gold Eagles accounted for all the sales.
American Silver Eagles shot up by 565,000 ounces after rising by 50,000 ounces previously.
Five-ounce America the Beautiful silver coins rose by 42,200 units, or 211,000 ounces, following two weeks of no gains. All sales came from the fourth 2019-dated issue, released Monday, which is emblematic of an Antonio Missions National Historical Park in Texas — just like its companion quarter.
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||September||October||2019 Sales|
|$50 American Eagle 1 Oz Gold Coin||0||500||1,500||3,500||1,500||91,500|
|$25 American Eagle 1/2 Oz Gold Coin||0||0||0||1,000||0||24,000|
|$10 American Eagle 1/4 Oz Gold Coin||0||0||2,000||2,000||2,000||32,000|
|$5 American Eagle 1/10 Oz Gold Coin||0||5,000||5,000||10,000||5,000||175,000|
|$50 American Buffalo 1 Oz Gold Coin||0||0||0||1,000||0||50,500|
|$1 American Eagle 1 Oz Silver Coin||0||50,000||565,000||1,021,000||280,000||13,570,000|
|San Antonio Missions 5 Oz Silver Coin||0||N/A||42,200||37,700||4,500||42,200|
|War in the Pacific 5 Oz Silver Coin||0||0||0||2,500||0||72,000|
|American Memorial Park 5 Oz Silver Coin*||0||0||0||0||0||80,000|
|Lowell 5 Oz Silver Coin*||N/A||80,000|
|$100 American Eagle 1 Oz Platinum Coin*||N/A||40,000|