Precious metals were mixed on Friday but they all advanced on the week. Silver extended its weekly win streak to three in a row. Gold, meanwhile, scored its best week in more than four months and posted its strongest finish in over three months.
Gold for February delivery on Friday rose $3.70, or 0.2%, to settle at $1,518.10 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the highest since the yellow metal ended at $1,540.20 an ounce on Sept. 24.
"It’s low bond yields, a seasonal aspect and people heading into the new year with record equity prices," said Bob Haberkorn, senior market strategist at RJO Futures in Chicago, in an interview with MarketWatch, about the year-end gold rush.
"We’re seeing money go into gold so that investors have something safe in case there is a sell-off."
Gold futures advanced 2.5% this week — their best week since the one ended Aug. 9, after dipping 0.02% last week. They are 18.5% higher on the year to date.
Elsewhere, silver for March delivery shed 4.7 cents, or 0.3%, to close at $17.943 an ounce. On Thursday, the metal logged its best settlement since Nov. 4. Silver futures rallied 4.2% this week following gains of 1.3% last week and 2.5% for the week ended Dec. 14. They are 15.5% higher on the year.
In PGM futures on Friday and for the week:
April platinum — the new, most active contract — declined $2.30, or 0.2%, to finish at $956.60 an ounce, but in comparing most active dealings registered a weekly increase of 4.7%.
- Palladium for March delivery added $12.60, or 0.7%, to end at $1,881.20 an ounce, for a 4% gain on the week.
Both metals are higher on the year so far with advances of 19.5% for platinum and 57.1% for palladium.
London Precious Metals Prices
London gold and silver also gained on Friday and for the week. London markets closed Wednesday and Thursday for Christmas. In comparing their PM prices from Tuesday to Friday:
- Gold jumped $29.40, or 2%, to $1,511.50 an ounce.
- Silver rose 24 cents, to 1.4%, to $17.825 an ounce.
In LBMA weekly results, the gains totaled 2.2% for gold and 4.6% for silver.
US Mint 2019 Bullion Sales
United States Mint bullion sales were flat this week after marking gains last week of 1,500 in American Gold Eagle 1 ounce coins and 1,500 in American Gold Buffalo 1 ounce coins. Mint sales were flat 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 / This Week||Last Week||November||December||2019 Sales|
|$50 American Eagle 1 Oz Gold Coin||0||1,500||8,000||2,000||108,000|
|$25 American Eagle 1/2 Oz Gold Coin*||0||0||5,000||0||30,000|
|$10 American Eagle 1/4 Oz Gold Coin||0||0||2,000||0||38,000|
|$5 American Eagle 1/10 Oz Gold Coin||0||0||0||0||195,000|
|$50 American Buffalo 1 Oz Gold Coin||0||1,500||5,000||1,500||61,500|
|$1 American Eagle 1 Oz Silver Coin||0||0||463,000||0||14,863,500|
|Frank Church River of No Return Wilderness 5 Oz Silver Coin||0||0||20,000||5,000||25,000|
|San Antonio Missions 5 Oz Silver Coin||0||0||0||0||55,200|
|War in the Pacific 5 Oz Silver Coin||0||0||0||0||72,500|
|American Memorial Park 5 Oz Silver Coin*||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|