Gold Ends Week At 4-Month High; Silver Notches More Than 14-Week High

gold bars and scale weighing gold bars
Gold ended the week at its best price since Sept. 4

Precious metals prices climbed Friday, padding their weekly gains. Silver drove its weekly win streak to four straight, ending the day at a more than fourteen-week high. Gold, meanwhile, lifted its consecutive session increases to eight in a row, closing Friday at a four-month high.

Gold for February delivery on Friday settled up $24.30, or 1.6%, to $1,552.40 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the highest since gold prices ended at $1,560.40 an ounce on Sept. 4.

"With the U.S. air strikes overnight in Iraq from orders of President Trump and Iran’s leader vowed revenge as a result, the equity markets are down and safe-havens are higher, causing a move higher in the precious metals," Reuters quoted David Meger, director of metals trading at High Ridge Futures.

Gold futures traded 2.3% higher this week after rising 2.5% last week. In looking further down the road, Kitco News offers the following forecasts via their 2020 gold outlook survey:

"A total of 1,749 people participated in Kitco News’s outlook survey and 80% of participants said they see gold prices ending the year at least above $1,600 an ounce.

One-quarter, or 439 Main Street participants, were extremely bullish on gold, saying that they expect the yellow metal to push above $2,000 an ounce by this time next year.

On the down side, less than 9% of voters, or 152 participants saw gold prices ending the year below current prices. Less than 1% forecasted gold prices to fall below $1,000 an ounce."

Elsewhere, silver for March delivery rose 10.5 cents, or 0.6%, to settle at $18.151 an ounce. The close was the strongest since silver prices finished at $18.628 ounce on Sept. 24. Silver futures gained 1.2% this week. They have rallied a combined $1.555, or 9.4%, in their four straight weekly wins.

In PGM futures on Friday and for the week:

  • April platinum added $5.30, or 0.5%, to finish at $990.30 an ounce, for a 3.5% weekly gain.

  • Palladium for March delivery added $27.70, or 1.4%, to $1,955.70 an ounce, posting a 4% weekly increase.

London Precious Metals Prices

London gold and silver also gained on Friday and for the week. In comparing their latest day-over-day PM prices:

  • Gold added $21.65, or 1.4%, to $1,548.75 an ounce.
  • Silver rose 28.5 cents, or 1.6%, to $18.210 an ounce.

In LBMA weekly results, the increases reached 2.5% for gold and 2.2% for silver.

US Mint 2019 Bullion Sales

United States Mint bullion sales were flat for a second straight week according to data from the agency’s website. 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 0 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 0 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


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