Precious metals rallied Friday, padding weekly gains for gold and silver while lifting platinum and palladium into positive territory for the week. Silver ended the day at a ten-week high. Gold finished it at a one-month high.
Gold for June delivery rose $15.40 or 0.9%, to settle at $1,756.30 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the strongest since April 14 when gold ended at $1,768.90 an ounce for a more than seven-year high.
"People are reluctant to take risk and the future seems quite uncertain… Gold gives you that sense of protection right now because we’re going into this period," Reuters quoted Phil Streible, chief market strategist at Blue Line Futures in Chicago.
Gold futures traded 2.5% this week after rising 0.8% last week. The yellow metal is 15.3% 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:
"Ten out of 14 Wall Street voters, or 71%, said they are bullish for the week ahead. There were two voters, or 14%, for both lower and neutral/sideways.
Meanwhile, 1,088 votes were cast in an online Main Street poll. A total of 750 voters, or 69%, looked for gold to rise in the next week. Another 179, or 16%, said lower, while 159, or 15%, were neutral."
Elsewhere, silver for July delivery soared 91.4 cents, or 5.7%, to settle at $17.07 an ounce. The close was the highest since March 6 when silver finished at $17.263 an ounce. Silver futures jumped 8.2% this week after surging 5.6% last week. They are 4.8% lower on the year.
In other precious metals futures on Friday and for the week:
July platinum advanced $42.10, or 5.4%, to close at $817.10 an ounce, for a 3.5% weekly gain.
- Palladium for June delivery jumped $59.70, or 3.3%, to end at $1,857.90 an ounce, for a 2% weekly gain.
The two are lower on the year so far with losses of 16.4% for platinum and 2.7% for palladium.
London Precious Metals Prices (LBMA)
London precious metals prices gained on Friday, padding their weekly increases. In comparing their levels from Thursday PM to Friday PM:
- Gold rose $3.75, or 0.2%, to $1,735.35 an ounce.
- Silver added 72 cents, or 4.6%, to $16.25 an ounce.
- Platinum rose $10, or 1.3%, to $768 an ounce.
- Palladium added $55, or 3.1%, to $1,840 an ounce.
In LBMA weekly results, prices increased 1.8% for gold, 8.5% for silver, 1.3% for platinum, and 1.7% for palladium.
US Mint Bullion Sales in 2020
United States Mint bullion sales were unchanged this week, according to available figures from the Mint’s website. In weekly comparisons:
Sales of American Platinum Eagles were flat for a fourth week in a row.
Sales of American Gold Eagles were flat this week after rising by 7,000 ounces last week.
Sales of American Silver Eagles were flat for a second straight week.
Sales of American Buffalo gold coins were flat for a second week in a row.
Below is a sales breakdown of U.S. Mint bullion products with columns listing the number of coins sold during varying periods.
|US Mint Bullion Sales (# of coins)|
|Friday / This Week||Last Week||April||May||2020 Sales|
|$50 American Eagle 1 Oz Gold Coin||0||2,000||105,000||2,000||281,500|
|$25 American Eagle 1/2 Oz Gold Coin||0||5,000||0||5,000||38,000|
|$10 American Eagle 1/4 Oz Gold Coin||0||10,000||0||10,000||50,000|
|$5 American Eagle 1/10 Oz Gold Coin||0||0||0||0||175,000|
|$50 American Buffalo 1 Oz Gold Coin||0||0||28,500||0||116,000|
|$1 American Eagle 1 Oz Silver Coin||0||0||750,000||0||10,728,500|
|$1 American Eagle 1 Oz Platinum Coin||0||0||1,500||0||56,500|
In terms of 5-ounce silver bullion sales for 2020, the U.S. Mint is working on getting them automated and reported. Initial U.S. Mint-provided figures have the first two 2020-dated pieces at 45,000 produced and sold per issue. These amounts are being verified.