Precious metals finished mixed Friday with silver and palladium rising and gold and platinum falling. Both gold and silver scored their fifth straight weekly gains.
Gold for August delivery shed $1.90, or 0.1%, to settle at $1,801.90 an ounce on the Comex division of the New York Mercantile Exchange.
"Gold has risen quite a bit in the past week along with exponential flows in the ETFs," Reuters quoted George Gero, managing director at RBC Wealth Management.
"Now that the weekend is approaching with a strong equity market, investors are taking advantage and booking profit to take positions in riskier assets."
Gold prices advanced 0.7% this week. On Wednesday they ended at $1,820.60 an ounce for their highest settlement since Sept. 14, 2011. The yellow metal is 18.3% 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:
"Of the 17 Wall Street professionals who took part in this week’s poll, 15, or 88%, called for gold prices to rise. Two analysts, or 12%, predicted lower prices. There were no neutral votes in this week’s survey.
A total of 1,610 votes were cast in an online Main Street poll. Of these, 1078 respondents, or 67%, looked for gold to rise in the next week. Another 300, or 17%, said lower, while 232 voters, or 14%, were neutral."
Silver for September delivery added 9.1 cents, or 0.5%, to end at $19.053 an ounce. Silver prices surged 4% this week. On Wednesday they closed at $19.161 an ounce for their best settlement since Sept. 4, 2019. They are 6.3% higher on the year.
In PGM futures on Friday and for the week:
October platinum slipped $1, or 0.1%, to settle at $845.90 an ounce, but registered a 1.7% weekly increase.
- Palladium for September delivery tacked on $31.20, or 1.6%, to close at $1,994.40 an ounce, for a 3.5% weekly gain.
The two are divided on the year so far with platinum down 13.5% and palladium up 4.5%.
London Precious Metals Prices (LBMA)
London precious metals prices declined on Friday but gained on the week. In comparing their levels from Thursday PM to Friday PM:
- Gold fell $9, or 0.5%, to $1,803.10 an ounce.
- Silver lost 6.5 cents, or 0.4%, to $18.77 an ounce.
- Platinum declined $21, or 2.5%, to $835 an ounce.
- Palladium fell $26, or 1.3%, to $1,944 an ounce.
In LBMA weekly results, advances reached 1.7% for gold, 4.2% for silver, 3.3% for platinum and 2% for palladium.
US Mint Bullion Sales in 2020
United States Mint bullion products divided this week from last with gold sales higher and silver sales lower. In week-over-week comparisons:
Sales of American Gold Eagles advanced by 9,000 ounces after increasing by 2,000 ounces last week.
Sales of American Silver Eagles were flat after they climbed by 471,000 ounces last week.
Sales of American Buffalo gold coins moved ahead 5,000 ounces after they increased by 3,000 ounces last week.
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||Last Week||May||June||This Week / July||2020 Sales|
|$50 American Eagle 1 Oz Gold Coin||0||2,000||5,500||42,500||8,500||336,000|
|$25 American Eagle 1/2 Oz Gold Coin||0||0||6,000||2,000||0||41,000|
|$10 American Eagle 1/4 Oz Gold Coin||0||0||12,000||2,000||2,000||56,000|
|$5 American Eagle 1/10 Oz Gold Coin||0||0||0||0||0||175,000|
|$50 American Buffalo 1 Oz Gold Coin||0||3,000||2,500||7,500||5,000||131,000|
|$1 American Eagle 1 Oz Silver Coin||0||471,000||490,000||1,378,000||0||12,596,500|
|$1 American Eagle 1 Oz Platinum Coin||0||0||0||0||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.