Platinum prices edged higher on Friday while gold, silver and palladium declined. All the metals posted sharp weekly losses. Gold and silver ended the week at fresh, two-month lows.
Gold for December delivery gave back $10.60, or 0.6%, to settle at $1,866.30 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the lowest since July 22.
"Both [gold and silver] have succumbed to belated long liquidation and pressure generated by the strength in the general dollar index," Edward Meir, an analyst at ED&F Man Capital Markets in New York, said in a note reported by Bloomberg News.
Gold prices fell 4.9% this week following two straight weekly increases of 0.7%. They are 22.5% 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:
"Among Wall Street analysts it was nearly a three-way tie for where prices could go next week with the bullish votes taking a narrow lead. Among 16 participants, six voters, or 38%, called for gold prices to rise; the call for lower prices next week or sideways movement each received five votes or 31%.
Sentiment is only slightly clearer among retail investors. At total of 2391 votes were cast in online Main Street polls. 1,207 voters or 50% said they were bullish on gold next week. Another 822, or 34%, said they were bearish, while 362 voters, or 15%, were neutral."
Silver for December delivery shed 10.3 cents, or 0.4%, to settle at $23.093 an ounce. The settlement was silver’s lowest since July 24. Silver prices tumbled 14.9% this week after gains of 1% last week and 0.5% for the week ending Sept. 11. They are 28.9% higher on the year.
In PGM futures on Friday and for the week:
October platinum rose $4, or 0.5%, to end at $842 an ounce, but posted a 10.3% weekly loss.
- Palladium for December delivery finished down $4.70, or 0.2%, to $2,222.20 an ounce, for a 6.7% decline on the week.
The two are divided on the year so far with platinum 13.9% lower and palladium 16.4% higher.
London Precious Metals Prices (LBMA)
London precious metals prices ended mixed on Friday and lower on the week. In comparing their levels from Thursday PM to Friday PM:
- Gold declined $2.05, or 0.1%, to $1,859.70 an ounce.
- Silver added 41 cents, or 1.9%, to $22.63 an ounce.
- Platinum added $10, or 1.2%, to $841 an ounce.
- Palladium declined $8, or 0.4%, to $2,204 an ounce.
In LBMA weekly results, losses reached 4.7% for gold, 16.4% for silver, 10.4% for platinum and 5% for palladium.
US Mint Bullion Sales in 2020
United States Mint bullion products registered stronger gains compared to a week ago. In week-over-week comparisons:
Sales of American Gold Eagles advanced 10,500 ounces after increasing by 8,000 ounces last week.
Sales of American Silver Eagles moved ahead 517,000 ounces after having surged 331,000 ounces last week.
Sales of American Buffalo gold increased 3,000 ounces after they climbed by 1,000 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. Products with an asterisk (*) are no longer available.
|US Mint Bullion Sales (# of coins)|
|Friday||Last Week||This Week||July||August||September||2020 Sales|
|$50 American Eagle 1 Oz Gold Coin||0||7,500||9,500||107,500||104,000||18,500||557,500|
|$25 American Eagle 1/2 Oz Gold Coin||0||1,000||1,000||4,000||10,000||3,000||58,000|
|$10 American Eagle 1/4 Oz Gold Coin||0||0||2,000||10,000||20,000||4,000||88,000|
|$5 American Eagle 1/10 Oz Gold Coin||0||0||0||35,000||70,000||10,000||290,000|
|$50 American Buffalo 1 Oz Gold Coin||0||1,000||3,000||30,000||28,000||4,500||188,500|
|$1 American Eagle 1 Oz Silver Coin||0||331,000||517,000||1,084,500||4,477,000||1,888,000||20,066,000|
|America Samoa 5 oz Silver Coin*||0||0||0||0||0||0||45,000|
|Weir Farm 5 oz Silver Coin*||0||0||0||0||0||0||45,000|
|Salt River Bay 5 oz Silver Coin*||0||0||0||0||0||0||45,000|
|Marsh Billings 5 oz Silver Coin*||0||0||0||45,000||0||0||45,000|
|Tallgrass Prairie 5 oz Silver Coin*||0||N/A||45,000||N/A||N/A||45,000||45,000|
|$1 American Eagle 1 Oz Platinum Coin*||0||0||0||0||0||0||56,500|