Precious metals rallied Friday, resulting in a padded weekly increase for palladium and mostly unanticipated weekly gains for gold, silver and platinum. Advances in silver and platinum were their first in four sessions. Gold and silver each ended the day at three-week highs.
Gold for December delivery rose $31.10, or 1.6%, to settle at $1,926.20 an ounce on the Comex division of the New York Mercantile Exchange. The close was gold’s highest since Sept. 18.
"It seems like a lot of optimism is being built around it (U.S. stimulus)" and "that’s really at the forefront" of gold’s move, Reuters quoted Eli Tesfaye, senior market strategist at RJO Futures.
Gold futures climbed 1% this week after rising 2.2% last week. They are 26.5% 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:
"This week 17 analysts participated in the survey. A total of 13 voters, or 76%, called for gold prices to rise; one analysts, or 6%, called for lower prices next week; and three analysts, or 18%, said they see prices moving sideways…
Participation in Kitco News’ weekly online surveys has dropped to its lowest level since late-June. A total of 1,164 votes were cast this past week. Among those, 628 voters, or 54%, said they were bullish on gold next week. Another 309, or 27%, said they were bearish, while 227 voters, or 20%, were neutral."
Elsewhere, silver for December delivery soared $1.23, or 5.2%, to end at $25.108. As for gold, the settlement was silver’s highest since Sept. 18. Silver futures traded 4.5% higher this week after rising 4.1% last week. They had sunk 14.9% in the week before then. Silver prices are ahead on the year by 40.1%.
In PGM futures on Friday and for the week:
January platinum surged $30.30, or 3.5%, to $894.30 an ounce, for a modest 0.3% weekly gain.
- Palladium for December delivery jumped $60.20, or 2.5%, to $2,463.20 an ounce, for a 5.9% increase on the week.
The two are divided on the year so far with platinum 8.5% lower and palladium 29% higher.
London Precious Metals Prices (LBMA)
London precious metals prices ended higher on Friday and for the week. In comparing their levels from Thursday PM to Friday PM:
- Gold rose $35.80, or 1.9%, to $1,923.25 an ounce.
- Silver added 35.5 cents, or 1.5%, to $24.315 an ounce.
- Platinum increased $21, or 2.4%, to $892 an ounce.
- Palladium rose $50, or 2.1%, to $2,450 an ounce.
In LBMA weekly results, the gains totaled 1.1% for gold, 1.9% for silver, 0.1% for platinum and 6% for palladium.
US Mint Bullion Sales in 2020
Overall, sales this week of United States Mint bullion products slowed following two stronger weeks of gains. In week-over-week comparisons:
Sales of American Gold Eagles advanced 16,500 ounces after increasing by 15,000 ounces last week.
Sales of American Silver Eagles climbed 826,000 ounces after rising by 1,070,500 ounces last week.
Sales of American Buffalo gold increased 2,000 ounces after they rose by 6,500 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||August||September||October||2020 Sales|
|$50 American Eagle 1 Oz Gold Coin||0||13,500||16,000||104,000||18,500||29,500||587,000|
|$25 American Eagle 1/2 Oz Gold Coin||0||1,000||1,000||10,000||3,000||2,000||60,000|
|$10 American Eagle 1/4 Oz Gold Coin||0||2,000||0||20,000||4,000||2,000||90,000|
|$5 American Eagle 1/10 Oz Gold Coin||0||5,000||0||70,000||10,000||5,000||295,000|
|$50 American Buffalo 1 Oz Gold Coin||0||6,500||2,000||28,000||4,500||8,500||197,000|
|$1 American Eagle 1 Oz Silver Coin||0||1,070,500||826,000||4,477,000||2,958,500||826,000||21,962,500|
|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||0||0||0||45,000|
|Tallgrass Prairie 5 oz Silver Coin*||0||0||0||N/A||45,000||0||45,000|
|$1 American Eagle 1 Oz Platinum Coin*||0||0||0||0||0||0||56,500|