Precious metals futures were mixed Friday and for the holiday-shortened trading week. Markets in the U.S. closed Thursday for the Thanksgiving holiday and ended early on Black Friday. Gold and silver ended the day at multi-month lows, and each registered their third straight weekly loss.
Gold for February delivery — the new, most-active contract — lost $23.10, or 1.3%, to settle at $1,788.10 an ounce on the Comex division of the New York Mercantile Exchange. The close was the lowest since gold ended at $1,779.90 an ounce on July 1.
"As soon as prices touched below the key $1,800 level, it triggered a sell-off. It is probable that prices might test the $1,750 level given we have a strong fundamental reason like the vaccine," Reuters quoted OANDA analyst Craig Erlam.
Gold futures traded 4.5% traded lower this week after losses of 0.7% last week and 3.4% for the week ended Nov. 13. Still, they are 17.4% 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 15 analysts participated in the survey. A total of six voters each, or 40%, called for gold prices to rise next week; meanwhile, eight analysts, or 53%, called for lower prices; 1 analyst or 7% were neutral on gold.
Meanwhile, a total of 1,270 votes were cast this past week in online surveys. Among those, 585 voters, or 48%, said they were bullish on gold next week. Another 424 participants, or 33%, said they were bearish, while 261 voters, or 21%, were neutral on the precious metal."
Silver for March delivery — the new, most-active contract — dropped 80.7 cents, or 3.4%, to close at $22.639. The settlement was the lowest since silver ended at $21.557 an ounce on July 21.
Silver futures traded 7.1% lower this week following losses of 1.7% last week and 3.5% for the week ended Nov. 13. They are 26.3% higher on the year.
In PGM futures on Friday and for the week:
January platinum declined $5, or 0.5%, to $964.80 an ounce, but moved ahead 0.8% on the week.
- Palladium for March delivery advanced $75, or 3.2%, to $2,439.70 an ounce, for a 5% weekly increase.
The two are divided on the year so far with platinum 1.3% lower and palladium 27.8% higher.
London Precious Metals Prices (LBMA)
London precious metals prices ended lower on Friday and for the week. In comparing their levels from Thursday PM to Friday PM:
- Gold declined $28.10, or 1.6%, to $1,779.30 an ounce.
- Silver fell 22.5 cents, or 1%, to $23.135 an ounce.
- Platinum declined $9, or 0.9%, to $949 an ounce.
- Palladium fell $2, or 0.1%, to $2,362 an ounce.
In LBMA weekly results, prices declined 5.1% for gold, 4.3% for silver, 0.7% for platinum and 1.1% for palladium.
US Mint Bullion Sales in 2020
United States Mint bullion sales were lower this week than last week — for both gold and silver coins. In week-over-week comparisons:
Sales of American Gold Eagles climbed 19,000 ounces after increasing by 25,000 ounces last week.
Sales of American Silver Eagles advanced 825,000 ounces after rising by 754,500 ounces last week.
Sales of American Buffalo gold increased 5,500 ounces after they rose by 6,000 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||September||October||November||2020 Sales|
|$50 American Eagle 1 Oz Gold Coin||11,500||23,500||18,500||18,500||64,500||71,000||693,000|
|$25 American Eagle 1/2 Oz Gold Coin||0||1,000||1,000||3,000||6,000||4,000||68,000|
|$10 American Eagle 1/4 Oz Gold Coin||0||2,000||0||4,000||8,000||10,000||106,000|
|$5 American Eagle 1/10 Oz Gold Coin||0||5,000||0||10,000||25,000||30,000||345,000|
|$50 American Buffalo 1 Oz Gold Coin||1,500||6,000||5,500||4,500||19,500||20,500||228,500|
|$1 American Eagle 1 Oz Silver Coin||200,000||754,500||825,000||2,958,500||3,397,000||4,281,000||28,814,500|
|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||45,000||0||0||45,000|
|$1 American Eagle 1 Oz Platinum Coin*||0||0||0||0||0||0||56,500|