Gold and Silver Snap Three-Week Losing Streak

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Gold prices moved 2.9% higher this week

Gold and silver changed little Friday while platinum and palladium scored strong gains. All but palladium advanced on the week, and those advances rated from solid to exceptional. The weekly wins for gold and silver were their first in four weeks.

Logging its first decline in four sessions Friday, gold for February delivery shed $1.10, or 0.06%, to settle at $1,840 an ounce on the Comex division of the New York Mercantile Exchange.

"After a superb four-day bounce, gold is running into profit-taking ahead of a key technical level at $1,850; considered a significant hurdle as it was remarkably resilient as support over the past two months," Reuters quoted Tai Wong, head of base and precious metals derivatives trading at BMO.

Gold prices advanced 2.9% this week after three straight weekly losses that had reduced prices by a combined $163.60 or 8.4%. They marked an almost two week high on Thursday. On Monday, the yellow metal posted its lowest settlement in five months and ended the month of November with a 5.3% loss. Gold is 20.8% 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 14 analysts participated in the survey. A total of 10 voters, or 71%, called for gold prices to rise next week; at the same time, one analyst, or 7%, called for lower prices; finally, three analysts or 21% were neutral on gold.

Meanwhile, a total of 1,147 votes were cast this past week in online surveys. Among those, 743 voters, or 65%, said they were bullish on gold next week. Another 231 participants, or 20%, said they were bearish, while 173 voters, or 15%, were neutral on the precious metal."

Elsewhere, silver for March delivery added 11.6 cents, or 0.5%, to settle at $24.253 an ounce. Silver futures traded 7.1% higher this week following three consecutive weekly losses that had dropped prices by a combined $3.02 or 11.8%. On Monday, they registered their worse finish in over four months and closed the month of November with a 4.5% loss. The precious metal is up 35.3% on the year.

In PGM futures on Friday and for the week:

  • January platinum jumped $34.20, or 3.3%, to end at $1,072.80 an ounce, for a 11.2% weekly gain.

  • Palladium for March delivery finished up $39.90, or 1.7%, to $2,357.80 an ounce, but dropped 3.4% on the week.

Both are higher for the year so far with advances of 9.7% for platinum and 23.5% for palladium.

London Precious Metals Prices (LBMA)

London precious metals prices moved in the same direction as futures trading — both on Friday and for the week. In comparing their levels from Thursday PM to Friday PM:

  • Gold rose $10.65, or 0.6%, to $1,843 an ounce.
  • Silver added 5.5 cents, or 0.2%, to $24.225 an ounce.
  • Platinum gained $37, or 3.6%, to $1,060 an ounce.
  • Palladium fell $48, or 2%, to $2,350 an ounce.

In LBMA weekly results, prices declined 0.5% for palladium while they moved ahead 3.6% for gold, 4.7% for silver and 11.7% for platinum.

US Mint Bullion Sales in 2020

United States Mint bullion sales were lower overall this week from last week. In week-over-week comparisons:

  • Sales of American Gold Eagles climbed 13,000 ounces after increasing by 19,000 ounces last week.

  • Sales of American Silver Eagles advanced 800,000 ounces after rising by 825,000 ounces last week.

  • Sales of American Buffalo gold increased 7,500 ounces after they rose by 5,500 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 October November December 2020 Sales
$50 American Eagle 1 Oz Gold Coin 0 18,500 12,500 64,500 77,000 6,500 705,500
$25 American Eagle 1/2 Oz Gold Coin 0 1,000 0 6,000 4,000 0 68,000
$10 American Eagle 1/4 Oz Gold Coin 0 0 0 8,000 10,000 0 106,000
$5 American Eagle 1/10 Oz Gold Coin 0 0 5,000 25,000 35,000 0 350,000
$50 American Buffalo 1 Oz Gold Coin 0 5,500 7,500 19,500 23,500 4,500 236,000
$1 American Eagle 1 Oz Silver Coin 0 825,000 800,000 3,397,000 4,805,000 276,000 29,614,500
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 0 0 0 45,000
$1 American Eagle 1 Oz Platinum Coin* 0 0 0 0 0 0 56,500

 

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