Most precious metals traded lower on Friday but they all gained on the week, led by silver and then by gold. Gold’s weekly gain was its third in a row.
Gold for February delivery shed $1.50, or 0.08%, to settle at $1,888.90 an ounce on the Comex division of the New York Mercantile Exchange.
"Gold has attached itself entirely to the negotiations on the stimulus package. … The market will rally if there’s positive momentum towards reaching a stimulus deal, and if there’s any indication of a delay gold pulls back," Reuters quoted Jeffrey Sica, founder of Circle Squared Alternative Investments. "Once stimulus gets approved in its entirety, I anticipate gold will rally substantially because it’s a massive stimulus package."
Gold futures advanced 2.5% this week following gains of 0.2% last week and 2.9% for the week ending Dec. 4. On Thursday, they logged their best settlement since Nov. 6. The yellow metal is 24% 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 11 voters, or 79%, called for gold prices to rise next week; at the same time, two analysts, or 14%, were neutral on gold. Only one analyst or 7% saw lower next week.
A total of 1,402 votes were cast this past week in online surveys. Among those, 1048 voters, or 75%, said they were bullish on gold next week. Another 202 participants, or 14%, said they were bearish, while 152 voters, or 11%, were neutral on the precious metal."
Elsewhere, silver for March delivery declined 14.8 cents, or 0.6%, to end at $26.033 an ounce. Silver futures soared 8.1% this week after sliding 0.7% last week. On Thursday, they marked their best finish since Sept. 18. They are 45.3% higher on the year.
In PGM futures on Friday and for the week:
January platinum lost $7, or 0.7%, to settle at $1,043.10 an ounce, but posted a 2.1% weekly increase.
- Palladium for March delivery ended up $24.50, or 1%, to $2,372 an ounce, for a 1.7% weekly gain.
Both are higher for the year so far with advances of 6.7% for platinum and 24.2% for palladium.
London Precious Metals Prices (LBMA)
London precious metals prices ended mixed on Friday and for the week. In comparing their levels from Thursday PM to Friday PM:
- Gold fell $11, or 0.6%, to $1,879.75 an ounce.
- Silver rose 7.5 cents, or 0.3%, to $25.815 an ounce.
- Platinum declined $7, or 0.7%, to $1,038 an ounce.
- Palladium added $6, or 0.3%, to $2,331 an ounce.
In LBMA weekly results, palladium dipped 0.04% while price rose 2.1% for gold, 8.4% for silver, and 2.9% for platinum.
US Mint Bullion Sales in 2020
United States Mint bullion sales slowed this week from last. In week-over-week comparisons:
Sales of American Gold Eagles climbed 12,000 ounces after increasing by 24,000 ounces last week.
Sales of American Silver Eagles were muted after rising by 475,000 ounces last week.
Sales of American Buffalo gold increased 1,500 ounces after they rose by 2,500 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||7,000||24,000||12,000||64,500||77,000||42,500||741,500|
|$25 American Eagle 1/2 Oz Gold Coin||0||0||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||0||25,000||35,000||0||350,000|
|$50 American Buffalo 1 Oz Gold Coin||1,500||2,500||1,500||19,500||23,500||8,500||240,000|
|$1 American Eagle 1 Oz Silver Coin||0||475,000||0||3,397,000||4,805,000||751,000||30,089,500|
|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|
Time to go long??