Precious metals traded lower on Friday but the only loser among them for the week was palladium. Gold’s weekly win was its first in three weeks.
Gold for February delivery settled down $9.70, or 0.5%, to settle at $1,856.20 an ounce on the Comex division of the New York Mercantile Exchange.
"Regardless of the asset class everything from equities to agricultural to softs are selling off and a lot of emphasis is on whether the stimulus could be passed and whether the (COVID-19) vaccine rollout could be effective," Reuters quoted Phillip Streible, chief market strategist at Blue Line Futures in Chicago.
Gold futures tallied a 1.4% increase on the week following declines of 0.3% last week and 3.2% for the week ended Jan. 8. They are 2.1% lower 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 nine voters each, or 60%, called for gold prices to rise next week; meanwhile, bearish and neutral votes garnered three votes or 20% each.
At the same time, 1,581 votes were cast this past week in online surveys. Among those, 1063 or 67% said they were bullish on gold next week. Another 275 participants, or 17%, said they were bearish, while 243 voters, or 15%, were neutral on the precious metal."
Meanwhile, silver for March delivery gave back 29.8 cents, or 1.2%, to settle at $25.556 an ounce. Silver futures traded 2.8% higher this week after rising 0.9% last week. With their two consecutive weekly gains, they trimmed their loss on the year to 3.2%.
In PGM futures on Friday and for the week:
April platinum fell $16.40, or 1.5%, to $1,111.60 an ounce, but logged a 2% weekly increase.
- Palladium for March delivery lost $9.90, or 0.4%, to $2,365.20 an ounce, for a drop on the week of 1.3%.
The pair remain divided on the year so far with platinum 3% higher and palladium 3.6% lower.
London Precious Metals Prices (LBMA)
London precious metals prices ended mostly lower on Friday but mostly advanced on the week. In comparing their levels from Thursday PM to Friday PM:
- Gold lost $9.40, or 0.5%, to $1,852.70 an ounce.
- Silver rose 2.5 cents, or 0.1%, to $25.32 an ounce.
- Platinum declined $36, or 3.2%, to $1,093 an ounce.
- Palladium fell $39, or 1.6%, to $2,355 an ounce.
In LBMA weekly results, prices for palladium fell 2.8% while those for gold and platinum each climbed 0.7%. LBMA silver prices edged 0.3% higher on the week.
US Mint Bullion Sales in 2021
United States Mint bullion sales declined overall for a second week in a row. In week-over-week comparisons:
Sales of American Gold Eagles climbed 16,000 ounces after increasing by 77,500 ounces last week.
Sales of American Silver Eagles added 100,000 ounces after rising by 1,875,000 last week.
Sales of American Buffalo gold jumped 29,500 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||December||2020 Sales||2021 Sales|
|$50 American Eagle 1 Oz Gold Coin||0||72,500||16,000||48,500||747,500||132,000|
|$25 American Eagle 1/2 Oz Gold Coin||0||0||0||2,000||70,000||17,000|
|$10 American Eagle 1/4 Oz Gold Coin||0||6,000||0||0||106,000||28,000|
|$5 American Eagle 1/10 Oz Gold Coin||0||35,000||0||0||350,000||95,000|
|$50 American Buffalo 1 Oz Gold Coin||0||6,000||29,500||10,500||242,000||56,000|
|$1 American Eagle 1 Oz Silver Coin||0||1,875,000||100,000||751,000||30,089,500||4,775,000|
|America Samoa 5 oz Silver Coin*||0||0||0||0||45,000||0|
|Weir Farm 5 oz Silver Coin*||0||0||0||0||45,000||0|
|Salt River Bay 5 oz Silver Coin*||0||0||0||0||45,000||0|
|Marsh Billings 5 oz Silver Coin*||0||0||0||0||45,000||0|
|Tallgrass Prairie 5 oz Silver Coin*||0||0||0||0||45,000||0|
|$1 American Eagle 1 Oz Platinum Coin*||0||0||0||0||56,500||0|