Gold Falls on Week; Silver Logs Four Straight Weekly Gains

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Precious metals moved higher on Friday and they also, except for gold, registered weekly increases. Silver extended its streak of weekly gains to four in a row. Gold, meanwhile, logged it second straight weekly loss.

Gold for April delivery on Friday rose $21.80, or 1.2%, to settle at $1,813 an ounce on the Comex division of the New York Mercantile Exchange. Friday’s increase was supported by a falling U.S. dollar, opined analysts.

"Gold continues to primarily take its lead from the dollar and we expect this to remain the case in the coming sessions," Reuters quoted Suki Cooper, analyst at Standard Chartered. "Beyond the near term, we believe the outlook remains constructive for gold given the fiscal stimulus is likely to result in large U.S. twin deficits."

Gold futures traded 2% lower this week after slipping 0.3% last week. On Thursday, they posted their weakest settlement since Nov. 30. The yellow metal is 4.3% 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, 14 analysts participated in the survey. A total of nine voters each, or 64%, called for gold prices to rise next week; meanwhile, four participants, or 29%, said they were bearish, and one analyst, or 7%, said they were neutral on gold next week.

Meanwhile, among Main Street investors, 1,823 votes were cast in the online survey. Among those, 873, or 48%, said they were bullish on gold next week. Another 568 participants, or 31%, said they were bearish, while 382 voters, or 21%, were neutral on the precious metal."

Elsewhere, silver for March delivery tacked on 78.5 cents, or 3%, to settle at $27.019 an ounce. Silver prices edged up 0.4% this week. They have advanced a combined $2.38, or 9.7%, through their four weekly gains. On Monday, the precious metal marked its best close since Feb. 19, 2013. Silver is 2.3% higher on the year.

In PGM futures on Friday and for the week:

  • April platinum finished ahead $30, or 2.7%, to $1,133 an ounce, for a 5% weekly gain.

  • Palladium for March delivery tacked on $45.60, or 2%, to $2,326.30 an ounce, for a 5.3% weekly gain.

The two are divided on the year so far with platinum 5% higher and palladium 5.2% lower.

London Precious Metals Prices (LBMA)

London precious metals prices ended up on Friday and mixed on the week. In comparing their levels from Thursday PM to Friday PM:

  • Gold added $17.05, or 1%, to $1,802.95 an ounce.
  • Silver rose 13 cents, or 0.5%, to $26.53 an ounce.
  • Platinum jumped $37, or 3.4%, to $1,121 an ounce.
  • Palladium surged $80, or 3.5%, to $2,338 an ounce.

In LBMA weekly results, prices declined 3.3% for gold, they dropped 3.2% for silver, they rose 1% for platinum and they climbed 0.5% for palladium.

US Mint Bullion Sales in 2021

United States Mint bullion sales were stronger this week for both gold and silver coins. In week-over-week comparisons:

  • Sales of American Gold Eagles moved up 64,500 ounces after they increased 63,500 ounces last week.

  • Sales of American Silver Eagles added 1,621,000 ounces after registering flat last week.

  • Sales of American Buffalo gold coins rose 9,000 ounces after they gained 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 / February December January Sales 2021 Sales
$50 American Eagle 1 Oz Gold Coin 22,500 59,000 64,500 48,500 191,000 255,500
$25 American Eagle 1/2 Oz Gold Coin 0 5,000 0 2,000 22,000 22,000
$10 American Eagle 1/4 Oz Gold Coin 0 8,000 0 0 36,000 36,000
$5 American Eagle 1/10 Oz Gold Coin 0 0 0 0 95,000 95,000
$50 American Buffalo 1 Oz Gold Coin 0 5,500 9,000 10,500 61,500 70,500
$1 American Eagle 1 Oz Silver Coin 0 0 1,621,000 751,000 4,775,000 6,396,000
America Samoa 5 oz Silver Coin* 0 0 0 0 0 0
Weir Farm 5 oz Silver Coin* 0 0 0 0 0 0
Salt River Bay 5 oz Silver Coin* 0 0 0 0 0 0
Marsh Billings 5 oz Silver Coin* 0 0 0 0 0 0
Tallgrass Prairie 5 oz Silver Coin* 0 0 0 0 0 0
$1 American Eagle 1 Oz Platinum Coin* 0 0 0 0 0 0
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Jake

Thank you Coin News. Reuters is ok. Bloomberg just figured out what the cloud is, Fox cant say well enough and CNN just figured out 2+2=4, what is this world coming to? Now Bloomberg news thinks the pandemic didnt effect everyone. I was affected, we’re in this together! My noose, my flame, secretary of treasury, Janet Yellen told President Biden to withdraw former President Donald’s Fed nominee. Hmmm some people. What would you rather have, if I gave you an ounce of gold today, or a penny today, and doubled that amount everyday for a month? I’ll tell you the… Read more »

Kaiser Wilhelm

At that rate of increase just the last day of the month’s dollar haul alone would net you a shade over 986 troy pounds of pure gold at today’s going price for the metal.

Kaiser Wilhelm

My prior calculation was way off; sorry about that. The actual amount of dollars-in-gold equivalent on the 30th day of the month alone would be 2939 troy ounces.

Jake

Remember, arithmetic is universal!

Kaiser Wilhelm

Sadly, it’s not the strongest of my competencies.

Last edited 3 months ago by Kaiser Wilhelm
chuck

As a dad, I cited something similar, as to what you said, with them – they initially failed. As a grand dad they (grand-kids) also failed. As a kid I failed too. Until we use common sense we will fail. Everyone wants things today not to plan for the future. No one seems to know the difference between “want” and “need”. Voter beware as to what you are doing to the future generations! Sad some will not be around to reap what they sowed.

Jake

Valid viewpoint right here folks.

Jake

Also as we know it already, when you have a vote you know its rigged. Lol go super bowl!

Kaiser Wilhelm

The Federal Reserve keeps increasing a money supply that since the elimination of the gold standard has had literally nothing to back it up. Consequently the annual deficits and the resulting national debt continue to balloon year after year while the United States Government goes on spending as if cash grew on trees. It is all too clear that the thoroughly unwise and fundamentally unsound policy of systematically sacrificing a better tomorrow for the short term benefit of today has ultimately become enshrined as the very gospel of the land.

Last edited 3 months ago by Kaiser Wilhelm
Jake

I love coins! I also said bitcoin was invented to keep the FeD accountable. Chancellor on the brink of the second bailout of the banks is on our bitcoin and satoshi for a reason.

Last edited 3 months ago by Jake
Seth Riesling

And, notice that the “Fed” headquarters building in Washington D.C. (formerly a real swamp/marshland), has engraved in the marble at the top, “Federal Reserve”, and not the word “bank” & not “Central Bank of the United States of America”. Why? – hocus pocus!

NumisdudeTX

Jake

Abracadabra lol

chuck

As some have said “end” it. Still a real swamp!?

Last edited 3 months ago by chuck
Jake

The FeD is the stick in the mud of the swamp.

Kaiser Wilhelm

It’s morphed into quicksand.