Gold and Silver Log Modest Weekly Gains; Platinum Settles at New 6-Year High

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Gold edged lower Friday while silver, platinum and palladium zipped ahead. All four precious metals scored weekly increases, led by platinum which ended the day at a fresh, more than six-year high. Silver drove its streak of weekly gains to five straight, while gold registered its first weekly advance in three weeks.

Gold for April delivery on Friday lost $3.60, or 0.2%, to settle at $1,823.20 an ounce on the Comex division of the New York Mercantile Exchange.

Gold prices are "likely to resume their uptrend in coming weeks given our expectations for the dollar to weaken further alongside real yields remaining low or negative," Reuters quoted Standard Chartered analyst Suki Cooper. "Market focus remains on the size and timing of the U.S. fiscal stimulus, inflation expectations and progress of the vaccine rollout," she added.

Gold futures traded 0.6% higher this week following losses of 2% last week and 0.3% for the week ending Jan. 29. They are 3.8% 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 10 voters, or 71%, called for gold prices to fall next week; meanwhile, there was a tie among bullish and neutral analysts, with both forecasts getting two votes, or 14% each.

Looking at Main Street investors, 1,257 votes were cast in the online survey. Among those, 644, or 51%, said they were bullish on gold next week. Another 350 participants, or 28%, said they were bearish, while 263 voters, or 21%, were neutral on the precious metal."

Meanwhile, silver for March delivery tacked on 28.1 cents, or 1%, to settle at $27.328 an ounce. Silver prices gained 1.1% this week. They have advanced a combined $2.69, or 10.9%, through their five weekly increases. Silver is 3.5% higher on the year.

In PGM futures on Friday and for the week:

  • April platinum rose $12, or 1%, to $1,259 an ounce, for the highest settlement since Jan. 27, 2015 when ending at $1,264.30 an ounce. The metal posted a 11.1% weekly gain.

  • Palladium for March delivery surged $35.60, or 1.5%, to $2,382.60 an ounce, for an increase on the week of 2.4%.

The two are divided on the year so far with platinum 16.7% higher and palladium 2.9% lower.

London Precious Metals Prices (LBMA)

London precious metals prices ended mostly lower on Friday. In comparing their levels from Thursday PM to Friday PM:

  • Gold declined $23.75, or 1.3%, to $1,816.35 an ounce.
  • Silver fell 5.5 cents, or 0.2%, to $27.07 an ounce.
  • Platinum lost $15, or 1.2%, to $1,221 an ounce.
  • Palladium added $2, or 0.1%, to $2,355 an ounce.

In LBMA weekly results, prices rose 0.7% for gold, 2% for silver, 8.9% for platinum and 0.7% for palladium.

US Mint Bullion Sales in 2021

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

  • Sales of American Gold Eagles moved up 37,000 ounces after they increased 64,500 ounces last week.

  • Sales of American Silver Eagles added 500,000 ounces after rising 1,621,000 ounces last week.

  • Sales of American Buffalo gold coins rose 2,500 ounces after they gained 9,000 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 January Sales February 2021 Sales
$50 American Eagle 1 Oz Gold Coin 15,000 64,500 37,000 48,500 191,000 101,500 292,500
$25 American Eagle 1/2 Oz Gold Coin 0 0 0 2,000 22,000 0 22,000
$10 American Eagle 1/4 Oz Gold Coin 0 0 0 0 36,000 0 36,000
$5 American Eagle 1/10 Oz Gold Coin 0 0 0 0 95,000 0 95,000
$50 American Buffalo 1 Oz Gold Coin 0 9,000 2,500 10,500 61,500 11,500 73,000
$1 American Eagle 1 Oz Silver Coin 0 1,621,000 500,000 751,000 4,775,000 2,121,000 6,896,000
America Samoa 5 oz Silver Coin* 0 0 0 0 0 0 0
Weir Farm 5 oz Silver Coin* 0 0 0 0 0 0 0
Salt River Bay 5 oz Silver Coin* 0 0 0 0 0 0 0
Marsh Billings 5 oz Silver Coin* 0 0 0 0 0 0 0
Tallgrass Prairie 5 oz Silver Coin* 0 0 0 0 0 0 0
$1 American Eagle 1 Oz Platinum Coin* 0 0 0 0 0 0 0
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Jake

Hold your bitcoin and dont pay taxes next year except for the normal claim 1

Kaiser Wilhelm

After nearly two hundred and fifty years since the declaration of American independence, taxation is still effectively without representation since all too many politicians, regardless of party affiliation, are first and foremost in it for their own personal gain.

Last edited 4 months ago by Kaiser Wilhelm
Jake

End the FEDERAL reserve, news. Oh realkitco? Man people this is not a game, this is long term. Brandon VS ohio is childs play!

Jake

We the peoples only bad investment was in the dollar. End The FED. Ron Paul is accounting for the future. Touche daggon.were only arguing because I’m buying and not selling. Do not sell. Hold your nest eggs. Account for the future. Buy more nest egg gold at APMEX with crypto. Just the first I noticed right away how many months ago? End The FED! The national debt is a completely useless joke. Rush babies want rush back get well soon buddy. Dont sell your nest eggs people! Buy bitcoin with spare cash times are tough. Some people. Ok back to… Read more »

Jake

JP is a bunch of bail out bandits! # buying bitcoin for the future! I cant wait to do the arithmetic on my ides of March vs gold from wizards.

Kaiser Wilhelm

Congress adding to the national debt is like Nero fiddling while Rome burned.

Jake

I found the river rat.

Jake

There is no dereliction of duty in ENDing the fed! USA! You muppets

Kaiser Wilhelm

The continued existence of the Fed IS a dereliction of duty.

Jake

Apologies are a sign of a weakness.

Jake

I will buy bitcoin and end the Federal reserve chamath.

Jake

The future of our democracy is in bitcoin. End the fed! We the people save nest eggs. Fiat to crypto to gold.

Last edited 4 months ago by Jake
Jake

Investigators. Good CNN I’m investigating too. End the FED. End the suffering.

Jake

This isnt tribalism CNN we will end the fed and we will buy bitcoin. Go Nascar! Buckle up! Victor we will prevail.

Last edited 4 months ago by Jake
Jake

America, will you be my valentine?

Kaiser Wilhelm

As the rabbi of legend said, “Maybe yes, maybe no.”

Mark D.

It appears your citation is incorrect. Are you referring to Brandenberg vs. Ohio? Are you attempting to demonstrate your support of the KKK’s right to free speech or, do you simply support the KKK?

Jake

Florida is fantastic for Minnesota tax savings. Account for the future and buy bitcoin and end the fed

20210214_085050.jpg
Last edited 4 months ago by Jake
Jake

Cancel the Federal reserve. Buy bitcoin, get gold. Got it

Jake

Tell me about the logistics Ron! I’m ok without Bill Gates vaccine. Yes Ron is my hero now! I’m moving to Florida!! Thank the thin blue line! And bitcoin and God

Last edited 4 months ago by Jake
Jake

I want the job! Do the math!

Kaiser Wilhelm

Endlessly repetitive messages remind one of the ubiquitous billboards in “1984”.

Last edited 4 months ago by Kaiser Wilhelm
Mark D.

What happened to the double plus scary big brother image? Dropped down a memory hole?

Kaiser Wilhelm

Nope. It has, however, been brought up to date.

I
Last edited 3 months ago by Kaiser Wilhelm
Kaiser Wilhelm

Soundbites come in all shapes and sizes…