Most precious metals declined on Friday but they all gained on the week, led by platinum which jumped over 6%. Weekly increases for gold and silver were their first in four weeks.
Gold for April delivery on Friday dipped $2.80, or 0.2%, to settle at $1,719.80 an ounce on the Comex division of the New York Mercantile Exchange.
"There’s a little bit of risk off sentiment and I suspect the psychological level of $1,700 where people weren’t really prepared to go under generated a bit of a rebound in the gold market." Reuters quoted Bart Melek, head of commodity strategies at TD Securities.
Gold futures gained 1.3% this week after three straight weeks of losses that had trimmed prices by a combined $124.70 or 6.8%. Gold prices are 9.3% 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, 16 analysts participated in the survey. A total of 6 voters, or 38%, called for gold prices to rise next week. Meanwhile, there was a tie among the bears and neutral voters, with five analysts, or 31%, seeing lower price action next week and the same percentage projecting sideways movement.
Looking at Main Street investors, 1611 votes were cast in online surveys. Among those, 1003, or 62%, said they were bullish on gold next week. Another 364 participants, or 23%, said they were bearish, while 244 voters, or 15%, were neutral on the precious metal."
Elsewhere, silver for May delivery settled down 28.2 cents, or 1.1% to $25.911 an ounce. Silver futures advanced 2.5% this week following three straight weekly declines that had cut prices by a combined $2.04 or 7.5%. Silver prices are 1.9% lower on the year.
In PGM futures on Friday and for the week:
April platinum shed $2, or 0.2%, to $1,200.30 an ounce, but surged to log a 6.4% weekly gain.
- Palladium for June delivery tacked on $19.10, or 0.8%, to $2,360.70 an ounce, for a 1.4% weekly increase.
The two remained divided on the year so far with platinum 11.2% higher and palladium 3.8% lower.
London Precious Metals Prices (LBMA)
London precious metals prices moved in the same direction as futures trading — on Friday and for the week. In comparing their levels from Thursday PM to Friday PM:
- Gold declined $19.45, or 1.1%, to $1,704.80 an ounce.
- Silver dropped 77.5 cents, or 3%, at $25.475 an ounce.
- Platinum lost $22, or 1.8%, to $1,186 an ounce.
- Palladium edged up $3, or 0.1%, to $2,358 an ounce.
In LBMA weekly results, prices rose 0.5% for both gold and silver, 5.6% for platinum and 0.4% for palladium.
US Mint Bullion Sales in 2021
United States Mint bullion products compared to a week ago performed stronger for silver coins but weaker overall for gold and platinum coins. In week-over-week comparisons:
Sales of American Gold Eagles moved up 18,000 ounces after they increased 11,500 ounces last week.
Sales of American Silver Eagles added 1 million ounces after rising 761,000 ounces last week.
Sales of American Buffalo gold coins were flat after gaining 11,000 ounces last week.
Sales of American Platinum Eagles increased 4,500 ounces after they debuted last week with 30,500 ounces.
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||January Sales||February Sales||March Sales||2021 Sales|
|$50 American Eagle 1 Oz Gold Coin||6,000||6,500||12,500||191,000||121,000||19,000||331,000|
|$25 American Eagle 1/2 Oz Gold Coin||0||0||0||22,000||9,000||0||31,000|
|$10 American Eagle 1/4 Oz Gold Coin||0||20,000||0||36,000||0||20,000||56,000|
|$5 American Eagle 1/10 Oz Gold Coin||0||0||55,000||95,000||0||55,000||150,000|
|$50 American Buffalo 1 Oz Gold Coin||0||11,000||0||61,500||16,000||11,000||88,500|
|$1 American Eagle 1 Oz Silver Coin||0||761,000||1,000,000||4,775,000||3,191,500||1,761,000||9,727,500|
|$100 American Eagle 1 Oz Platinum Coin||0||30,500||4,500||N/A||N/A||35,000||35,000|
|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|