Gold and Silver Log First Weekly Gains in Four Weeks

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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
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