Gold and Silver Log Weekly Declines; Platinum and Palladium Gain

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Precious metals divided on Friday and for the week with gold and silver ending lower and platinum and palladium finishing higher. Weekly losses in gold and silver were their first in three weeks.

Gold for June delivery shed $4.20, or 0.2%, to settle at $1,777.80 an ounce on the Comex division of the New York Mercantile Exchange.

"I am confident that we’ve seen the lows last month and that gold will generally trend higher as the idea of stickier inflation takes hold among investors," MarketWatch quoted Brien Lundin, editor of Gold Newsletter. "No matter what the Fed does in the long run, the size of the federal debt demands that they keep rate hikes well behind the rate of inflation. As investors increasingly understand this dynamic, they’ll increase allocations to gold."

Gold futures traded 0.1% lower this week after weekly gains of 2% last week and 1% in the week ended April 9. They are 6.2% 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, 17 analysts participated in Kitco News’ gold survey. Both neutral and bullish sentiments were tied, garnering seven votes each or 41%. At the same time, three analysts, or 18%, were bearish on gold next week.

Meanwhile, a total of 850 votes were cast in online Main Street polls. Of these, 575 respondents, or 68%, looked for gold to rise next week. Another 154, or 28%, said lower, while 121 voters, or 14%, were neutral."

Elsewhere, silver for May delivery declined 10.5 cents, or 0.4%, to close at $26.075 an ounce. Silver futures traded 0.1% lower this week following increases of 3.1% last week and 1.5% in the week ending April 9. They are 1.3% lower on the year.

In PGM futures on Friday and for the week:

  • July platinum rose $24.60, or 2%, to settle at $1,233.10 an ounce, for a 2% weekly gain.

  • Palladium for June delivery added $14.10, or 0.5%, to $2,857 an ounce, for a 3% weekly gain. On Wednesday, palladium marked a record settlement of $2,875.60 an ounce.

The two are higher on the year so far with increases of 14.3% for platinum and 16.4% for palladium.

US Mint Bullion Sales in 2021

Performances of United States Mint bullion products were mixed compared to a week ago with silver sales down — actually flat this week — and overall gold sales up. In week-over-week comparisons:

  • Sales of American Gold Eagles moved up 11,500 ounces compared to 6,500 ounces last week.

  • Sales of American Buffalo gold coins rose 500 ounces after rising 5,000 ounces last week.

  • Sales of American Silver Eagles ended flat compared to 457,000 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 February Sales March Sales April Sales 2021 Sales
$50 American Eagle 1 Oz Gold Coin 3,000 6,500 11,500 121,000 55,500 31,000 398,500
$25 American Eagle 1/2 Oz Gold Coin 0 0 0 9,000 0 0 31,000
$10 American Eagle 1/4 Oz Gold Coin 0 0 0 0 20,000 0 56,000
$5 American Eagle 1/10 Oz Gold Coin 0 0 0 0 55,000 0 150,000
$50 American Buffalo 1 Oz Gold Coin 0 5,000 500 16,000 33,500 9,000 120,000
$1 American Eagle 1 Oz Silver Coin 0 457,000 0 3,191,500 4,087,000 1,053,000 13,106,500
$100 American Eagle 1 Oz Platinum Coin 0 0 0 N/A 35,000 0 35,000
Tuskegee Airmen 5 oz Silver Coin 0 0 0 N/A N/A 50,000 50,000
$1 American Eagle 1 Oz Platinum Coin* 0 0 0 0 0 0 0
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Kaiser Wilhelm

Just looking at the Mint’s sales reports for gold and silver bullion coins makes it abundantly clear that “hard times” is a relativistic descriptive that applies only to the lower ninety or so percent of the economic strata. It’s evident that those at the top are not suffering due to the pandemic-driven slowdown; in fact, they are at a minimum coasting right through it or are even managing to enhance their financial positions.

Mark D.

OPEN QUESTION…
Anyone care to comment on “die rotation”? Is it a positive attribute or a detraction for a given proof/cameo, slabbed coin? FYI, the “rotation” is not noted on the slab label.

Kaiser Wilhelm

Perhaps the more all-encompassing question might be whether or not in practice any Mint error raises or lowers the value of a coin, slabbed or not. Just thinking.

Last edited 4 months ago by Kaiser Wilhelm
Mark D.

It does seem a bit odd that we place a premium on errors, even over “perfection.”

Kaiser Wilhelm

I believe it’s a matter of population size, as historically there have been fewer error versions of any particular coin than of the Mint State/Proof 70 grades.

Last edited 4 months ago by Kaiser Wilhelm
Kaiser Wilhelm

Just to clarify the preceding remark, I meant to say “than there have been of the MS70/PF70 grade versions.”

Last edited 4 months ago by Kaiser Wilhelm