Gold Registers Second Straight Weekly Loss

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Gold prices fell on Friday while they climbed for silver, platinum and palladium. Gold’s loss on the day not only brought it into negative territory for the week but also for the year.

Gold for August delivery dropped $16.80, or 0.9%, to settle at $1,879.60 an ounce on the Comex division of the New York Mercantile Exchange.

As for the week, gold posted a second straight 0.7% decline. Before then, the yellow metal scored a string of four weekly increases that had raised its price by a combined 7.8%. Gold prices have fallen 0.8% 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, 15 analysts participated in Kitco News’ gold survey. In an unprecedented result, there was a three-way tie, with each scenario garnering five votes.

Meanwhile, a total of 1,056 votes were cast in online Main Street surveys. Of these, 695 respondents, or 66%, looked for gold to rise next week. Another 181 respondents, or 17%, said lower, while 180 voters, or 17%, were also neutral."

Elsewhere, silver for July delivery tacked on 11.5 cents, or 0.4%, to settle at $28.146 an ounce. Silver prices advanced 0.9% this week after slipping 0.4% last week. They are 6.6% higher on the year.

In other precious metals futures on Friday and for the week:

  • July platinum rose $5.10, or 0.5%, to close at $1,151.10 an ounce, but fell 1.1% on the week.

  • Palladium for September delivery added $3.10, or 0.1%, to finish at $2,780.80 an ounce, but logged a 2.2% weekly loss.

The two are still higher on the year so far with gains of 6.7% for platinum and 13.3% for palladium.

US Mint Bullion Sales in 2021

Last week, the United States Mint published no bullion sales gains. The U.S. Mint this week reported bullion increases of 4,000 ounces in American Gold Eagles and 7,000 ounces in American Gold Buffalos.

Below is a sales breakdown of U.S. Mint bullion products with columns listing the number of coins sold during varying periods.

US Mint Bullion Sales (# of coins)
Friday Last Week March Sales April Sales May This Week / June 2021 Sales
$50 American Eagle 1 Oz Gold Coin 0 0 55,500 38,500 20,500 4,000 430,500
$25 American Eagle 1/2 Oz Gold Coin 0 0 0 0 0 0 31,000
$10 American Eagle 1/4 Oz Gold Coin 0 0 20,000 0 0 0 56,000
$5 American Eagle 1/10 Oz Gold Coin 0 0 55,000 0 0 0 150,000
$50 American Buffalo 1 Oz Gold Coin 6,000 0 33,500 11,000 44,000 7,000 173,000
$1 American Eagle 1 Oz Silver Coin 0 0 4,087,000 1,053,000 0 0 13,106,500
$100 American Eagle 1 Oz Platinum Coin 0 0 35,000 0 40,000 0 75,000
Tuskegee Airmen 5 oz Silver Coin 0 0 N/A 50,000 2,900 0 52,900
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Kaiser Wilhelm

This downward trend of gold prices is making less and less sense unless we figure deliberate (and apparently covert) price suppression into the mix. High inflation + a weaker dollar = higher gold prices, or at least that is what should be happening. Since we are instead witnessing the opposite in regard to gold, and for that matter all precious metal prices, there must be more at work here than ordinary market forces. So, what gives?

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Last edited 23 hours ago by Kaiser Wilhelm