Precious Metals Post Sharply Weekly Losses


Most precious metals declined on Friday and they all plunged on the week. Their weekly losses ranged from nearly 6% for gold to just over 11% for palladium.

Gold for August delivery shed $5.80, or 0.3%, to close at $1,769 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the lowest since gold ended April 30 at $1,767.70 an ounce.

Gold tumbled 5.9% this week following two straight weekly losses of 0.7%. Before then, the precious metal posted a string of four weekly gains that had raised its price by a combined 7.8%. Gold prices have fallen 6.6% 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 18 Wall Street analysts participated in Kitco News’ gold survey. Among the participants, 10, or 56%, called for gold prices to fall; simultaneously, bullish and neutral analysts were tied this week, with each viewpoint garnering four votes, or 22%…

Meanwhile, 2,174 votes were cast in online Main Street polls. Of these,1,127 respondents, or 52%, looked for gold to rise next week. Another 670, or 31%, said lower, while 377 voters, or 17%, were neutral."

Elsewhere, silver for July delivery rose 11.3 cents, or 0.4%, to settle at $25.969 an ounce. Silver futures sank 7.7% this week after climbing 0.9% last week. On Thursday, they marked their weakest finish since April 20. They are 1.7% lower on the year.

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

  • July platinum fell $14.20, or 1.4%, to end at $1,041 an ounce, for a 9.6% weekly loss.

  • Palladium for September delivery dropped $42.30, or 1.7%, to end at $2,469.90 an ounce, for a 11.2% weekly decline.

They are divided on the year so far with platinum down 3.5% and palladium up 0.7%.

US Mint Bullion Sales in 2021

The United States Mint published no bullion sales increases this week after gains last week 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 / This Week Last Week March Sales April Sales May June 2021 Sales
$50 American Eagle 1 Oz Gold Coin 0 4,000 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 0 7,000 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 latest development regarding the dropping prices of the precious metals is even more counter-intuitive and as such further deepens the mystery of what exactly is so different now. The indicators of growing inflation and a declining dollar should already have been enough to push the demand for and hence the price of precious metals up, which clearly hasn’t happened. With a plunging Stock Market added to the mix, usually another of the ordinarily surefire precious metal value amplifiers, we are instead seeing the very opposite taking place. Essentially we are currently faced with an unexpected atypical environment in which… Read more »

Last edited 1 month ago by Kaiser Wilhelm
Kaiser Wilhelm

On a far brighter, much cheerier and entirely uplifting note, today, June 19, is the occasion of the very first celebration of Juneteenth, our newest National (i.e. Federal) Holiday. Pictured below are some of the coins the U.S. Mint has suggested as being among the most relevant in regard to the recognition of this very special and extremely significant day. Happy Juneteenth and happy collecting, fellow numismatists!