Precious metals posted losses on Friday with the declines heavy for silver, platinum and palladium and lighter for gold, which retreated from an almost one-month high but still extended its streak of weekly gains to four.
Gold for August delivery declined $14, or 0.8%, to settle at $1,815 an ounce on the Comex division of the New York Mercantile Exchange.
Gold futures edged 0.2% higher this week, lifting their combined gains through four weeks to 2.6%. They have fallen 4.2% on the year to date. On Thursday, they marked their best settlement since June 16.
In looking ahead to next week, Kitco News offers the following forecasts via their Wall Street & Main Street surveys:
"This week 16 Wall Street analysts participated in Kitco News’ gold survey. Among the participants, nine or 56%, called for gold prices to rise; simultaneously, three voters, or 19%, expect to see lower prices next week and four analysts, or 25% expected to see sideways trading in the near term.
Meanwhile, 836 votes were cast in online Main Street polls. Of these, 556 respondents, or 67%, looked for gold to rise next week. Another 144, or 17%, said lower, while 136 voters, or 16%, were neutral on the price."
Silver for September delivery dropped 59.9 cents, or 2.3%, to close at $25.795 an ounce. Silver futures traded 1.7% lower this week after falling 1% last week. They are down 2.3% on the year.
In other precious metals futures on Friday and for the week:
October platinum fell $29.20, or 2.6%, to end at $1,108.50 an ounce, but logged a 1.2% weekly increase.
- Palladium for September delivery sank $92, or 3.4%, to finish at $2,637.30 an ounce, for a 6.2% weekly loss.
Both are higher on the year so far with gains of 2.7% for platinum and 7.5% for palladium.
US Mint Bullion Sales in 2021
United States Mint bullion products compared to a week ago performed weaker for both gold coins and silver coins. In week-over-week comparisons:
Sales of American Gold Eagles moved up 18,000 ounces after they increased by 26,000 ounces last week.
Sales of American Buffalo gold coins rose 3,500 ounces after gaining 10,500 ounces last week.
Sales of American Silver Eagles climbed 690,000 ounces after rising 849,000 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.
|US Mint Bullion Sales (# of coins)|
|Friday||Last Week||This Week||May||June||July||2021 Sales|
|$50 American Eagle 1 Oz Gold Coin||0||26,000||13,000||20,500||158,000||39,000||623,500|
|$25 American Eagle 1/2 Oz Gold Coin||0||0||10,000||0||15,000||10,000||56,000|
|$10 American Eagle 1/4 Oz Gold Coin||0||0||0||0||30,000||0||86,000|
|$5 American Eagle 1/10 Oz Gold Coin||0||0||0||0||90,000||0||240,000|
|$50 American Buffalo 1 Oz Gold Coin||0||10,500||3,500||44,000||27,500||14,000||207,500|
|$1 American Eagle 1 Oz Silver Coin||0||849,000||690,000||0||2,800,000||1,539,000||17,445,500|
|$100 American Eagle 1 Oz Platinum Coin||0||0||0||40,000||0||0||75,000|
|Tuskegee Airmen 5 oz Silver Coin||0||0||0||2,900||0||0||52,900|
CoinNews will take a one-week break from publishing precious metals pricing articles.