Gold Scores Fourth Straight Weekly Gain

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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.

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Kaiser Wilhelm

Not long ago our favorite Silver was topping $28, now it’s back to below $26. What a fiasco.

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Mike Petraitis

How many people are going to purchase the 2021 american gold proof coins? Do you think it will be possible to order them or will the web site crash again?

Kaiser Wilhelm

I can’t speak to this 2021-Type 2 American Gold Eagle coin issue in its entirety, Mike, since the Mint hasn’t yet revealed what the prices are for any of the items. As far as what the Product Limits are, those have already been posted as follows: 1/10 oz. – 10,000 coins 1/4 oz. – 3,375 coins 1/2 oz. – 2,000 coins 1 oz. – 5,625 coins 4 coin set – 10,250 sets All of the individual coins and the 4 coin set have a Household Order Limit of 1. While that lowest of limits will likely help slow the sheer… Read more »

Last edited 16 days ago by Kaiser Wilhelm
Rich

You are absolutely correct, Sir Kaiser, regarding the launch debut of the 2021-W Type 2 GAE Proof coins on July 29. 2021. They should sell out quickly due to limited product mintage (availability) and very high demand, but not as fast as the 2021-W Type 1 GAE Proof coins did on March 11, 2021. At 12 noon ET on March 11, the 4-coin sets, one ounce, half ounce and quarter ounce proof coins sold out within a few minutes, with the tenth ounce coin lasting about 13-15 minutes. The mintage figures for all of the 2021 Type 1 GAE proof… Read more »

Kaiser Wilhelm

You’ve provided a lot of very good information in the form of exceedingly helpful facts and figures here, Rich; much obliged. It had somehow slipped right past me that the mintage numbers of the 2021-W Type 1 AGE Proof Coins were in fact the lowest of the entire series. Now, with that new knowledge contributing to my 20/20 hindsight, I realize I made a big mistake in skipping over the entirety of that particular release. Ah well, so it goes; in this “business” regrets seem to regularly be one of the standard outcomes of the game. The question that now… Read more »

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Last edited 15 days ago by Kaiser Wilhelm
Rich

As always, Sir Kaiser, your insight, knowledge and wisdom (and keen sense of humor) on this “business” and how to play “the game” is greatly appreciated. We are much obliged for all you share with the CoinNews.net community.

Kaiser Wilhelm

Rich,

You are being far too kind, sir, in your generous assessment of my relatively modest share of all the individual and collective contributions made by its many dedicated members to this community’s ever deepening pool of coin collecting know-how. I for one can only state in return that I am exceedingly grateful to be one of the very fortunate beneficiaries of all the consistently uplifting enthusiasm and unwavering mutual support I know we all greatly benefit from courtesy of this exemplary one of a kind numismatic fellowship site.

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