Gold Marks First Weekly Loss in Five Weeks

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Precious metals declined Friday and only palladium moved ahead on the week. Gold’s weekly loss was its first in five weeks.

Gold for August delivery slipped $3.60, or 0.2%, to settle at $1,801.80 an ounce on the Comex division of the New York Mercantile Exchange.

"Gold prices have found good support from the physical market on the downside, but have struggled to gain momentum as speculative positioning remains light," Reuters quoted Suki Cooper, analyst at Standard Chartered.

Gold futures lost 0.7% this week following four weeks of gains that had lifted their prices by a combined 2.6%. They are 4.9% 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 15 Wall Street analysts participated in Kitco News’ gold survey. Among the participants, nine, or 60%, called for gold prices to fall next week; simultaneously, only two analysts, or 13%, expect to see higher prices next week, and four analysts, or 27%, expected to see sideways trading in the near term.

Meanwhile, 571 votes were cast in online Main Street polls. Of these, 315 respondents, or 55%, looked for gold to rise next week. Another 146, or 26%, said lower, while 110 voters, or 19%, were neutral on the price."

Elsewhere, silver for September delivery shed 14.8 cents, or 0.6%, to settle at $25.233 an ounce. Silver futures traded 2.2% lower this week after losses of 1.7% last week and 1% in the week ended July 9. They are down 2.3% on the year.

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

  • October platinum gave back $29.20, or 2.7%, to end at $1,061.40 an ounce, for a 4.3% weekly decline.

  • Palladium for September delivery fell $42.20, or 1.6%, to finish at $2,662.40 an ounce, but posted a 1% weekly gain.

The two are divided on the year so far with platinum 1.7% lower and palladium 8.5% higher.

US Mint Bullion Sales in 2021

For a second week in a row, sales of United States Mint bullion products slowed from the previous week. In week-over-week comparisons:

  • Sales of American Gold Eagles rose 4,500 ounces after they increased by 18,000 ounces last week.

  • Sales of American Buffalo gold coins were flat after gaining 3,500 ounces last week.

  • Sales of American Silver Eagles climbed 805,000 ounces after rising 690,000 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)
Last Week This Week May June July 2021 Sales
$50 American Eagle 1 Oz Gold Coin 13,000 4,500 20,500 158,000 43,500 628,000
$25 American Eagle 1/2 Oz Gold Coin 10,000 0 0 15,000 10,000 56,000
$10 American Eagle 1/4 Oz Gold Coin 0 0 0 30,000 0 86,000
$5 American Eagle 1/10 Oz Gold Coin 0 0 0 90,000 0 240,000
$50 American Buffalo 1 Oz Gold Coin 3,500 0 44,000 27,500 14,000 207,500
$1 American Eagle 1 Oz Silver Coin 690,000 805,000 0 2,800,000 2,344,000 18,250,500
$100 American Eagle 1 Oz Platinum Coin 0 0 40,000 0 0 75,000
Tuskegee Airmen 5 oz Silver Coin 0 0 2,900 0 0 52,900

 

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Kaiser Wilhelm

My good friend Silver is hanging on at just over $25 at the moment. As always, good for us buyers and not so great for the sellers. I of course heartily endorse this situation.

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Last edited 2 months ago by Kaiser Wilhelm
Kaiser Wilhelm

In other news, be sure to start saving your hard-earned pennies (yes, I know we’ve never had any of these) for the “Commemorative Coin Parade” of 2026 which will serve to mark the occasion of the semiquincentennial of our nation. Happy Upcoming 250th Birthday!

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Last edited 2 months ago by Kaiser Wilhelm
sam tweedy

Tonto saved all his Gold and Silver and sold it all to “Mike Mezack” Understand !!!!

Kaiser Wilhelm

Sam,

When I watched my first cowboys and Indians movies in 1953, Tonto was of course “Him good Indian” and The Lone Ranger was the “Great White Savior”. Check out the likes of Avatar these days and see that nigh on 70 years later virtually nothing has changed. Awesome. Except of course that Tonto would find himself stuck somewhere on a Reservation and the mask-wearing guy would be receiving intense psychiatric treatment. But look at the bright side; neither one of them would have to deal with the Mint.

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Last edited 1 month ago by Kaiser Wilhelm
sam tweedy

You are correct Kaiser, If the Lone Ranger and Tonto had to deal with the U S Mint today, they would both be riding their horses off the nearest cliff !!!!