Gold, Platinum and Palladium Post Weekly Gains

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Precious metals logged solid to exceptional gains on Friday, lifting gold and palladium to weekly wins and adding more to platinum’s already strong increases from earlier in the week.

Gold for December delivery tacked on $26.40, or 1.5%, to settle at $1,778.20 an ounce on the Comex division of the New York Mercantile Exchange.

"Gold has been caught in the crossfire," wrote Victor Argonov, senior analyst at Exante, in a Friday note reported by MarketWatch. "Although the current central bank policy measures should be supporting prices, the relative strength of the dollar is applying headwinds for gold, while the rallying stock markets means haven demand for precious metal is also not as strong as last year."

Gold futures traded 0.9% higher this week after sliding 3% last week. They are 6.2% 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, 8, or 62%, called for gold prices to rise next week; meanwhile, three analysts, or 23%, expect to see lower prices, and two analysts, or 15%, were neutral on gold in the near term.

Meanwhile, 914 votes were cast in online Main Street polls. Of these, 517 respondents, or 57%, looked for gold to rise next week. Another 233, or 25%, said lower, while 164 voters, or 18%, were neutral on the price."

Elsewhere, silver for September delivery surged 66.3 cents, or 2.9%, to close at $23.779 an ounce. Still, the precious metal dropped 2.3% on the week. Silver prices tumbled 4.8% last week. They are down 10% on the year.

In PGM futures on Friday and for the week

  • October platinum rose $8.30, or 0.8%, to end at $1,026 an ounce, for a 5.5% weekly gain.

  • Palladium for September delivery added $32.60, or 1.2%, to finish at $2,656.50 an ounce, for an increase on the week of 1%.

The two are dived on the year so far with platinum 4.9% lower and palladium 8.3% higher.

US Mint Bullion Sales in 2021

United States Mint bullion sales this week compared to last week are significantly higher for both gold and silver coins. In week-over-week comparisons:

  • Sales of American Gold Eagles rose 41,500 ounces after increasing 17,000 ounces last week.

  • Sales of American Buffalo gold coins increased 13,500 ounces after gaining 3,000 ounces last week.

  • Sales of American Silver Eagles climbed 968,500 ounces after rising 612,500 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 June July August 2021 Sales
$50 American Eagle 1 Oz Gold Coin 3,000 15,500 40,000 158,000 49,500 55,500 689,500
$25 American Eagle 1/2 Oz Gold Coin 0 0 0 15,000 10,000 0 56,000
$10 American Eagle 1/4 Oz Gold Coin 0 0 0 30,000 0 0 86,000
$5 American Eagle 1/10 Oz Gold Coin 0 15,000 15,000 90,000 40,000 30,000 310,000
$50 American Buffalo 1 Oz Gold Coin 2,000 3,000 13,500 27,500 14,500 16,500 224,500
$1 American Eagle 1 Oz Silver Coin 0 612,500 968,500 2,800,000 3,104,000 1,581,000 20,591,500
$100 American Eagle 1 Oz Platinum Coin 0 0 0 0 0 0 75,000
Tuskegee Airmen 5 oz Silver Coin 0 0 0 0 0 0 52,900

 

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Kaiser Wilhelm

It always rubs my silver-worshipping sensibilities the wrong way whenever Palladium does something like rising by almost half again what silver is worth in total. What’s up with that, and who exactly is it that’s suppressing the price of silver now!

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Larry T

One would think with car sales in decline Palladium should be as well, since 85% of the element is used in catalytic converters. I honestly give up trying to make sense out of most things in todays society. Thank God it’s almost time for football!

Kaiser Wilhelm

Larry, The point about car production declining and therefore Palladium use and consequent demand for the precious metal should also be waning is one which hadn’t at all occurred to me; very good catch! Perhaps it’s just sour grapes and/or wishful thinking, but I can’t shake the feeling that if gold is undervalued than silver must be even more egregiously so. The flip side of that is wanting what I already possess in the way of precious metals to increase in value will unfortunately also make it that much more expensive to acquire more of the same. There doesn’t appear… Read more »

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Mark D.

Platinum is the preferred catalyst. Auto sales are increasing at a steady pace. Scarcity of advanced chips is the current limiting factor industry wide, although some manufactures are limited by production capacity constraints. Vehicles are sold before they are even built. Bottom line: Vehicle sales are NOT in decline, with the exception of conventional sedans — Ford, for one, has stopped building sedans — no one wants them except the most, um, mature buyers…everyone else lusts for big, fat SUVs or rough and tugged pickups because they’re so efficient at burning up fuel and injecting carbon, sulfer and other noxious… Read more »

Larry T

Imported vehicles were down over 13% last year, Domestic vehicle sales were down almost 9%. 85% of Palladium is used in catalytic converters, I didn’t state it was the preferred metal to use! I also stated that sales were in decline, not demand for the product. Hell, that’s part of the reason why we can’t get our Morgans and Peace dollars till October/November. Staff and shifts are in decline.

Kaiser Wilhelm

Larry and Mark, I get both your points regarding cars, catalytic converters and precious metals that are used in them. I was behind a pickup the other day that I could swear had its catalytic converter disabled and or removed because it smelled like I was riding in back of a portable chemical plant that had just farted poison gases my way; yuck! Whether that’s what is was or not, it made me grateful that we have such devices on our vehicles to remove x amount of dangerous, unhealthy pollutants from the exhaust. I’m not sure it’s all that meaningful… Read more »

Kaiser Wilhelm

Mark, I can’t for the life of me understand why everybody has to have a fricking “civilian TRUCK”; what’s that all about. Then again, you’re talking to a guy here who loves his 2012 Yaris and will hold on to it as long as it runs because they don’t make them anymore! In nine years I’ve put just 13,000 miles on it…I’m the little old lady who only used her car to drive to church on Sundays! And was I ever a good bargainer at the Toyota dealership the day I bought it. I had asked the salesman if they… Read more »

Mark D.

Comrade Kaiser Flintstone,
Where do I begin? Remember how Peggy in “Peggy Sue Got Married,” reacted when her dad drove home in a new Edsel…? Yaris, for whose launch I wrote a compelling, creative and ultimately rejected ride, drive and
warehouse rave event (too expensive), is/was the Edsel of its time, just without the horse-collar grille (really the only simile — among many– I can use in polite company) and push-button transmission. Did they try to sell you “accessories” from their required showcase?

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Mark D.

Can I be Barney to your Fred? I always had a thing for Betty (nee O’Shale) Rubble and her ragged mini dresses. Yabba-dabba-do! I’d put Bam-bam up for adoption-adoption. By the way, ask me about foundling Swee’Pea’s paternity some time. I have special knowledge acquired from my home multiverse, but protected information by virtue of HIPPA regulations

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Kaiser Wilhelm

My “thing” was for Veronica of the “Archie” comic strips; I found her “darkness” to be far more alluring than Betty’s all-American Girl Scout Cookieness. Jughead was barely even on my radar back then, but retrospectively I think if I thought then as I think (hallucinate?) now, he would have been my surefire existential champion. And so it goes. And boy, does it ever.

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Kaiser Wilhelm

Kamerad Herr Markus von D, No, there was no mention of accessories. On another occasion, however, our (my wife just bought a 2021 Camry) friendly Toyota dealership had a meet and great for all local customers of theirs, and in addition to being feted with finger sandwiches we were taken on a tour of the actual “Parts Department.” Honestly, we are still trying to figure out what the purpose of that was other than to give us a weird but good story of a bizarre experience to tell people about. I don’t quite see why the Yaris would be thought… Read more »

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Mark D.

Just joshin’ comrade. Yaris was a fine enough car. I’m just always a bit bitter when I don’t win a pitch, especially when part of “too expensive” is my client’s mark-up of my rate. Also, it was very weird for them to intro Yaris and the quite similar Scion (lost that pitch too) at the same time. Think Coke coming out with Orange Crush and Orange Nehi at once. Any idea where that Taunus image was shot? Auto World in Brussels? FYI, that service department “tour” is de rigueur in the business. I could explain why, but you wouldn’t believe… Read more »

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Kaiser Wilhelm

Sir Mark de la D, No need to concern yourself regarding any type, shape or form of opinion as to the merits or shortcomings of the Yaris, since I stand by my firm belief that there are as many different ways of looking at everything as there are people on earth (and on Rigel 2b [or not 2b], for that matter). I have no clue as to where that Taunus photo was taken. Could be Germany as that is where they were built; could be Detroit as Ford was/is headquartered there; could be several floors below the underground water table… Read more »

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Larry T

Keiser,

How did you know I follow the Steelers? They don’t have ‘the Bus’ anymore, but I’m looking forward to seeing what N. Harris can do. Man it sure looks like the Delta variant is causing chaos once again. Stores and shops are all mandated to have people wear masks again. I’ll be surprised if we see half full stadiums this year. I hate being pessimistic, but I don’t think we are going to get back to normal for some time. I hope I’m wrong about that!

Kaiser Wilhelm

Larry, I didn’t know, but I am a huge football fan at all levels from junior high to the NFL. My own experience with the sport was in 7th-8th grade at Patch Barracks in Stuttgart, Germany, where I played center. I didn’t play in high school in Heidelberg because I chose to be a shot putter on the track team instead; found I had a talent for that. My son was a wide receiver and defensive back for three years of high school; his team had a record of 32-1 over that time…great to watch! He opted out of college… Read more »

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Last edited 1 month ago by Kaiser Wilhelm
Kaiser Wilhelm

Edit: The vaunted Michigan State (9-0) vs. Notre Dame (8-0) match-up billed as the “Game of the Century” that resulted in a 10-10 tie actually occurred at Spartan Stadium on November 19, 1966, not in the Fall of 1967 as I originally stated above. By the way, MSU was graced with the services of two-time All-America Defensive End Bubba Smith in that game (he recorded two key sacks).

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