Gold Edges Higher on Week; Other Metals Log Weekly Declines

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Gold registered a very modest increase on Friday, its first in four sessions, gently bumping up its weekly gain. Meanwhile, silver, platinum and palladium posted weekly losses.

Gold for December delivery rose 90 cents, or 0.05%, to close at $1,784 an ounce on the Comex division of the New York Mercantile Exchange.

"We do have a two-sided market at the moment. The dollar has been relatively strong of late as a result of this expectation that the Fed will move towards tapering, based on recent commentary," Reuters quoted David Meger, director of metals trading at High Ridge Futures.

"Other side, we still believe there’s an underlying support in this gold market right now. We’re starting to see some drags from Delta on the global economic recovery."

Gold futures inched 0.3% higher this week after climbing 0.9% last week. They are 5.9% 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, 7, or 47%, called for gold prices to rise. There was a tie among bearish and neutral analysts, with both scenarios garnering four votes or 27% each.

Meanwhile, A total of 930 votes were cast in online Main Street polls. Of these, 428 respondents, or 46%, looked for gold to rise next week. Another 334, or 36%, said lower, while 168 voters, or 18%, were neutral."

Down for a fourth straight session, silver for September delivery declined 11.8 cents, or 0.5%, to settle at $23.112 an ounce. Silver futures fell 2.8% this week following losses of 2.3% last week and 4.8% in the week ending Aug. 6. They are 12.5% lower on the year.

In PGM futures on Friday and for the week

  • October platinum gained $23, or 2.4%, to end at $994.20 an ounce, but logged a 3.1% weekly loss.

  • Palladium for September delivery fell $21.40, or 0.9%, to finish at $2,276.50 an ounce, for a 14.3% weekly decline.

Both are lower on the year so far with platinum down 7.9% and palladium off 7.2%.

US Mint Bullion Sales in 2021

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

  • Sales of American Gold Eagles rose 39,500 ounces after increasing 41,500 ounces last week.

  • Sales of American Buffalo gold coins increased 2,000 ounces after gaining 13,500 ounces last week.

  • Sales of American Silver Eagles climbed 824,500 ounces after rising 968,500 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 0 40,000 28,000 158,000 49,500 83,500 717,500
$25 American Eagle 1/2 Oz Gold Coin 0 0 21,000 15,000 10,000 21,000 77,000
$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 10,000 90,000 40,000 40,000 320,000
$50 American Buffalo 1 Oz Gold Coin 0 13,500 2,000 27,500 14,500 18,500 226,500
$1 American Eagle 1 Oz Silver Coin 0 968,500 824,000 2,800,000 3,104,000 2,405,000 21,415,500
$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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Larry T

Kaiser,

One possibility might be there isn’t high demand for silver use in the manufacturing sector. With all the fallout from the terror that is ‘The Delta Variant’ I don’t believe anyone is at capacity. Anyone making solar panels these days?

Larry T

Kaiser, I’m not one of those people that throws out labels every time they hear someone say something that goes against their agenda, so no need to bring up the ‘xenophobia’ label ever again. I don’t have any animosity toward the Chinese people, but the CCP, oh that’s another story! I’m concerned, as you are, about how this virus keeps mutating at will regardless of seasonal conditions. Most friends of mine think we are going to be dealing with this for a long, long, long time. I once knew an individual who worked at a high security viral lab in… Read more »

Jake

Hey, didnt the US mint have Afghanistan as a shipping destination at one point in time, just wondering.

Larry T

Jake,

Is that why it takes so long for the coins I’ve order from the Mint to be delivered!

Jake

Maybe? Looking at the US mint shipping destinations there is clearly a blank spot. Was that always there!

Rich

Indeed Sir Kaiser, indeed. The disconnect between the paper price of silver & gold and the price for physical silver & gold continues along with the market manipulation and interventions in the gold and silver markets. Just ask Ted Butler about the price of silver and/or Chris Powell, GATA, about the price of gold. As proof, just try buying a One Ounce Silver coin for $23 or a One Ounce Gold coin for $1,780. Currently the gold/silver ratio = 77, but it should naturally be more like 50, so silver has more catching up to do in particular. Around and… Read more »