Gold Ends Week Near 4-Week High; Silver Scores First Weekly Gain in Four Weeks

7

Precious metals rallied Friday, lifting platinum to a win on the week and boosting weekly gains for gold, silver and palladium. Silver snapped a long streak of weekly losses that had cut prices by nearly 10%. Notably, gold moved back above $1,800 an ounce and ended the day near a four-week high.

Gold for December delivery advanced $24.30, or 1.4%, to close at $1,819.50 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the highest since Aug. 2.

Gold futures traded 2% higher this week following gains of 0.3% last week and 0.9% for the week ended Aug. 13. They are 4% 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 16 Wall Street analysts participated in Kitco News’ gold survey. Among the participants, nine, or 56%, called for gold prices to rise. At the same time, four analysts, or 25%, called for lower gold prices next week. Three analysts, or 19%, were neutral on gold in the near term.

Meanwhile, A total of 801 votes were cast in online Main Street polls. Of these, 398 respondents, or 50%, looked for gold to rise next week. Another 243, or 30%, said lower, while 180 voters, or 20%, were neutral."

Elsewhere, silver for September delivery jumped 51.2 cents, or 2.2%, to finish at $24.062 an ounce. Silver futures traded 4.1% higher this week following three straight weekly losses that had reduced prices by a combined $2.44 or 9.5%. They are down 8.9% on the year.

In PGM futures on Friday and for the week

  • October platinum surged $31, or 3.2%, to end at $1,006.50 an ounce, for a 1.2% weekly gain.

  • Palladium for December delivery — the new, most-active contract — tacked on $15.70, or 0.7%, to close at $2,408.10 an ounce. The metal rallied 5.8% on the week.

Both are lower on the year so far with platinum down 6.7% and palladium off 1.9%.

US Mint Bullion Sales in 2021

For a second week in a row, United States Mint bullion sales slowed (overall) for both gold and silver coins. In week-over-week comparisons:

  • Sales of American Gold Eagles rose 19,500 ounces after increasing 39,500 ounces last week.

  • Sales of American Buffalo gold coins increased 4,500 ounces after gaining 2,000 ounces last week.

  • Sales of American Silver Eagles climbed 775,000 ounces after rising 824,500 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 5,000 28,000 17,000 158,000 49,500 100,500 734,500
$25 American Eagle 1/2 Oz Gold Coin 0 21,000 0 15,000 10,000 21,000 77,000
$10 American Eagle 1/4 Oz Gold Coin 0 0 6,000 30,000 0 6,000 92,000
$5 American Eagle 1/10 Oz Gold Coin 0 10,000 10,000 90,000 40,000 50,000 330,000
$50 American Buffalo 1 Oz Gold Coin 0 2,000 4,500 27,500 14,500 23,000 231,000
$1 American Eagle 1 Oz Silver Coin 35,000 824,000 775,000 2,800,000 3,104,000 3,180,000 22,190,500
$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

 

Subscribe
Notify of
guest
7 Comments
Inline Feedbacks
View all comments
Kaiser Wilhelm

Wall Street precious metals “analysts” are simply awesome. Week after week, some say the price of such and such will go up, others say it will go down, and yet others won’t call it either way. Apparently, after they lock their office doors, some get a heads on the coin flip, others get a tails, and the last group couldn’t be bothered to toss one or just plain forgot to bring a coin. And to think, people actually get paid for this.

30ffe966a2195ad83e4749138ef59140--brian-memes-bad-luck-brian.jpg
Last edited 23 days ago by Kaiser Wilhelm
Phil

Well, I’m kinda surprised platinum is down more than palladium for the year. Coin flipping in my room forecasted the oppo. Fortunately, I can’t be blamed for getting paid for being wrong, or in the less likely scenario, being correct.

Kaiser Wilhelm

Phil,

If you are indeed employed in this field of endeavor I of course take back everything I said before and will only too happily attest to the fact that any resemblance whatsoever of the above pictured monetary display to any such coin-flipping desk of yours is both absolutely unintentional and a complete coincidence.

a-happy-accidental-misidentification-352284.jpg
Last edited 21 days ago by Kaiser Wilhelm
Phil

Kaiser,

In hindsight, I can see how my post may have caused confusion. I meant nothing more than my fortune telling prowess or lack thereof, has earned me bupkiss. & rightfully so. I have not lost my amateur status. Haa

Kaiser Wilhelm

Phil,

Well that’s a major relief, especially considering I prefer egg on my plate rather than on my face.

By the way, amateur status no longer has the cache of old; in fact, that and a few bucks might just be enough for a cup of coffee.

I am happy, however, for your winnings, as bupkus is easily the hottest new crypto currency around and its value is simply skyrocketing.

7d324ce5dcb711724426938ca7ca5bcb.png
Jake

Haha I got something funny to share, remember the 2019 high relief American gold liberty miraculously doubling in overall sales. On fox business they were selling them as Proof Like by our buddy Rick’s US coin show for a steal of a deal 2 payments of $1,997.5 the best part he is charging shipping and handling and taxes!

Last edited 21 days ago by Jake
Kaiser Wilhelm

Jake, That’s a great story and thanks for sharing it. We don’t have privateers (except for the Somali pirates) on the bounding main anymore so these thoroughly unsavory characters have now taken other forms such as that of predatory profiteers on the air waves and web streams. In regard to nicking the customer for the freight etc. and taxes, it would be more surprising if they didn’t, since it’s obvious anyone who is willing to swallow these totally absurd prices in the first place will be just as easy to be had for the ridiculous ancillary charges as well. It’s… Read more »

InkedInkedInkedprofiteering_LI.jpg
Last edited 21 days ago by Kaiser Wilhelm