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

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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

 

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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.

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

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 8 months ago by Jake