Gold Logs First Weekly Decline in Five Weeks

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Gold fell 2.3% this week. Other metals dropped more.
Gold fell 2.3% this week. Other metals dropped more.

Precious metals declined on Friday, increasing their losses on the week. Gold’s weekly fall was its first in five weeks.

Gold for December delivery lost $7.90, or 0.4%, to settle at $1,792.10 an ounce on the Comex division of the New York Mercantile Exchange.

Gold futures gave back 2.3% this week following four weeks of gains that had lift prices by a combined $70.60 or 4%. They are 5.4% 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 15 Wall Street analysts participated in Kitco News’ gold survey. Among the participants, 9, or 60%, called for gold prices to trade sideways. Meanwhile, bullish and bearish outlooks garnered three votes each or 20%…

…A total of 494 votes were cast in online polls. Of these, 274 respondents, or 55%, looked for gold to rise next week. Another 127, or 26%, said lower, while 93 voters, or 35%, were neutral."

Elsewhere, silver for December delivery fell 27.7 cents, or 1.2%, to close at $23.90 an ounce. Silver futures traded 3.6% lower this week after increases of 3.1% last week and 4.1% in the week ending Aug. 27. They are off on the year by 9.5%.

In other metal futures on Friday and for the week:

  • October platinum declined $18, or 1.9%, to end at $956.50 an ounce, for a 6.4% weekly loss.

  • Palladium for December delivery shed $16.50, or 0.8%, to finish at $2,126.30 an ounce, for a 12% weekly drop.

Both are down on the year so far with losses of 11.4% for platinum and 13.4% for palladium.

US Mint Bullion Sales in 2021

United States Mint gold bullion sales quickened this week following three consecutive weekly slowdowns. The agency’s silver bullion sales steadied. In week-over-week comparisons:

  • Sales of American Gold Eagles rose 20,000 ounces after increasing 18,500 ounces last week.

  • Sales of American Buffalo gold coins increased 10,000 ounces after climbing 4,500 ounces last week.

  • Sales of American Silver Eagles rose 750,000 ounces, matching the prior 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 August This Week / September 2021 Sales
$50 American Eagle 1 Oz Gold Coin 10,000 11,500 112,000 19,500 765,500
$25 American Eagle 1/2 Oz Gold Coin 0 0 21,000 0 77,000
$10 American Eagle 1/4 Oz Gold Coin 0 28,000 34,000 0 120,000
$5 American Eagle 1/10 Oz Gold Coin 0 0 50,000 5,000 335,000
$50 American Buffalo 1 Oz Gold Coin 2,000 4,500 27,500 10,000 245,500
$1 American Eagle 1 Oz Silver Coin 0 750,000 3,930,000 750,000 23,690,500
$100 American Eagle 1 Oz Platinum Coin 0 0 0 0 75,000
Tuskegee Airmen 5 oz Silver Coin 0 0 0 0 52,900

 

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Kaiser Wilhelm

Silver dropped below $24 again but this time was joined by all the other precious metals in an across the board decline in value.