Gold and Silver Log Second Straight Modest Weekly Gains

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For the week, gold rose 0.4% and silver gained 0.5%
For the week, gold rose 0.4% and silver gained 0.5%

Precious metals advanced for a second day in a row on Friday, but they divided on the week. Gold and silver eked out another weekly win — their second straight, while platinum and palladium finished lower than week ago. Platinum’s weekly loss was its third in four weeks. Palladium, meanwhile, extended its weekly losing streak to four in a row.

Gold for December delivery rose $1.40, or 0.08%, to settle at $1,758.40 an ounce on the Comex division of the New York Mercantile Exchange.

"Anyone trying to convince market participants that inflation is not here, that’s a fool’s game," and with soaring energy prices due to a crunch in China and Europe likely to hit growth and earnings, that will leave us with a volatile October and, in turn, support gold, Saxo Bank analyst Ole Hansen said according to Reuters.

Gold futures picked up 0.4% this week after edging 30 cents higher last week. They bounced 2% on Thursday, but still marked September and third quarter losses of 3.4% and 0.8%. On Wednesday, gold futures ended at their lowest price since March 31. Gold prices are 7.2% 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 14 Wall Street analysts participated in Kitco News’ gold survey. Among the participants, seven, or 50%, called for gold prices to rise. At the same time, four analysts, or 29%, called for lower gold prices next week. Three analysts, or 21%, were neutral on gold in the near term.

Meanwhile, A total of 889 votes were cast in online Main Street polls. Of these, 430 respondents, or 48%, looked for gold to rise next week. Another 340, or 38%, said lower, while 119 voters, or 13%, were neutral."

Elsewhere, silver for December delivery gained 48.9 cents, or 2.2%, to close at $22.536 an ounce. Silver futures rose 0.5% this week after edging up 0.4% last week. They jumped 2.6% on Thursday, reducing their September and third quarter losses to 8.2% and 15.8%. As recently as Wednesday, they posted their weakest settlement since July 20, 2020. Silver prices are down 14.7% on the year.

In other precious metal futures on Friday and for the week:

  • January platinum added $11.20, or 1.2%, to end at $973.60 an ounce, but logged a 0.6% weekly decline.

  • Palladium for December delivery climbed $3.90, or 0.2%, to $1,903.70 an ounce, but dropped 2.4% on the week. The metal finished Wednesday at its lowest price since May 14, 2020.

Both are lower on the year so far with losses of 9.8% for platinum and 22.4% for palladium.

US Mint Bullion Sales in 2021

Published United States Mint bullion sales were unchanged this week. Last week, the Mint’s data showed increases of:

  • 22,000 ounces in American Gold Eagles,

  • 8,500 ounces in American Buffalo gold coins, and

  • 485,000 ounces in American Silver Eagles.

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 / This Week Last Week August September 2021 Sales
$50 American Eagle 1 Oz Gold Coin 0 18,500 112,000 67,500 813,500
$25 American Eagle 1/2 Oz Gold Coin 0 1,000 21,000 4,000 81,000
$10 American Eagle 1/4 Oz Gold Coin 0 2,000 34,000 8,000 128,000
$5 American Eagle 1/10 Oz Gold Coin 0 25,000 50,000 35,000 365,000
$50 American Buffalo 1 Oz Gold Coin 0 8,500 27,500 24,000 259,500
$1 American Eagle 1 Oz Silver Coin 0 485,000 3,930,000 2,735,000 25,675,500
$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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Scarecrow

*Note, this post has nothing to do precious metals* Hi All, I came to this site several months ago. At first, I really enjoyed all of your posts and even commented on some. But then midway, people’s posts started getting weird (IMHO) – numerous “Debbie Downer” posts about the US Mint accepting our orders when they clearly knew they were already sold out (ASE W Unc) how we would never receive our coins because we bought them past a certain time (ASE RP), etc. Now, the posts are simply no more fun to read. They seem to have little to… Read more »

Last edited 20 days ago by Scarecrow
sam tweedy

Hear ! Hear ! Scarecrow !!!! Some people have nothing better to do in life but whine all the time. Debbie Downers !!!! and lots of whining as I say it “Old Ladies” !!!! LOL

Kaiser Wilhelm

If you’ve had any extensive experience with “moderated” sites you sooner rather than later begin to realize there is nothing equitable, reasoned and/or even-handed about them whatsoever. The so-called “site moderators” rather quickly demonstrate by their annoyingly pointed intrusions not only that they are very opinionated but that they are also as a consequence overly inclined to play favorites with those who agree with them and/or are content to kowtow to them. In fact, as a general rule and above all else, what makes these “moderated” sites feel so characteristically stifling and controlling is that those with their hands on… Read more »

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Last edited 18 days ago by Kaiser Wilhelm
Jake

This could not be a more perfect set of comments from the Scarecrow and Sam Tweedy bird! Hahaha let’s just keep segregating everyone. Masks here, no masks there, whites down here, birds up there, regular folk to the left, and smart people to the right. Woot woot.

Jake

The best question of all, if your here for coins, why do you let the comments bother you?? The articles are great and insightful everytime by the coin news staff.

Kaiser Wilhelm

It is now October 3 at 2:15 A.M. and the Mint’s “Order History is currently offline.” Has this been the case ever since the Limited Edition Silver Proof Set went on sale, or is this just an intermittent condition?

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Larry T

Kaiser,

Mine is still down as well. Could it have something to do with the Morgan and Peace Dollar orders?

Kaiser Wilhelm

Larry, I’m not sure what it has to do with. I called the Mint about it tonight and as usual the rep had no knowledge of the online Order Record even being down so she obviously couldn’t tell me when it would be back up again. I checked on my orders – the ones prior to the Morgan and Peace orders, that is – and of course they are listed as “Pending” which I’m guessing is the stage before “Processing”. What that tells me is that once again it appears that nothing much is moving at the Mint, but why… Read more »

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Kaiser Wilhelm

Now that the Mint website’s Order History is back up – which I suppose is a bit of news by itself – I’ve learned that the Mint’s phone rep actually meant “Processing” when she said “Pending”, so there hasn’t in fact been yet another category added to the Mint’s shipping sequence. Good news all around, one could say.

Kaiser Wilhelm

And by the way, my previous rundown of what appears to be happening at the Mint is of course only a possible worst case scenario. For all I know things are moving along splendidly there and we’ll soon have all the coins that we’ve ordered in our possession, including even the Morgan and Peace Silver Dollars, well before we might have imagined. Here’s hoping!

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Jake

Very good question KW. and that is not fake news.

Kaiser Wilhelm

Jake,

I couldn’t make this kind of cockamamy stuff up if I wanted to; it’s just too bizarre to not be true. God save the Queen and God help the U.S. Mint…somebody has to save it from itself!

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Mammoth

Kaiser, the proper acronym is YCMTSU.
You
Can’t
Make
This
S___
Up

Kaiser Wilhelm

Mammoth,
Thanks for the useful advisory. I’m just getting my feet wet regarding online acronyms, so every addition to this “new” vocabulary helps!

Kaiser Wilhelm

Amen to that, Jake.

SENZA

American Innovation 2022 line-up – have to say I like them all.

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Kaiser Wilhelm

SENZA,
You’ve got a big “second that opinion” from me on next year’s very appropriate and attractive Innovation coin designs. Those are excellent.

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Last edited 18 days ago by Kaiser Wilhelm