Gold Marks First Weekly Decline in Three Weeks; Silver Scores Third Weekly Gain

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Gold declined $1 this week
Gold declined $1 this week

Gold declined on Friday while silver, platinum and palladium advanced. Gold’s loss, although modest, was enough to bring it down on the week — also slightly. The other metals logged weekly gains.

Gold for December delivery shed $1.80, or 0.1%, to settle at $1,757.40 an ounce on the Comex division of the New York Mercantile Exchange.

Gold futures dipped 0.06% this week following increases of 0.4% last week and 30 cents in the week ending Sept. 24. They are 7.3% 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, eight, or 57%, called for gold prices to rise. At the same time, five analysts, or 36%, called for lower gold prices next week. One analyst, or 7%, was neutral on gold in the near term.

Meanwhile, A total of 841 votes were cast in online Main Street polls. Of these, 442 respondents, or 53%, looked for gold to rise next week. Another 265, or 32%, said lower, while 134 voters, or 16%, were neutral."

Elsewhere, silver for December delivery rose 4.7 cents, or 0.2%, to close at $22.705 an ounce. Silver futures traded 0.8% higher this week after increases of 0.5% last week and 0.4% for the week ended Sept. 24. They are 14% lower on the year.

In PGM futures on Friday and for the week:

  • January platinum added $42.90, or 4.4%, to $1,028.20 an ounce, for a 5.6% weekly gain.

  • Palladium for December delivery added $118, or 6%, to $2,073 an ounce, for a 8.9% weekly gain.

Both are lower on the year so far with drops of 4.7% for platinum and 15.5% for palladium.

US Mint Bullion Sales in 2021

Published United States Mint bullion sales were unchanged last week. Gains this week included:

  • 84,500 ounces in American Gold Eagles,

  • 12,500 ounces in American Buffalo gold coins, and

  • 500,000 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 Last Week August September This Week / Oct. 2021 Sales
$50 American Eagle 1 Oz Gold Coin 3,000 0 112,000 67,500 81,500 895,000
$25 American Eagle 1/2 Oz Gold Coin 0 0 21,000 4,000 0 81,000
$10 American Eagle 1/4 Oz Gold Coin 0 0 34,000 8,000 4,000 132,000
$5 American Eagle 1/10 Oz Gold Coin 0 0 50,000 35,000 20,000 385,000
$50 American Buffalo 1 Oz Gold Coin 0 0 27,500 24,000 12,500 272,000
$1 American Eagle 1 Oz Silver Coin 0 0 3,930,000 2,735,000 500,000 26,175,500
$100 American Eagle 1 Oz Platinum Coin 0 0 0 0 0 75,000
Tuskegee Airmen 5 oz Silver Coin 0 0 0 0 0 52,900

 

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Kaiser Wilhelm

Doesn’t look like $25/oz silver, much less at $50/oz or more anywhere on the horizon.

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Last edited 11 days ago by Kaiser Wilhelm
Seth Riesling

Kaiser – When I was at university 1980-86, I was on almost every major & minor numismatic, precious metals investment newsletter mailing list. I ordered coins & other numismatic items from one company & they would sell my name & address to other companies for like $5. Anyway, every single newsletter from expert precious metals analysts/licensed brokers predicted $100-$1000 per ounce silver “soon”. Of course, silver has never in history been at more than about $50.35 per ounce in 1980. And the similar newsletters, & some of the very same ones, are still, after 40 years, predicting $100-$1000+ per ounce… Read more »

Kaiser Wilhelm

Honestly, Seth, whenever I take some time out to think about it I can’t remotely understand why I would even want silver to appreciate in value, especially by some of those ridiculously grandiose amounts, or for that matter, at all. I certainly don’t have in my possession anywhere remotely near the size of a silver horde that would make me a rich man if silver rose even very substantially in price; in the bigger picture especially it would still be an admittedly quite laughable sum. On the other hand what I do want to continue with is expanding my collection,… Read more »

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Last edited 10 days ago by Kaiser Wilhelm
Seth Riesling

Congrats on the sobriety Kaiser! I don’t drink beer, because my first one was in 1976 in Germany and a Dunkel at that! A man on our NSA base took me to my first hockey game & to lunch at a nearby Gasthaus und Biergarten & I excused myself to the WC & asked if he would order me a Cola, since I was thirsty for sugar, when the waitress came around to take our order. When I came back there was a tall glass of Cola, warm as is the custom there, & I gulped a big portion &… Read more »

Kaiser Wilhelm

Thank you so very much for the kind words in regard to the my sobriety, Seth; I’ve now been sober ten years longer than I drank, and I am continuously amazed at how the benefits of sobriety just keep piling up! I loved your story of the fake coffee aka Dunkel Bier, and I have to say that whether you see it the same way or not I think that disliking that particular beverage was a stroke of good fortune for you, as I liked everything in that category and the rest of the story developed as some rather less… Read more »

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Last edited 10 days ago by Kaiser Wilhelm
Kaiser Wilhelm

I neglected to mention, Seth, that I am as addicted to coin collecting as you are. The good thing about this addiction is that you’re a lot less likely to end up living on the street, face down in the gutter because of it. That is, unless you spend every cent you have on it and find yourself living on the street, face down in the gutter.

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Last edited 9 days ago by Kaiser Wilhelm
Seth Riesling

I love your quote from J.R.R. Tolkien!…as he was an amazing man & a most accomplished linguist & author & scholar, among other accolades. I had not seen that quote since my Tolkien senior seminar class the last year of my studies at the University of Texas.
Best regards,

NumisdudeTX

Kaiser Wilhelm

I’m glad you found some old joy in a new contribution, so to speak, Seth. While one might believe that sort of idea to be obvious, it usually takes a very special individual to bring a thought like that to the forefront of the human consciousness. The use of words is easy, the elevation of them to universal pertinence not so much.

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chuck

Interesting.
We can always find something that might support our position.
What is the “fair” price of silver? If you take an 1804 silver dollar perhaps over $1 million per oz. If you take the proof 2021 silver $ perhaps over $70 per oz. Silver will go up and down but the mint likely will not lower their prices for silver coins. Prediction we will look back and say: “would have, could have, should have;” Either bought or sold silver on 10/10/2021.

Kaiser Wilhelm

chuck,

That’s a really good way of putting it; it isn’t the silver in the coin that matters anywhere near as much as the coin with the silver in it. Numismatics forever!

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