Precious metals advanced for a second session in a row on Friday, padding their weekly gains. Gold ended the day at a two-month high.
Gold for December delivery tacked on $23.30, or 1.3%, to close at $1,816.80 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the highest since Sept. 3.
"Gold bulls seem to be drawing strength from the Fed’s unhurried stance on raising interest rates," Reuters quoted FXTM analyst Lukman Otunuga, who added that subdued treasury yields are complementing gains.
Gold futures traded up 1.8% this week after sliding 0.7% last week. They are 4.1% 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 18 Wall Street analysts participated in Kitco News’ gold survey. Among the participants, ten analysts, or 56%, called for gold prices to rise next week. At the same time, two analysts, or 11%, were bearish on gold in the near term, and six analysts or 33% were neutral on prices.
Meanwhile, A total of 622 votes were cast in online Main Street polls. Of these, 326 respondents, or 52%, looked for gold to rise next week. Another 188, or 30%, said lower, while 108 voters, or 17%, were neutral."
Elsewhere, silver for December delivery settled up 24.6 cents, or 1%, to $24.157 an ounce. Silver futures traded 0.9% higher this week after falling 2.1% last week. They are 8.5% lower on the year.
In PGM futures on Friday and for the week:
January platinum added $6.50, or 0.6%, to end at $1,035.80 an ounce, for a 1.5% weekly gain.
- Palladium for December delivery added $31.20, or 1.6%, to finish at $2,027.60 an ounce, for a 2.4% weekly advance.
Both remain lower on the year so far with losses of 4% for platinum and 17.4% for palladium.
US Mint Bullion Sales in 2021
Compared to last week, United States Mint bullion sales this week slowed for gold coins but picked up for silver and platinum coins. In week-over-week comparisons:
Sales of American Gold Eagles rose 20,000 ounces after increasing 25,000 ounces last week.
Sales of American Buffalo gold coins were unchanged after climbing 2,000 ounces last week.
Sales of American Silver Eagles climbed 474,500 ounces after being unchanged last week.
Sales of American Platinum Eagles rose 7,900 ounces after being unchanged since May.
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||September||October||This Week / November||2021 Sales|
|$50 American Eagle 1 Oz Gold Coin||0||17,500||67,500||135,500*||17,500||966,500|
|$25 American Eagle 1/2 Oz Gold Coin||0||4,000||4,000||7,000||2,000||90,000|
|$10 American Eagle 1/4 Oz Gold Coin||0||10,000||8,000||22,000||2,000||152,000|
|$5 American Eagle 1/10 Oz Gold Coin||0||30,000||35,000||85,000||10,000||460,000|
|$50 American Buffalo 1 Oz Gold Coin||0||2,000||24,000||38,500||0||298,000|
|$1 American Eagle 1 Oz Silver Coin||0||0||2,735,000||1,076,000||474,500||27,226,500|
|$100 American Eagle 1 Oz Platinum Coin||0||0||0||0||7,900||82,900|
|Tuskegee Airmen 5 oz Silver Coin||0||0||0||0||0||52,900|
*The U.S. Mint adjusted October bullion sales on Thursday with $50 American Gold Eagles higher by 3,500 ounces.
A friend said: “buy half of what you want today and the other half at half price tomorrow.”
We will see but someone must have wanted some platinum. The mint usually does sell bullion platinum this late in the year.
Last sentence should have said DOES NOT not does. Another senior moment.
Yes, chuck, those 7,900 platinum coins sold this first week in November is a quite sizable and late in the year dump of platinum by the Mint. Compared to the last 10 years, the Mint is going platinum balls to the wall in 2021. Here is a review of the yearly (and months sold) Mint sales figures for Platinum American Eagle Bullion coins: 2021 (total thru 11/5/21) = 82,900; months sold: Mar., May, & Nov. 2020 = 56,500; months sold: Jan. – Mar. 2019 = 40,000; months sold: Jan. – Apr. 2018 = 30,000; months sold: Feb. & May 2017… Read more »
Sir Kaiser, Not really sure what the reason for this year’s big uptick in the Mint’s platinum sales totals might be, or why these November sales are occurring so late in the year (platinum bullion Mint sales consistently occur in the first half of the year). Traditionally, the Mint attributed relatively low production and sales of Platinum American Eagle Bullion coins to scarcity of platinum planchets, but I also think the price of platinum was a factor. For example, in the mid-2000s, when platinum was priced at over $2,000 an ounce, the Mint sold very few One Ounce American Platinum… Read more »
Hi Kaiser Wilhelm,
My guess is they believe “God” is their 4th member. And it is only a guess. It came to me as soon as I finished your post. I refuse to look them up, because I think you may be pranking us all (Dick Handler? Really?) but based on the lack of any Denim or Leather (nod to Saxon), and what I assume is a reference to Jesus in the title, that is my official guess.
I think Dick Handler counted “Mother Handler” & her mile-high boufant as 2 people!! Lmao.
P.S. – Who names their boy Dick Handler??!! That is just asking for a bullied kid.
Google this SNL skit “Edith Puthey”…it is a play on names like this & left me almost breathless from hard belly laughter!
US Mint Enrollment program update for 2022 ASE W-mint & S-mint Proofs and W-mint Uncirculated (Burnished). Yesterday, I noticed the Mint is again open to taking enrollment program orders for the upcoming 2022 Silver American Eagle proof and uncirculated coins. Pricing is TBD and the household order limit is back up to 25.
Good advice, Sir Kaiser, now is the time for collectors to easily secure their orders for next year’s 2022 W/S ASE proof and uncirculated coins. With the usual product limits of 300,000 for the 2022-W proof, 200,000 for the 2022-S proof, 175,000 for the 2022-W uncirculated; the usual higher HOL of 25 for enrollment orders; the competition from bulk/advance buyers and dealers; and perhaps uncertain higher HOL on the first day of release — collectors waiting and trying to place orders on the launch dates may experience unnecessary roughness, difficulties and disappointment.