Gold Ends Week at 2-Month High

19
Gold scored its best finish since early September
Gold scored its best finish since early September

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.

Subscribe
Notify of
guest
19 Comments
Inline Feedbacks
View all comments
chuck

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.

chuck

Last sentence should have said DOES NOT not does. Another senior moment.

Rich

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 »

Kaiser Wilhelm

Rich,

Since I know about as much about platinum as the dark side of the moon, could you please enlighten me as to what the reason for this year’s big uptick in the Mint’s platinum sales totals might be. Additionally, why are the Mint’s sales of platinum so chronologically inconsistent month by month; what’s the reason for that?

Entirely separately, how does a quartet consist of three members?

47ejw1.jpg
Last edited 25 days ago by Kaiser Wilhelm
Rich

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 »

Kaiser Wilhelm

Rich, Many thanks for the exceptionally enlightening and extremely thorough explanation regarding the Mint’s present practice and prior history of striking and selling platinum bullion coins to the public by way of their Authorized Purchasers. It makes sense that the earlier price of $2000 an ounce would have been a deterrent both for the Mint’s purchase of platinum planchets and the Mint’s customers’ purchase of platinum bullion coins. Just as a footnote, though, wasn’t that old platinum price roughly identical to what palladium goes for now? I’m wondering why it would have been such a deterrent for platinum bullion coin… Read more »

45903899071_48c61afbdc_b.jpg
Last edited 25 days ago by Kaiser Wilhelm
Jeff Legan

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.

Kaiser Wilhelm

Jeff, I like your reply, as such truly imaginative, clever and humorous responses are always among my favorites. Supposing a god was their fourth member, we have to assume he passed away at the proverbial age of 27 from a car accident, drug overdose, or bathtub drowning. It may be hard to believe this, but I don’t prank; not my style. This tidbit was fully formed when I chanced upon it, and how could I not adopt it considering the name, the count and the hairstyles. As for Jesus, I do know a short order cook by that name at… Read more »

InkedOIP (1)_LI.jpg
Last edited 25 days ago by Kaiser Wilhelm
Seth Riesling

Kaiser –

I think Dick Handler counted “Mother Handler” & her mile-high boufant as 2 people!! Lmao.

NumisdudeTX

Seth Riesling

P.S. – Who names their boy Dick Handler??!! That is just asking for a bullied kid.

NumisdudeTX

Kaiser Wilhelm

Then again, Seth, what young man doesn’t sooner or later emulate Dick Handler in one way or another, so in a very real sense they were just calling a spade a spade.

For that matter, what if their surname had instead happened to be Licker and they still chose to christen him Dick.

93kpwq2qp7n0.jpg
Seth Riesling

Kaiser –

Google this SNL skit “Edith Puthey”…it is a play on names like this & left me almost breathless from hard belly laughter!

NumisdudeTX

Kaiser Wilhelm

Seth,

You were not exaggerating in the slightest, my friend. Ashley Spitzer-Swallows put the final laugh in the joke parade for me!

55ba2b96a3543082a2281c9d66bfe79b.jpg
Kaiser Wilhelm

Seth,

That is certainly plausible. As a possible runner-up, I would suggest Dick Jr’s widely divergent eyeballs; they could qualify him for twinhood.

By the way, that strikingly audacious hairdo was displayed by a good percentage of the girls in my high school aged 14 to 18, circa 1965.

P.S. Mother Handler is someone who wouldn’t qualify as a MILF, ever.

7166980396_5d2ca30b5f_b.jpg
Last edited 24 days ago by Kaiser Wilhelm
Rich

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.

Kaiser Wilhelm

Rich,

It looks to me like the Mint is preparing to once again force us to go back to having to buy all three of those 2020 American Silver Eagle varieties from secondary market re-sellers at the usual outrageous markup even if it means having to vacate all of the improvements they managed to institute this past year in order to do so.

Amounts to a shame, an outrage and a disgrace all in one. The Mint just won’t change.

R.png
Last edited 24 days ago by Kaiser Wilhelm
Kaiser Wilhelm

The only workable way to avoid having to eat crow and acquire one or more of these ASEs from Mike “Bite Me While I Take A Bite Out Of Your Wallet” Mezack is to sign up for an enrollment for each one of the three types at the Mint website.

InkedR-5723445-1400934962-5669.jpeg_LI.jpg
Last edited 24 days ago by Kaiser Wilhelm
Rich

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.

Kaiser Wilhelm

Rich,

I can’t imagine a better description of the upcoming 2022 ASE coin release scenario than the one you just put forth; excellent work, my friend!

Since we have seen no changes of substance come from the Mint since the “changing of the guard”, we can’t be assured of reforms of any kind being in the offing, so it’s likely business as usual next year.

4966728_0.jpg