Gold Ends Week at Five Month High

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Gold ended Friday at its best price since June 11
Gold ended Friday at its best price since June 11

Platinum declined on Friday, modestly trimming its weekly gain, while gold, silver and palladium padded their weekly wins. Gold extended its streak of gains to seven straight and ended the day at a just over five-month high.

Gold for December delivery rose $4.60, or 0.3%, to settle at $1,868.50 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the highest since June 11 when gold ended at $1,879.60 an ounce.

Gold futures traded 2.9% higher this week after advancing 1.8% last week. They are 1.4% 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 18 Wall Street analysts participated in Kitco News’ gold survey. Among the participants, 15 analysts, or 83%, 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 one analyst or 6% was neutral on prices.

Meanwhile, A total of 1,018 votes were cast in online Main Street polls. Of these, 722 respondents, or 71%, looked for gold to rise next week. Another 165, or 16%, said lower, while 131 voters, or 13%, were neutral."

Elsewhere, silver for December delivery rose 4.5 cents, or 0.2%, to settle at $25.346 an ounce. The close was the best since Aug. 4 when silver finished at $25.461 an ounce.

Silver futures traded 4.9% higher this week after rising 0.9% last week. They are 4% lower on the year.

In PGM futures on Friday and for the week:

  • January platinum declined $5.30, or 0.5%, to end at $1,089.20 an ounce, but scored a 5.2% weekly increase.

  • Palladium for December delivery surged $55.10, or 2.7%, to finish at $2,117.70 an ounce, for a 4.4% weekly gain.

Platinum’s weekly gain lifted the precious metal higher for the year — up 0.9%. Palladium, however, is 13.7% lower on the year to date.

US Mint Bullion Sales in 2021

Compared to last week, United States Mint bullion sales were stronger for gold coins but weaker for silver and platinum coins. In week-over-week comparisons:

  • Sales of American Gold Eagles rose 29,500 ounces after increasing 20,000 ounces last week.

  • Sales of American Buffalo gold coins advanced 15,500 ounces unchanged after registering flat last week.

  • Sales of American Silver Eagles were flat after gaining 474,5000 ounces last week.

  • Sales of American Platinum Eagles rose 800 ounces after climbing 7,900 ounces last 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 This Week September October November 2021 Sales
$50 American Eagle 1 Oz Gold Coin 7,000 17,500 26,000 67,500 135,500 42,500 992,500
$25 American Eagle 1/2 Oz Gold Coin 1,000 2,000 2,000 4,000 7,000 4,000 92,000
$10 American Eagle 1/4 Oz Gold Coin 0 2,000 4,000 8,000 22,000 6,000 156,000
$5 American Eagle 1/10 Oz Gold Coin 10,000 10,000 15,000 35,000 85,000 25,000 475,000
$50 American Buffalo 1 Oz Gold Coin 2,000 0 15,500 24,000 41,000 15,500 316,000
$1 American Eagle 1 Oz Silver Coin 0 474,500 0 2,735,000 1,076,000 474,500 27,226,500
$100 American Eagle 1 Oz Platinum Coin 800 7,900 0 0 0 8,700 83,700
Tuskegee Airmen 5 oz Silver Coin 0 0 0 0 0 0 52,900

 

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Kaiser Wilhelm

Silver is back over $25/oz, finally. It was a struggle, but it’s nice to see when it happens.

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Last edited 17 days ago by Kaiser Wilhelm
Rich

To the moon…

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Kaiser Wilhelm

Everything has a beginning, Rich, even our shiny spacefaring friend.

Kaiser Wilhelm

Rich, you didn’t think I was going to leave you hanging like that, did you?

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Last edited 17 days ago by Kaiser Wilhelm
Rich

Not at all, Sir Kaiser. Thanks for spreading the power cosmic.

Kaiser Wilhelm

My pleasure, kind Sir Rich. To be fair, in all modesty I must defer to the boundless generosity of the cosmos in the form of all the stars that have gone supernova for the glorious gift to us of the very essence of our earthly existence as sentient human beings.

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Last edited 16 days ago by Kaiser Wilhelm
SENZA

BREAKING NEWS I finally found out where the new “Type 2” design came from. All Hail SciFi

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Kaiser Wilhelm

That’s some really good work, SENZA. If I may ask, did you opt for a ground-based scanning device or a high-orbit space scope to capture such an amazingly clear image?

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Last edited 16 days ago by Kaiser Wilhelm
SENZA

Kaiser, as if there was any question about my preferred telescope

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Kaiser Wilhelm

Silly me, SENZA, I should’ve known. The images we’ve received are amazing!

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Last edited 16 days ago by Kaiser Wilhelm