Precious metals declined as a group for a second session in a row on Friday, padding their losses on the week which were their first in three weeks.
Gold for December delivery gave back $9.80, or 0.5%, to settle at $1,851.60 an ounce on the Comex division of the New York Mercantile Exchange. The close was gold’s lowest since Nov. 10.
Gold futures shed 0.9% this week following gains of 2.9% last week and 1.8% in the week ended Nov. 5. On Wednesday, gold at $1,870.20 an ounce logged its best settlement since June 11. The yellow metal is 2.3% 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 17 Wall Street analysts participated in Kitco News’ gold survey. Among the participants, eight analysts, or 47%, called for gold prices to rise next week. At the same time, four analysts, or 24%, were bearish on gold in the near term, and five analysts or 29% were neutral on prices …
Meanwhile, A total of 1,057 votes were cast in online Main Street polls. Of these, 747 respondents, or 71%, looked for gold to rise next week. Another 162, or 15%, said lower, while 148 voters, or 14%, were neutral."
Elsewhere, silver for December delivery shed 11.9 cents, or 0.5%, to settle at $24.781 an ounce. Silver futures traded 2.2% lower this week following gains of 4.9% last week — when they ended at $25.346 an ounce for their highest settlement since Aug. 4 — and 0.9% for the week ending Nov. 5. They are 6.2% lower on the year.
In PGM futures on Friday and for the week:
January platinum declined $20.40, or 1.9%, to end at $1,036 an ounce, for a 4.9% weekly fall.
- Palladium for December delivery dropped $64.20, or 3%, to finish at $2,073.20 an ounce, for a weekly decline of 2.1%.
Both metals are lower on the year so far with losses of 4% for platinum and 15.5% for palladium.
US Mint Bullion Sales in 2021
U.S. Mint sales of American Eagle gold and silver bullion coins were stronger this week than they were last week. Conversely, Mint sales slowed for America Gold Buffalo coins and stalled for American Palladium Eagles. In week-over-week comparisons:
Sales of American Gold Eagles rose 31,500 ounces after increasing 29,500 ounces last week.
Sales of American Buffalo gold coins advanced 11,000 ounces after rising 15,500 ounces last week.
Sales of American Silver Eagles rose 524,500 ounces after being flat last week.
Sales of American Palladium Eagles were flat after after climbing 800 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||0||26,000||29,500||67,500||135,500||73,000||1,022,000|
|$25 American Eagle 1/2 Oz Gold Coin||0||2,000||2,000||4,000||7,000||6,000||94,000|
|$10 American Eagle 1/4 Oz Gold Coin||0||4,000||0||8,000||22,000||6,000||156,000|
|$5 American Eagle 1/10 Oz Gold Coin||0||15,000||10,000||35,000||85,000||35,000||485,000|
|$50 American Buffalo 1 Oz Gold Coin||0||15,500||11,000||24,000||41,000||26,500||327,000|
|$1 American Eagle 1 Oz Silver Coin||0||0||524,500||2,735,000||1,076,000||999,000||27,750,500|
|$100 American Eagle 1 Oz Platinum Coin||0||0||0||0||0||0||75,000|
|$25 American Eagle 1 Oz Palladium Coin||0||800||0||0||0||8,700*||8,700|
|Tuskegee Airmen 5 oz Silver Coin||0||0||0||0||0||0||52,900|
*On Wednesday, the U.S. Mint published a correction, moving previously reported November sales of Platinum Eagles to Palladium Eagles.