Precious Metals Log First Weekly Declines in Three Weeks

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Gold slipped 0.9% this week
Gold slipped 0.9% this week

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.

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Kaiser Wilhelm

At least they declined as a group; after all, isn’t it always said there is strength in numbers?

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SENZA

My coin safe definitely feels lighter today………………………

Damn it man your first again……………………………….

Curious, has anyone solved the mystery of why our Morgans were shipped from Dallas?

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Last edited 10 days ago by SENZA
Rich

SENZA, Sir Kaiser et. al., Here are some excerpts from a Nov. 12th Coin World report which clears up a lot of questions regarding the US Mint 2021 and 2022 Morgan and Peace Dollars program: The U.S. Mint’s 2022 numismatic products will include Morgan and Peace dollars, products likely to be offered through enrollment or subscription rather than in limited-edition pre-sales as were the six 2021 silver dollars honoring centennials for the two designs, according to Matthew Holben, the U.S. Mint’s chief sales and marketing officer. Holben said the U.S. Mint plans to produce Morgan and Peace dollars in 2022… Read more »

Kaiser Wilhelm

Many thanks, Rich, for this comprehensive addition to an awareness of Mint practices, policies and plans. This material not only answers a lot of the most important questions but solves a lot of the ongoing “mysteries”.

Now it’s imperative to put all of this essential knowledge to the best possible use to enhance our dealings with said institution over the coming year.

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Last edited 10 days ago by Kaiser Wilhelm
SENZA

Thanks Rich,

Excellent information – as for the US Mint having resolved all the problems _ I don’t think any of us are buying that and admitting their is a “Flipper” problem is nice but they stopped short of admitting the “Flippers” are the “Dealers” and until we get to the bottom of that it will be business as unusual.

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Kaiser Wilhelm

SENZA, you are ever so right in regard to the Mint having solved nothing since it made all the promises last year to clean up its act and to become more customer friendly. I believe it got more than a little confused with its splendid choice of a new motto when it decided to go with “One step forward and two steps back”; it happens. One slight addition I would like to be so bold as to make to the list of “the usual suspects” when it comes to who exactly is central to messing things up for us plain… Read more »

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Last edited 8 days ago by Kaiser Wilhelm
Kaiser Wilhelm

Addressing your points one at a time, SENZA…

Your coin safe may be lighter due to the devaluation of its precious metal contents or as a result of the earth’s molten core re-adjusting its magnetic field.

I’m first again in this world only; I can’t make that claim one wormhole trip over.

As to the shipping of Morgans from Dallas, that’s been narrowed down to either residual energy of the Warren Commission or orders from the Bilderberg Group.

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SENZA

Kaiser,

If I’m ever whisked on to the Nut Cracker Game Show by an Evil-Shape-Shifter I hope to have your wisdom and knowledge.

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SENZA

OOPS WRONG ANSWER

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Last edited 8 days ago by SENZA
Kaiser Wilhelm

Ouch, that must really have hurt, SENZA. Once that stops aching and smarting you’ll hopefully be able to transition – with or without the iffy assistance of a shifter of shapes, evil or otherwise – to a Giving of Happy Thanks, one of which I most definitely wish you also!

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Last edited 8 days ago by Kaiser Wilhelm
SENZA

Wishing you a Happy Eating Season Kaiser and don’t forget to set your scales back

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Kaiser Wilhelm

Thank you ever so much, SENZA; that’s very thoughtful of you!

A Very Happy Thanksgiving to you also!

By the way, it’s much appreciated that you refrained from using any fowl language as you saved me from being mind-gobbled.

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