Gold Edges Higher on Week as US Inflation Nears 40-Year High

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Gold edged 90 cents higher this week
Gold edged 90 cents higher this week

Gold and silver climbed on Friday, but platinum and palladium declined. Gold’s gain on the day, supported by some safe-haven appeal — was just enough to give it a weekly win.

Rebounding from Thursday’s one-week low, gold for February delivery rose $8.10, or 0.5%, to settle at $1,784.80 an ounce on the Comex division of the New York Mercantile Exchange.

The "much higher-than-expected CPI release not only increases inflation concerns but also adds to concerns the Fed may have fallen behind in its fight against inflation," MarketWatch quoted Jeff Klearman, portfolio manager at GraniteShares, which offers the GraniteShares Gold Trust. "A too aggressive Fed, acting to combat inflation, may also detrimentally affect economic growth leading to falling stock (and other asset) prices, providing support to gold prices."

The Labor Department reported Friday that consumer prices increased 0.8% in November from 0.9% in October, while year-on-year inflation surged 6.8% — the most since June 1982.

Gold prices inched 90 cents, or 0.05%, higher this week after three straight weekly declines. They are 5.8% 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:

"The 13 participating analysts on the Wall Street side were largely split between higher gold prices and sideways price action next week, with 46% in each camp. The remaining 8% said that prices could decline.

The Main Street side was more decisively optimistic. Out of the 1,039 participating retail investors, 53.6% were bullish on prices next week, 23.9% were bearish, and 22.5% were neutral, Kitco’s survey showed."

Elsewhere, silver for March delivery added 18.2 cents, or 0.8%, to settle at $22.195 an ounce. Silver futures traded 1.3% lower this week — their fourth straight weekly loss. On Thursday, they ended at their lowest price since Sept. 29. Silver prices are down 16% on the year.

In PGM futures on Friday and for the week:

  • January platinum declined $3.50, or 0.4%, to finish at $934.20 an ounce, but logged a 0.9% weekly gain.

  • Palladium for March delivery dropped $63.40, 3.5%, to end at $1,749.80 an ounce, falling on the week by 3.5%.

Both are down on the year so far with declines of 13.4% for platinum and 28.7% for palladium.

US Mint Bullion Sales in 2021

Published United States Mint bullion sales increased this week by a combined 25,000 0ounces in American Gold Eagles and by 7,000 ounces in American Gold Buffalos.

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 This Week October November December 2021 Sales
$50 American Eagle 1 Oz Gold Coin 0 24,500 135,500 125,500 26,500 1,101,000
$25 American Eagle 1/2 Oz Gold Coin 0 0 7,000 6,000 0 94,000
$10 American Eagle 1/4 Oz Gold Coin 0 2,000 22,000 10,000 2,000 162,000
$5 American Eagle 1/10 Oz Gold Coin 0 0 85,000 40,000 0 490,000
$50 American Buffalo 1 Oz Gold Coin 0 7,000 41,000 39,500 8,000 348,000
$1 American Eagle 1 Oz Silver Coin 0 0 1,076,000 1,523,500 0 28,275,000
$100 American Eagle 1 Oz Platinum Coin 0 0 0 0 0 75,000
$25 American Eagle 1 Oz Palladium Coin 0 0 0 8,700 0 8,700
Tuskegee Airmen 5 oz Silver Coin 0 0 0 0 0 52,900

 

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SENZA

Powell can’t even keep a straight face anymore while they fleece America

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Kaiser Wilhelm

Your turn for the First, Fastest and Foremost designation. Kudos, SENZA!

As for the fleecing, I hear the resultant bleating clear up to my Kaiser Kastle in the sky.

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Last edited 1 month ago by Kaiser Wilhelm
Phil

After receiving a Peace buck outside capsule, & flipping it around and loving it, I urge y’all to think deeper re coin collecting. 0 of all us mint products will send your kids to college, lol.

Kaiser Wilhelm

Phil,

You sure hit that nail on the head. If you can’t afford to pay to send your kids to college, then you can’t buy the high enough level of coins it would require selling to pay their way. It’s like a bank that won’t lend you any money if you’re in need of borrowing it.

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Last edited 1 month ago by Kaiser Wilhelm
Kaiser Wilhelm

Phil, just for jollies sake, I forgot to mention that my two kids graduated from college in 1998 and 2000, so I doubt that whatever my relations are with Mint products these days will have any effect on their educational future. Now it’s up to them to send their passel of kids to college, and god bless them with that monumental uphill task ahead.

Last edited 1 month ago by Kaiser Wilhelm