Gold Ends Week Above $1,800

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Gold prices rose 1.1% this week
Gold prices rose 1.1% this week

Precious metals moved ahead on Friday, stacking on to their sharp increases on Thursday and advancing their weekly gains. Gold ended above $1,800 an ounce for the first time in over three weeks.

Gold for February delivery rose $6.70, or 0.4%, to settle at $1,804.90 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the highest since Nov. 22.

“Growth is going to slow into next quarter, and U.S. equities are correcting off their highs, so it seems to be a panic out of equities into safe-haven assets such as gold and silver,” Reuters quoted Phillip Streible, chief market strategist at Blue Line Futures in Chicago.

Gold prices finished 1.1% higher this week after edging up last week by 90 cents, or 0.05%. They are 4.8% 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:

"This week 16 Wall Street analysts participated in Kitco News’ gold survey. Among the participants, 11 analysts, or 69%, called for gold prices to rise next week. At the same time, two analysts, or 13%, were bearish on gold in the near term, and three analysts or 19% were neutral on prices.

Meanwhile, a total of 1,027 votes were cast in online Main Street polls. Of these, 593 respondents, or 58%, looked for gold to rise next week. Another 263, or 26%, said lower, while 171 voters, or 17%, were neutral."

Elsewhere, silver for March delivery climbed 4.8 cents, or 0.2%, to settle at $22.533 an ounce. Silver traded 1.5% higher this week following four straight weekly declines that had cut prices by a combined $3.15, or 12.4%. Silver prices are 14.7% lower on the year.

In PGM futures on Friday and for the week:

  • January platinum added $5.60, or 0.6%, to end at $934.50 an ounce, for a modest 30 cent, or 0.03%, weekly gain.

  • Palladium for March delivery added $62, or 3.6%, to end at $1,784.80 an ounce, posting a 2% increase on the week.

Both are down on the year so far with losses of 13.4% for platinum and 27.3% for palladium.

US Mint Bullion Sales in 2021

Published United States Mint bullion sales this week slowed for gold coins and remained flat for silver coins. In week-over-week comparisons:

  • Sales of American Gold Eagles rose 15,000 ounces after increasing 25,000 ounces last week.

  • Sales of American Buffalo gold coins climbed 2,500 ounces after rising 7,000 ounces last week.

  • Sales of American Silver Eagles were flat for a second week in a row.

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 October November December 2021 Sales
$50 American Eagle 1 Oz Gold Coin 0 24,500 14,500 135,500 125,500 41,000 1,115,500
$25 American Eagle 1/2 Oz Gold Coin 0 0 1,000 7,000 6,000 1,000 95,000
$10 American Eagle 1/4 Oz Gold Coin 0 2,000 0 22,000 10,000 2,000 162,000
$5 American Eagle 1/10 Oz Gold Coin 0 0 0 85,000 40,000 0 490,000
$50 American Buffalo 1 Oz Gold Coin 0 7,000 2,500 41,000 39,500 10,500 350,500
$1 American Eagle 1 Oz Silver Coin 0 0 0 1,076,000 1,523,500 0 28,275,000
$100 American Eagle 1 Oz Platinum Coin 0 0 0 0 0 0 75,000
$25 American Eagle 1 Oz Palladium Coin 0 0 0 0 8,700 0 8,700
Tuskegee Airmen 5 oz Silver Coin 0 0 0 0 0 0 52,900

 

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Kaiser Wilhelm

I would think that the per ounce price of each precious metal is far less important a figure when making metal to metal comparisons than the result of each of their particular values having been multiplied by the total number of ounces of that metal in play.

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Last edited 30 days ago by Kaiser Wilhelm
Rich

A true random number thought generated, Sir Kaiser. With the end of the Mint’s 2021 scheduled product releases and the Christmas & New Years Holiday Season upon us, it sure is quite on the CoinNews news and comments front. Especially with the noted absence of Seth, Mammoth, and now SENZA.

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Rich

… as in Quiet, don’t ya know?

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Kaiser Wilhelm

As those who had circled their wagons and found themselves spending a long dark night in the unpredictable wilderness were given to saying so regularly and all too predictably in the old Westerns, “It’s quiet out there. Too quiet.”

But if we might be at all interested in taking a cursory head count of sorts…

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Last edited 29 days ago by Kaiser Wilhelm
Rich

… and we are grateful for that!

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Kaiser Wilhelm

I can think of no response more fitting, Rich, than for the Kaiser to humbly quote the King, as in “Thank you. Thank you very much!”

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Last edited 28 days ago by Kaiser Wilhelm
Kaiser Wilhelm

By the way, Rich, how did you manage to get ahold of that selfie of mine?

Doesn’t really matter now. Got one to share that’s far more up to date…

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Last edited 29 days ago by Kaiser Wilhelm
Antonio

Leave it to Kaiser Wilhelm. A mask over a mask. 🙂

Kaiser Wilhelm

Antonio my friend,

Just because I’m someone who has been known to dabble in cereal killing doesn’t automatically rule out my being socially responsible.

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Last edited 27 days ago by Kaiser Wilhelm
Kaiser Wilhelm

By the way, Antonio, I can’t take all the credit for the “double masking”. You wouldn’t be too far off the mark, in fact, if you chose to attribute a significant component of the inspiration for that look to The Cereal Killers Oath Of Socially Responsible Conduct.

Find the single hidden sheep in the picture. (Hint: Click on it to enlarge it first unless you are gifted with supernatural eyesight)

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Last edited 22 days ago by Kaiser Wilhelm