Gold Ends Week at Five-Week High

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Gold ended this week at its best price since Nov. 19
Gold ended this week at its best price since Nov. 19

Precious metals advanced in low-volume trading ahead of the Christmas break on Friday, padding their weekly gains. Silver ended at a four-week high while gold marked a five-week high.

Gold for February delivery rose $9.50, or 0.5%, to settle at $1,811.70 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the highest since Nov. 19 when gold ended at $1,851.60 an ounce.

Gold prices climbed 0.4% this week following gains of 1.1% last week and 0.05% for the week ending Dec. 10. They are 4.4% 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 13 Wall Street analysts participated in Kitco News’ gold survey. Among the participants, nine analysts, or 69%, called for gold prices to rise next week. At the same time, bearish and neutral views garnered two votes or 15% each.

Meanwhile, a total of 638 votes were cast in online Main Street polls. Of these, 343 respondents, or 54%, looked for gold to rise next week. Another 134, or 21%, said lower, while 161 voters, or 25%, were neutral."

Elsewhere, silver for March delivery ended up 12.1 cents, or 0.5%, to $22.94 an ounce. The close was the highest since Nov. 26 when silver finished at $23.107 an ounce.

Silver futures traded 1.8% higher this week after rising 1.5% last week. They are 13.2% lower on the year.

In PGM future prices on Thursday and for the week:

  • January platinum added $6.70, or 0.7%, to end at $975.10 an ounce, for a 4.3% weekly gain.

  • Palladium for March delivery added $67.60, or 3.6%, to end at $1,956.90 an ounce, for an increase of 9.6% on the week.

Both are down on the year so far with losses of 9.7% for platinum and 20.3% for palladium.

US Mint Bullion Sales in 2021

Published United States Mint bullion sales were unchanged this week. Below is a sales breakdown of U.S. Mint bullion products with columns listing the number of coins sold during varying periods. Products with an asterisk (*) are no longer available.

US Mint Bullion Sales (# of coins)
Thursday / This Week Last Week October November December 2021 Sales
$50 American Eagle 1 Oz Gold Coin 0 14,500 135,500 125,500 41,000 1,115,500
$25 American Eagle 1/2 Oz Gold Coin 0 1,000 7,000 6,000 1,000 95,000
$10 American Eagle 1/4 Oz Gold Coin 0 0 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 2,500 41,000 39,500 10,500 350,500
$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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Kaiser Wilhelm

Clearly palladium is the Muhammed Ali of precious metals because no matter how hard or how many times you try to knock it down it always gets back up again to be number one.

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