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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