Gold Logs Sixth Gain in a Row and Second Straight Weekly Win

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Gold registered its second consecutive weekly gain
Gold registered its second consecutive weekly gain

Gold gained on Friday while other precious metals declined. Gold’s increase was its sixth in a row, and its ninth in ten sessions. The yellow metal also logged another, more than two-week high.

Gold for April delivery tacked on $4.70, or 0.3%, to finish at $1,842.10 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was gold’s highest since Jan. 25.

"We should note that rising inflation and the return of positive yields could be challenging…for precious metals. But so far investors are still trusting gold, which could be an interesting hedging in case of market disruption," said Carlo Alberto De Casa, external market analyst at Kinesis Money, in a note reported by MarketWatch.

"In this scenario, gold is also representing a hedge in case central banks would not be able to contain inflation," he said.

The Labor Department reported Thursday that consumer prices increased 0.6% in January, lifting annual inflation by 7.5% for the biggest gain since February 1982.

Gold prices advanced 1.9% this week after rising 1.2% last week. They are 0.7% higher 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 15 Wall Street analysts participated in Kitco News’ gold survey. Among the participants, 6, or 40%, called for gold prices to rise. At the same time, four analysts, or 27%, called for lower gold prices next week. Five analysts, or 33%, were neutral on gold in the near term.

Meanwhile, 597 votes were cast in online Main Street polls. Of these, 373 respondents, or 62%, looked for gold to rise next week. Another 128, or 21%, said lower, while 96 voters, or 16%, were neutral in the near term."

Ending lower for the first time in six sessions, silver for March declined 15.3 cents, or 0.7%, to settle at $23.369 an ounce. Despite the day’s loss, silver prices shot up 4% from a week ago. On Thursday, the metal scored its best close since Jan. 26. Silver is up a smidgen (0.07%) this year.

In PGM futures on Friday and for the week:

  • April platinum fell $23.80, or 2.3%, to end at $1,018.70 an ounce, for a 0.5% weekly loss.

  • Palladium for March delivery dropped $71.70, or 3.2%, to end at $2,193.60 an ounce, for a 4.2% weekly loss.

Both metals are still higher on the year so far with solid gains of 5.4% for platinum and 14.7% for palladium.

US Mint Bullion Sales in 2022

Weekly sales of United States Mint bullion products improved overall for gold coins and remained steady for silver coins. In week-over-week comparisons:

  • American Gold Eagles rose 22,500 ounces against 15,500 ounces last week,
  • American Gold Buffalos added 5,500 ounces compared to 8,500 ounces last week, and
  • American Silver Eagles rose 500,000 ounces 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 / February December January 2022 Sales
$50 American Eagle 1 Oz Gold Coin 0 13,500 21,000 41,000 123,500 144,500
$25 American Eagle 1/2 Oz Gold Coin 0 0 0 1,000 45,000 45,000
$10 American Eagle 1/4 Oz Gold Coin 0 2,000 2,000 2,000 64,000 66,000
$5 American Eagle 1/10 Oz Gold Coin 0 15,000 10,000 0 195,000 205,000
$50 American Buffalo 1 Oz Gold Coin 0 8,500 5,500 10,500 61,500 67,000
$1 American Eagle 1 Oz Silver Coin 0 500,000 500,000 0 5,001,000 5,501,000
$100 American Eagle 1 Oz Platinum Coin 0 0 0 0 0 0
$25 American Eagle 1 Oz Palladium Coin 0 0 0 0 0 0
Tuskegee Airmen 5 oz Silver Coin 0 0 0 0 0 0

 

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Rich

Did Gold just decisively break out?

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SENZA

Looks Like It To Me In Fact If You Played Options At 166 Your Making Some Nice Money Already But It’s Still Weak For Physical – I Love How All The Physical Pumpers Had Nervous Breakdowns When Everyone Piled Into GLD Instead.

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SENZA

Bitcoin however

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SENZA

Thank Goodness The Pattern Is Different From 2008

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Rich

Right on, Sir Kaiser & SENZA! At 1:30pm ET yesterday when the WH National Security Advisor spoke, everything either dropped or popped. Gold rocketed, silver surged, palladium pumped, platinum rose, crypto (Bitcoin) tanked, oil spiked, US dollar jumped, stocks crashed, and bond yields fell. Now add geopolitical (Russia) fears to inflation and interest rates. What could go wrong?

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SENZA

And the answer is…………………….

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c_q

>> Gold for April delivery tacked on $4.70, or 0.3%

doesn’t sound very ‘decisive’ to me.

let me know when it goes over $2000.

Rich

Roger c_q, the comment was meant as a rhetorical question more than anything else; and the reference was to gold’s spot price which did breakout to the upside through resistance at $1,850 level..