Gold Logs First Weekly Loss in Four Weeks; Falls from Over 1-Year High

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Gold prices fell 0.6% this week
Gold prices fell 0.6% this week, and after scoring a more than one-year high on Thursday

Precious metals fell on Friday, marking losses ranging from 1.1% for platinum to 5.4% for palladium. Drops in gold, silver and palladium were their first in four sessions. Gold not only fell from a more than 13.5-month high, but it also registered a weekly loss — its first in four weeks.

On Friday, gold for April delivery gave back $38.70, or 2%, to settle at $1,887.60 an ounce on the Comex division of the New York Mercantile Exchange.

"We think the price drop is premature, there is a risk of further escalation in the conflict and it could be just a temporary correction," Reuters quoted Commerzbank analyst Daniel Briesemann.

Gold prices lost 0.6% this week and after scoring a settlement on Thursday that was the highest since Jan. 5, 2021. The yellow metal is 3.2% 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, six, or 40%, called for gold prices to rise. At the same time, seven analysts, or 47%, called for lower gold prices next week. Two analysts, or 13%, were neutral on gold in the near term.

Meanwhile, 1,001 votes were cast in online Main Street polls. Of these, 710 respondents, or 71%, looked for gold to rise next week. Another 187, or 19%, said lower, while 104 voters, or 10%, were neutral in the near term."

Elsewhere, silver for May delivery — the new, most-active contract — tumbled 69.3 cents, or 2.8%, to close at $24.017 an ounce. Despite the loss, silver prices edged 0.1% higher on the week, for a fourth consecutive weekly increase. Immediate prior weekly gains were 2.7%; 4%; and 0.8%. On Thursday, silver ended at its best price since Jan. 20. The precious metal is 2.9% higher on the year.

In PGM futures on Friday and for the week:

  • April platinum declined $12 to end at $1,050.10 an ounce, for a 2.5% weekly loss.

  • Palladium for June delivery sank $136.20 to end at $2,365.70 an ounce, but advanced 1.2% on the week.

The pair of metals is higher on the year so far with gains of 8.7% for platinum and 23.7% for palladium.

US Mint Bullion Sales in 2022

Weekly sales of United States Mint bullion products quickened for both gold and silver coins. The U.S. Mint this week also started selling 2022-dated American Platinum Eagles. In week-over-week comparisons:

  • American Gold Eagles rose 37,000 ounces against 11,000 ounces last week,
  • American Gold Buffalos added 10,000 ounces compared to 6,500 ounces last week,
  • American Silver Eagles rose 519,500 ounces against 480,000 ounces last week, and
  • American Platinum Eagles advanced 25,800 ounces.

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 January February 2022 Sales
$50 American Eagle 1 Oz Gold Coin 0 10,500 35,500 123,500 67,000 190,500
$25 American Eagle 1/2 Oz Gold Coin 0 0 0 45,000 0 45,000
$10 American Eagle 1/4 Oz Gold Coin 0 0 2,000 64,000 4,000 68,000
$5 American Eagle 1/10 Oz Gold Coin 0 5,000 10,000 195,000 25,000 220,000
$50 American Buffalo 1 Oz Gold Coin 0 6,500 10,000 61,500 22,000 83,500
$1 American Eagle 1 Oz Silver Coin 0 480,500 519,500 5,001,000 1,500,000 6,501,000
$100 American Eagle 1 Oz Platinum Coin 0 N/A 25,800 N/A 25,800 25,800
$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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SENZA

Well done Kaiser,

Your getting faster every day I can’t keep up and darn that predictably unpredictable Gold and you are hereby officially awarded for speed and consistency

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Major D

If only Patton was allowed to take on the Soviets in 1945, what a different world this would be……

Rich

With all the excitement this week I didn’t get a chance to mention that the Commission of Fine Arts (CFA) recommended the same proposed design favored by the Citizens Coinage Advisory Committee (CCAC) for the Proof 2023-W American Liberty, High Relief gold $100 coin and silver medal, and it’s sure to please all Dendrochronologists and Numismatists alike – the Bristlecone Pine! Yellen or her designee will make and approve the final choice. And this news just in: Senate OKs 2024 commemorative coinage for Harriet Tubman. The Harriet Tubman Bicentennial Commemorative Coins by the U.S. Mint will be in Proof and… Read more »

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SENZA

Ugggg I’m sure Biden has his approval all over that

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Phil

The tree was in my top 3 for designs for the ’23 Liberty. I’m not sure what that series is doing, other than to buck trends. Shout out to Mr Ed coin! Ba dum dum. Lol

I personally don’t care as I haven’t used physical currency in forever, but what did happen with the new $20 redesign?

Rich

Phil, back in 2016, President Obama’s Treasury Secretary Jack Lew announced the proposal to replace former President Andrew Jackson with Harriet Tubman on the $20 bill. The idea originally came from an 11-year old girl who wrote a letter to Obama in 2014. Congressman John Katko, R-N.Y., later introduced the Harriet Tubman Tribute Act of 2019, which would require the Treasury Department to put Tubman on the $20 bill by 2020. The redesign plan was halted by President Trump’s Treasury Secretary Steven Mnuchin, arguing that adding new security features to the money was a more urgent priority. Mr. Mnuchin said… Read more »

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SENZA

Everyone has to choose their own Heroes

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Last edited 2 months ago by SENZA
SENZA

What a classic – All eyes front Gentlemen

SENZA

Better

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Rich

1,000,000 Dollars is the new 100 Dollars.

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Larry T

Ah, Pinus aristata aka the Bristlecone Pine. I grew a few of them when I lived in PA. The needles exude a resinous material which a lot of ignorant individuals always assumes is a scale insect. It doesn’t get very large, but can exist for thousands of years. One tough nut!

Rich

Indeed, Larry, according to the U.S. Mint narrative, “the Bristlecone pine is a species native to California, Nevada, and Utah, thought to be the oldest living organisms on Earth, living up to 5,000 years. Bristlecone pines grow in places where other plants cannot.” The Bristlecone Pine is a favorite of Dendrochronologists engaged in research programs which include climate change, paleoclimatology, archaeology, and biogeography at the University of Arizona, Laboratory of Tree-Ring Research which was established in 1937 by A.E. Douglass, founder of the modern science of Dendrochronology.

SENZA

This all sounds so familiar

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SENZA

It’s all in the Roots kaiser

SENZA

And the Logic still applies today

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SENZA

Speaking about the Gubbermint Kais, your safe here 🙂

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SENZA

It’s funny how a little band from Down Under could have predicted all of this so long ago https://www.youtube.com/watch?v=VWG4-4Y6Z60

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SENZA

Red Alert! The US Mint billed me for my Rhode Island Coins and sent me an order confirmation but no shipping notice – so I contact them today. Tristen, says there was a problem with my credit card – and I say sure was – you charged me and didn’t send my coins – Tristen, says “We never charge credit cards until after coins ship” I roll on the floor laughing then say some choice words and correct her. Tristen, then says ” I have referred this matter to billing and orders and you will be given an email decision… Read more »

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