Gold, Silver and Platinum Post Sharp Weekly Losses

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Gold prices gave back 2.1% this week
Gold prices gave back 2.1% this week

Gold, silver and platinum fell for a fourth straight session on Friday, padding their weekly losses. Palladium, meanwhile, declined for a second straight day but still logged a modestly weekly gain.

On Friday, gold for June delivery shed $13.90, or 0.7%, to settle at $1,934.30 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the lowest since April 6.

"In the last few days, investor focus has turned to rising interest rates and tightening monetary policy, which could run through to the Fed meeting in early May," Colin Cieszynski, chief market strategist at SIA Wealth Management, told MarketWatch.

Gold futures traded 2.1% lower this week after rising 1.5% last week. They are 5.8% 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 18 Wall Street analysts participated in Kitco News’ gold survey. Among the participants, seven analysts, or 39%, called for gold prices to rise next week. At the same time, six analysts, or 33%, were bearish on gold in the near term, and five analysts, or 28%, were neutral on prices.

Meanwhile, 647 votes were cast in online Main Street polls. Of these, 363 respondents, or 56%, looked for gold to rise next week. Another 170, or 26%, said lower, while 114 voters, or 18%, were neutral in the near term."

Elsewhere, silver for May delivery fell 36.2 cents, or 1.5%, to close at $24.259 an ounce. The settlement was the lowest since Feb. 25. Silver tumbled 5.6% this week after soaring 3.5% last week. The precious metal is 3.9% higher on the year.

In PGM futures on Friday and for the week:

  • July platinum sank $40.40, or 4.2%, to end at $927.40 an ounce, for a 6.7% weekly decline.

  • Palladium for June delivery fell $43.90, or 1.8%, to end at $2,376.30 an ounce, but edged 0.9% higher on the week.

The pair is divided on the year to date with platinum 4% lower and palladium 24.3% higher.

US Mint Bullion Sales in 2022

Published United States Mint bullion sales were muted last week. This week, the U.S. Mint published sales totaling:

  • 42,500 ounces in American Gold Eagles,
  • 10,000 ounces in American Gold Buffalos, and
  • 408,000 ounces in American Silver Eagles.

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 March April 2022 Sales
$50 American Eagle 1 Oz Gold Coin 0 0 39,500 86,000 140,500 61,000 411,000
$25 American Eagle 1/2 Oz Gold Coin 0 0 2,000 0 5,000 3,000 53,000
$10 American Eagle 1/4 Oz Gold Coin 0 0 8,000 4,000 20,000 14,000 102,000
$5 American Eagle 1/10 Oz Gold Coin 0 0 0 25,000 75,000 25,000 320,000
$50 American Buffalo 1 Oz Gold Coin 0 0 10,000 28,500 64,500 17,000 171,500
$1 American Eagle 1 Oz Silver Coin 0 0 408,000 1,500,000 1,080,500 833,000 8,414,500
$100 American Eagle 1 Oz Platinum Coin 0 0 0 25,800 14,200 0 40,000
$25 American Eagle 1 Oz Palladium Coin 0 0 0 0 0 0 0

 

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Rich

Looks like the Fed spooked the markets.

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SENZA

Your smelling the death of freedom of Speech at CN and how is it the FED spooked Bitcon too, I thought Bitcon was the Rebel that would when the stock market wouldn’t.

Anyways, your fast on the draw these days and I see many more First On Thread Awards in your future – I’m turning the Awards Factory over to Sir Kaiser…………

I hope I don’t run into Major D that would be depressing………….

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Rich

Yeah, what Sir Kaiser said

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Rich

Many thanks, Sir Kaiser. Maybe SENZA will be Back in Black

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Rich

Alright, Alright

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SENZA

Kaiser took both pills again………………………… I’ll never be able to listen to Hendrix again……………… https://www.youtube.com/watch?v=PZuHAsf6qO0

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Last edited 1 month ago by SENZA
Rich

Welcome Back, SENZA

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SENZA

The Brain hears what the Brain wants https://www.youtube.com/watch?v=beTsDOBRs8I

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SENZA

Rich,

I never left – I was just censored by the establishment

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Rich

Thanks SENZA, I’m relieved.

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SENZA

I think I seen his brother

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Rich

Another good one is “Ain’t Taco Bell love” by Van Halen or “I’ve got two chickens to paralise” by Eddie Money. Eddie and Eddie RIP!

Antonio

Rich, you’re on (top).

Last edited 1 month ago by Antonio