Gold and Silver Log Third Consecutive Weekly Losses

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Gold prices fell 1.5% this week
Gold prices fell 1.5% this week

Gold gained on Friday while other precious metals declined. Only platinum booked a weekly gain, however. Silver ended the day at its lowest price in 14 weeks.

On Friday, gold for June delivery rose $7.10, or 0.4%, to settle at $1,882.80 an ounce on the Comex division of the New York Mercantile Exchange.

"Gold is struggling to gain traction in this environment of rising interest rates and now looks set for a sustained period below $1,900 an ounce," Rupert Rowling, market analyst at Kinesis Money, in a note to clients according to MarketWatch. "While the bullish support of the ongoing war in Ukraine will limit how far gold declines, this is currently outweighed by the bearish driver of central banks tightening their monetary policy-making non-yield bearing assets such as gold less attractive," he said.

Gold traded 1.5% lower this week following losses of 1.2% last week and 2.1% in the week ending April 22. The yellow metal is 3% 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 17 Wall Street analysts participated in Kitco News’ gold survey. Among the participants, six analysts, or 53%, called for gold prices to rise next week. At the same time, four analysts, or 35%, were bearish on gold in the near term, and two analysts, or 12%, were neutral on prices.

Meanwhile, 1,049 votes were cast in online Main Street polls. Of these, 637 respondents, or 61%, looked for gold to rise next week. Another 245, or 23%, said lower, while 162 voters, or 16%, were neutral in the near term."

Elsewhere, silver for July delivery shed 7.6 cents, or 0.3%, to end at $22.367 an ounce. The settlement was silver’s lowest since it finished Jan. 28 at $22.301 an ounce.

The metal dropped 3.1% this week after losses of 4.8% last week and 5.6% in the week ending April 22. Silver prices are 4.2% lower on the year.

In PGM futures on Friday and for the week:

  • July platinum fell $17.40, or 1.8%, to end at $956 an ounce, but still logged an opposite 1.8% weekly gain.

  • Palladium for June delivery plunged $154.20, or 7.1%, to end at $2,023.20 an ounce, for a 12.3% weekly loss.

The pair is divided on the year to date with platinum 1.1% lower and palladium 5.8% higher.

US Mint Bullion Sales in 2022

Published United States Mint bullion sales were higher this week compared to a week earlier. In week-over-week comparisons:

  • American Gold Eagles rose 37,500 ounces against 19,500 ounces
  • American Gold Buffalos climbed 16,500 ounces compared to 10,000 ounces
  • American Silver Eagles rose 425,000 ounces against 17,000 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 / Week / May Last Week March April 2022 Sales
$50 American Eagle 1 Oz Gold Coin 36,000 19,500 140,500 80,500 466,500
$25 American Eagle 1/2 Oz Gold Coin 1,000 0 5,000 3,000 54,000
$10 American Eagle 1/4 Oz Gold Coin 4,000 0 20,000 14,000 106,000
$5 American Eagle 1/10 Oz Gold Coin 0 0 75,000 25,000 320,000
$50 American Buffalo 1 Oz Gold Coin 16,500 10,000 64,500 27,500* 198,500
$1 American Eagle 1 Oz Silver Coin 425,000 17,000 1,080,500 850,000 8,856,500
$100 American Eagle 1 Oz Platinum Coin 0 0 14,200 0 40,000
$25 American Eagle 1 Oz Palladium Coin 0 0 0 0 0

*The U.S. Mint adjusted April bullion sales for American Buffalo gold coins, increasing them by 500 ounces.

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Rich

The gold and silver yoyos are down move than up lately. But we’re not only in it for the money. Have a Happy Mothers Day weekend!

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Last edited 21 days ago by Rich
SENZA

As I previously indicated, the yoyo will only be traveling one direction: DOWN perhaps from the weight of all of the events of the Saturday before Mother’s Day see list below

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SENZA
SENZA

🙂

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Rich

…and you can’t teach that

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SENZA
Last edited 20 days ago by SENZA
SENZA

I’ll double that sentiment

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Rich

Jamaican me happy.

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SENZA

Jamaican D’oh

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Rich

Corned Beef

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Rich

Checking the Trophy Guide for your award

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Rich

Found it in the Achievement Guide

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SENZA

🙂

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SENZA

The value of your Silver will continue to move netherward while the cost to you for Silver at the US Mint will continue to increase exponentially – cost-up value-down economics works very well for those at the top of the precious metals ponzi scheme.

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Last edited 20 days ago by SENZA
SENZA

Only 4 days away and still no pricing – is someone expecting a sudden move in the shiny Gold stuff………………………

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Rich

SENZA, the prices for all gold, platinum and palladium coins are set on Wednesday the day before they are released for sale on Thursday, based of the Mint Pricing Grid. The established coin price is based on the prior 5 day (Wednesday – Tuesday) average LMBA spot price, and the price range it falls in on the pricing grid.

SENZA

Think we will be over or under $3K

Rich

Under, SENZA. The price of the 2022-W $50 Gold American Buffalo Proof should be $2,790 when posted on Wednesday for its release on Thursday, based the 5-day average gold price for May 4, 5, 6, 9 and 10 falling in the $1,850.00 to $1,899.99 gold price range on the Mint Pricing Range Table.

Antonio

And to think I bought mine for $999 when they were first released. Then the Mint realized they were under pricing them and raised them to I think $1300 the next year. I still got a real deal even though they’re the highest mintage of the series. I really like mine, a beautiful coin.

SENZA

Everyone have a Great Day

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Rich

Something for everyone…

SENZA

I’ll take #4 without cheese

Antonio

I’ll have a Coke with my coconut cream pie.

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Antonio

We only have Cheeseburger and Pepsi. No fries, only chips.

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