Precious metals advanced on Friday, padding weekly increases which extended to two in a row.
Gold for June delivery rose $3.70, or 0.2%, to settle at $1,851.30 an ounce on the Comex division of the New York Mercantile Exchange.
Gold prices gained 0.5% this week after rising 1.9% last week. They are 1.2% 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 17 Wall Street analysts participated in Kitco News’ gold survey. Among the participants, 11 analysts, or 65%, called for gold prices to rise next week. At the same time, two analysts, or 12%, were bearish on gold in the near term, and four analysts, or 23%, were neutral on prices.
Meanwhile,570 votes were cast in online Main Street polls. Of these, 317 respondents, or 56%, looked for gold to rise next week. Another 163, or 29%, said lower, while 90 voters, or 16%, were neutral in the near term."
Elsewhere, silver for July delivery settled up 13.1 cents, or 0.6%, to $22.096 an ounce. Silver prices advanced 2% this week after surging 3.2% this week. They are 5.4% lower on the year.
In PGM prices on Friday and for the week:
July platinum added $5.60, or 0.6%, to end at $943 an ounce, for a 0.2% weekly increase.
- Palladium for June delivery jumped $51.20, or 2.6%, to end at $2,044.70 an ounce, for a 5.4% weekly gain.
The two are split on the year so far with platinum 2.4% lower and palladium 6.9% higher.
US Mint Bullion Sales in 2022
United States Mint bullion sales slowed this week from last week. In week-over-week comparisons:
- American Gold Eagles rose 46,000 ounces after climbing 58,500 ounces previously
- American Gold Buffalos advanced 15,500 ounces after rising 20,000 ounces previously
- American Silver Eagles were flat after gaining 425,000 ounces previously
Published United States Mint bullion sales were unchanged on Thursday. 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 / This Week||Last Week||March||April||May||2022 Sales|
|$50 American Eagle 1 Oz Gold Coin||44,500||57,000||140,500||80,500||137,500||568,000|
|$25 American Eagle 1/2 Oz Gold Coin||3,000||1,000||5,000||3,000||5,000||58,000|
|$10 American Eagle 1/4 Oz Gold Coin||0||4,000||20,000||14,000||8,000||110,000|
|$5 American Eagle 1/10 Oz Gold Coin||0||0||75,000||25,000||50,000||370,000|
|$50 American Buffalo 1 Oz Gold Coin||15,500||20,000||64,500||27,500||52,000||234,000|
|$1 American Eagle 1 Oz Silver Coin||0||425,000||1,080,500||850,000||850,000||9,281,500|
|$100 American Eagle 1 Oz Platinum Coin||0||0||14,200||0||0||40,000|
|$25 American Eagle 1 Oz Palladium Coin||0||0||0||0||0||0|