Gold, Silver and Other Metals Drop on Week

6
Gold prices fell 1.9% this week
Gold prices fell 1.9% this week

Precious metals fell on Friday, cementing their weekly declines despite a couple of days of pricing gains. Daily losses were the first in three for gold, silver and platinum and the first in four for palladium.

Gold for August delivery shed $9.30, or 0.5%, to settle at $1,840.60 an ounce on the Comex division of the New York Mercantile Exchange.

"It has been a roller-coaster week for [gold] thanks to a volatile dollar and swinging Treasury yields," Lukman Otunuga, manager, market analysis at FXTM, told MarketWatch. Gold saw a weekly drop "as investors evaluate the impacts of rising interest rates on global growth."

Gold prices declined 1.9% this week after advancing 1.4% last week. On Tuesday, the yellow metal at $1,813.50 an ounce marked its weakest finish since May 12. Gold is 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, five analysts, or 33%, were on gold bullish in the near term. At the same time, three analysts, or 20%, were bearish on gold and seven analysts, or 47%, were neutral on gold next week.

Meanwhile, 1,145 votes were cast in online Main Street polls. Of these, 646 respondents, or 56%, looked for gold to rise next week. Another 280, or 24%, said lower, while 219 voters, or 19%, were neutral in the near term."

Elsewhere, silver for July delivery shed 29.8 cents, or 1.4%, to end at $21.587 an ounce. Silver gave back 1.6% this week after edging 0.1% higher last week. On Tuesday, the precious metal at $20.954 an ounce finished at its worst price since May 12. Silver is 7.6% lower on the year.

In PGM prices on Friday and for the week:

  • July platinum fell $20.90, or 2.2%, to close at $930.20 an ounce, for a 4.2% weekly fall. On Tuesday, platinum at $910.70 an ounce closed at its lowest price since April 27.

  • Palladium for September delivery tumbled $67.80, or 3.6%, to end at $1,798.70 an ounce, for a 5.7% weekly decline. On Monday, palladium at $1,778.40 an ounce logged its lowest finish since Dec. 20.

Both are lower on the year so far with losses of 3.7% for platinum and 5.9% for palladium.

US Mint Bullion Sales in 2022

Published U.S. Mint bullion sales were unchanged this week. Last week’s gains were limited to 2,500 ounces in American Gold Buffalos.

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 April May June 2022 Sales
$50 American Eagle 1 Oz Gold Coin 0 0 80,500 137,500 0 568,000
$25 American Eagle 1/2 Oz Gold Coin 0 0 3,000 5,000 0 58,000
$10 American Eagle 1/4 Oz Gold Coin 0 0 14,000 8,000 0 110,000
$5 American Eagle 1/10 Oz Gold Coin 0 0 25,000 50,000 0 370,000
$50 American Buffalo 1 Oz Gold Coin 0 2,500 27,500 56,000 2,500 240,500
$1 American Eagle 1 Oz Silver Coin 0 0 850,000 850,000 0 9,281,500
$100 American Eagle 1 Oz Platinum Coin 0 0 0 0 0 40,000
$25 American Eagle 1 Oz Palladium Coin 0 0 0 0 0 0

 

Subscribe
Notify of
guest
6 Comments
Inline Feedbacks
View all comments
Kaiser Wilhelm

Somehow we’re going to have to come up with a way to sort out the accidentally confusing lingo here. In current parlance, “drop” signifies the introduction of a product to the public, while in this context it clearly means a reduction in value. Then there’s the “mic drop”; what do we do with that? And as if that weren’t already enough…but wait, there’s more…

R.jpg
Last edited 13 days ago by Kaiser Wilhelm
Kaiser Wilhelm

New subject.

I believe the Mint has hit upon a winning formula with its various Quarters Series. The State Quarters were a really big hit, the America The Beautiful Quarters did rather well for themselves, and now the American Women Quarters are basically on fire. In addition, the fact that the ancillary products for each series aren’t of a uniform nature but vary with each Quarter Series also helps to spice up the interest in them (and the sales).

Last edited 13 days ago by Kaiser Wilhelm
Rich

Speaking of the “drop” in precious metals’ prices, the price decline in Palladium is most interesting, especially compared to Gold’s price. As of Friday’s close, Palladium price = $1,798.70 and Gold price = $1,840.60. On Wednesday, the Mint “dropped” the price of the 2021 Proof and 2020 Burnished 1-ounce Palladium American Eagle coins to $2,800, since it’s prior week average price was in the $1850 to $1,900 pricing range of the Mint’s pricing grid. There is a chance the price could again fall to $2,750 next Wednesday if this week’s average price lands in the $1,800 to $1,850 grid pricing… Read more »

Last edited 12 days ago by Rich
Kaiser Wilhelm

Thanks, Good Sir Rich, for as has clearly long become customary being the go to person when it comes to stats and figures regarding all things precious metal and numismatic. We see how Gold has now surpassed Palladium, at least for the moment anyway, as the price king of precious metals. I do wonder if this is but a temporary aberration or might in fact become a more enduring reality. Perhaps it’s just me, but isn’t that added $900 for the Palladium American Eagle still a rather hefty markup on the spot price? On the other hand, percentage-wise this is… Read more »

Antonio

Great to see the Kaiser back. I was beginning to worry it was the end of the world as we know it. Now I feel fine.

Kaiser Wilhelm

Very kind of you to express that sentiment, Antonio, and much appreciated. As to your further thought, I would (tongue in cheek, naturally) opine that personal good fortune in and of itself might not necessarily preclude the occurrence of apocalyptic calamity. That said, in the “meantime” there is of course nothing wrong with us all feeling quite fine.

Last edited 10 days ago by Kaiser Wilhelm