Gold and Silver Prices Fall for a Second Week

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Gold prices lost 0.6% this week
Gold prices lost 0.6% this week

Gold advanced for the first time in five sessions on Friday, but just by a smidgen. Prices for silver and platinum were also little changed. All three metals declined on the week. Gold’s and silver’s weekly losses were their second in a row while platinum extended its weekly declines to three straight. Palladium, meanwhile, notched a solid daily increase, padding its weekly gain.

On Friday, gold for August delivery edged up 50 cents, or 0.03%, to settle at $1,830.20 an ounce on the Comex division of the New York Mercantile Exchange.

Gold prices shed 0.6% this week after falling 1.9% last week. They are up 0.09% 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 analysts, or 26%, were on gold bullish in the near term. At the same time, six analysts, or 32%, were bearish on gold and nine analysts, or 42%, were neutral on gold next week.

Meanwhile, 681 votes were cast in online Main Street polls. Of these, 301 respondents, or 44%, looked for gold to rise next week. Another 185, or 27%, said lower, while 195 voters, or 29%, were neutral in the near term."

Elsewhere, silver for July delivery rose 8.3 cents, or 0.4%, to settle at $21.125 an ounce. Silver prices declined 2.1% this week after giving back 1.6% last week. They are 9.5% lower on the year.

In PGM prices on Friday and for the week:

  • July platinum inched 70 cents, or 0.08%, lower to end at $903.70 an ounce. The finish was the lowest since Dec. 15 when platinum ended at $894.20 an ounce. Platinum prices registered a weekly loss of 2.9%.

  • Palladium for September delivery added $30.20, or 1.7%, to end at $1,854.30 an ounce, for a 3.1% weekly increase.

Both are lower on the year so far with losses of 6.5% for platinum and 3% for palladium.

US Mint Bullion Sales in 2022

Published U.S. Mint bullion sales were unchanged for a second week in a row.

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 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 0 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

 

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Major D

Does anybody care about this really? Is it news silver prices are stuck at $21? Is it going to stop or entice anyone to buy or sell? This has absolutely zero to do with anyone buying or selling coins IMO– coin prices are so out of whack with spot that they’re not even in the same universe anymore.

Rich

Ground control to Major D

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Major D

Ha! Guilty as charged. I forgot to take my protein pills and put my helmet on…..

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Major D

Hey Kaiser, I was just letting off some steam. Do I want to be constantly reminded that silver is in the toilet and always will be? Not really. For those that have stacks of gold, palladium, and platinum in portfolios and/or NFTs and care about the pulsating fluctuations because it matters in day trading on a supercomputer- I’m sure the exchanges all have a millisecond-by-millisecond feed that will allow you to sell and convert your funds into bitcoins or soybean futures or whatever. I thought this was a CoinNews site- not a StackerNews site. And lastly, why are there bullion… Read more »

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Antonio

But I buy silver because it’s more affordable. If I sell them 10 years from now, I may see a small profit. But I like them because, they’re shiny. ūüôā

Rich

Shiny bubbles…

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Antonio

Especially considering the overhead. That’s especially true between silver and gold, but platinum and palladium as well. Too expensive and the return not that great.

Major D

To change the subject, the Royal Canadian Mint has a 2022 tribute to the last penny struck in Winnipeg in 99.99% pure silver, mintage 15,000. It’s 1 troy oz of silver and 38 mm (1.5 inch) in diameter, so double the size of the 2012 penny but with the same maple leaf twig design. It looked cool so I just ordered a couple.

Rich

Thanks for the tip Major D, I’ll check it oot.

Major D

My first time ordering from the Canadian Mint, so I’m curious as to how it goes. Used a credit card that doesn’t charge an exchange fee (as far as I know). The current exchange rate favors us right now, as its 78 cents US = $1 Canada. They do not charge for shipping to the US, if order is over $100 Canadian- but they do charge a tax unlike US Mint. All in all, I think the final cost per troy oz is lower than for US Mint.

Jeff Legan

Hi Major D, I ordered from them only 1 time in 2015. A 5 coin Great Lakes set that was sent to me one coin at a time over a period of months, maybe as much as a year. I had no problems, and I really like the set. I predict you will also have no problems. I think I saw the article about the Great Lakes set on this site. They are the only colorized coins I own (not a big fan of colorized coins in general, but I liked that these coins were topographical so the blue color… Read more »