Gold and Silver Prices Fall for a Third Week

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Gold prices fell 1.6% this week
Gold prices fell 1.6% this week

Palladium advanced on Friday, adding to its weekly increase, but gold, silver and platinum marked another day and week of losses. The three declining metals also posted new settlement lows — five-month for gold, near two-year for silver, and over 19-month for platinum. Platinum has now fallen for four straight weeks. Gold and silver extended their weekly slides to three in a row.

On Friday, gold for August delivery shed $5.80, or 0.3%, to settle at $1,801.50 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the lowest since the yellow metal ended at the same price on Feb. 1.

Gold prices fell 1.6% this week following losses of 0.6% last week and 1.9% in the week ending June 17. On Thursday, they marked a June decline of 2.2%. Now, gold prices are 1.5% lower on the year.

In looking ahead to next week, Kitco News offers the following forecasts via their Wall Street & Main Street surveys:

"This week 16 Wall Street analysts participated in Kitco News’ gold survey. Among the participants, five analysts, or 31%, were on gold bullish in the near term. At the same time, seven analysts, or 44%, were bearish on gold and four analysts, or 25%, were neutral on the precious metal next week.

Meanwhile, 612 votes were cast in online Main Street polls. Of these, 253 respondents, or 41%, looked for gold to rise next week. Another 233, or 38%, said lower, while 126 voters, or 21%, were neutral in the near term."

Elsewhere, silver for September delivery tumbled 68.5 cents, or 3.4%, to close at $19.667 an ounce. The settlement was the lowest since silver finished at $19.573 an ounce on July 16, 2020. Silver prices dropped 6.9% this week after losses of 2.1% last week and 1.6% in the week ending June 17. They are 15.8% lower on the year to date.

In PGM futures on Friday and for the week:

  • October platinum fell $24, or 2.7%, to end at $871.30 an ounce — the lowest since closing at $868.10 an ounce on Nov. 11, 2020. Platinum lost 3.6% this week.

  • Palladium for September delivery tacked on $22, or 1.2%, to end at $1,938.10 an ounce, for a 4.5% weekly gain.

The pair is split on the year so far with platinum 9.8% lower and palladium 1.4% higher.

US Mint Bullion Sales in 2022

Published U.S. Mint bullion sales advanced this week for the first time in three weeks. Increases included:

  • a combined 44,000 ounces across the four-sized American Gold Eagles,
  • 12,500 in American Gold Buffalos,
  • 861,000 in American Silver Eagles, and
  • 18,500 in American Platinum 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 / July Last Week This Week April May June 2022 Sales
$50 American Eagle 1 Oz Gold Coin 0 0 27,500 80,500 164,500* 27,500 622,500
$25 American Eagle 1/2 Oz Gold Coin 0 0 4,000 3,000 7,000* 4,000 64,000
$10 American Eagle 1/4 Oz Gold Coin 0 0 16,000 14,000 8,000 16,000 126,000
$5 American Eagle 1/10 Oz Gold Coin 0 0 105,000 25,000 50,000 105,000 475,000
$50 American Buffalo 1 Oz Gold Coin 0 0 12,500 27,500 56,000 15,000 253,000
$1 American Eagle 1 Oz Silver Coin 0 0 861,000 850,000 1,350,000* 861,000 10,642,500
$100 American Eagle 1 Oz Platinum Coin 0 0 18,500 0 0 18,500 58,500
$25 American Eagle 1 Oz Palladium Coin 0 0 0 0 0 0 0

*On Monday, the U.S. Mint adjusted upwards May sales of: $50 Gold Eagles to 164,500 coins from 137,500 coins; $25 Gold Eagles to 7,000 coins from 5,000 coins; and American Silver Eagles to 1.350 million coins from 850,000 coins.

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Rich

Can support at $1,800 hold?

SENZA

Since Gold is so highly manipulated we won’t find the answer in the traditional methods as this chart clearly illustrates however, flipping a coin would give you better odds

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SENZA

The good thing is it probably won’t matter since the real and the fake have about the same value

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SENZA

I like how Kitco is mentioned as they are among the group of Peter Schiff, Robert Kyiosaki and some other big names whom thought Gold and Silver would explode after the 2008 Economic Incident – These groups bought so much Gold they pushed the price to new highs then higher but the explosion never came and these shiny bag holders have since employed armies to try and unload their worthless Gold They have fake prepper channels on Youtube and some of them (Mike Maloney) had to leave America because they owe huge amounts of taxes and fees on the Gold… Read more »

SENZA

Good Point

Lake Mead – if only he could have held his breath longer

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Major D

Yes, it’s so cheap industry will need to find other uses. Perhaps if only they could make a catalytic converter out of silver instead of rhodium, palladium and platinum, it would cut down on theft….

SENZA
SENZA

All we can do is follow the Clues –

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SENZA

In that case she is likely to hit the Jackpot

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SENZA

Trump either pardoned him

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SENZA

Or they didn’t recognize him

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SENZA
SENZA

The troy system uses pounds and ounces, so it is similar, but there is one big difference; there an avoirdupois ounce equals 28.35 grams, whereas a troy ounce weighs 31.10 grams. This means one troy ounce is equivalent to approximately 1.09714 avoirdupois ounces.

The guy in the video is not the best teacher but watch him learn https://www.youtube.com/watch?v=oioXfmaHdBI

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SENZA

Found this interesting if your taking a break from the fireworks – I do not endorse either of these clowns https://www.youtube.com/watch?v=xjyhqTfE7CU

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Last edited 1 month ago by SENZA
Rich

Then now is a good time for a technical bounce, but then there is the Payrolls report coming up this week. Anyway it goes, hope you are having a good 4th of July Independence Day, Sir Kaiser.

SENZA

Dead Cat Bounce anyways

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Antonio

The comments are always more interesting than the article itself. Kudos to all!

SENZA

As a former Day Trader “Dead Cat Bounce” is a frequently used (unofficial) technical predictor for an underlying asset; meaning: that asset (in this case Gold) may experience a short lived or “Dead Cat Bounce” but will continue to trend lower regardless.

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SENZA

Contestants there is a New Thread available

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SENZA

I’ll never use Toilet Paper again – screw the Plandemic – this stuff is worth more than Gold

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Last edited 1 month ago by SENZA