On Friday and for a second straight session, precious metals moved in same direction — higher — and with similar intensity — slight gains for gold and silver and robust gains for platinum and palladium. Despite their advances, gold and silver extended their weekly losses to four in a row.
Registering a second day of increases following six straight losses, gold for August delivery rose $2.60, or 0.2%, to settle at $1,742.30 an ounce on the Comex division of the New York Mercantile Exchange.
Still, gold prices fell 3.3% this week. They have now dropped a combined $133.20, or 7.1%, through their four weekly declines. On Wednesday, gold at $1,736.50 an ounce posted its lowest settlement since Sept. 29. The yellow metal is 4.7% lower 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 40%, we’re bullish on gold in the near term. At the same time, five analysts, or 33%, were bearish on gold, and four analysts, or 27%, were neutral on the precious metal next week.
Meanwhile, 484 votes were cast in online Main Street polls. Of these, 204 respondents, or 42%, looked for gold to rise next week. Another 183, or 38%, said lower, while 97 voters, or 20%, were neutral in the near term."
Logging a third day of increases following five straight losses, silver for September delivery edged up 4.8 cents, or 0.3%, to settle at $19.236 an ounce.
Silver prices fell 2.2% this week, and they have tumbled $2.70, or 12.3%, through their four consecutive weekly losses. On Tuesday, silver at $19.121 an ounce posted its worst finish since July 10, 2020. The metal is 17.6% lower on the year.
In PGM futures on Friday and for the week:
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October platinum added $17, or 2%, to end at $882.80 an ounce, for a 1.3% weekly increase. On Wednesday, platinum at $840.90 an ounce closed at its lowest price since Sept. 24, 2020.
- Palladium for September delivery soared $163.20, or 8.2%, to end at $2,156.60 an ounce, for a 11.3% weekly gain.
The two are split on the year so far with platinum 8.6% lower and 12.8% higher.
US Mint Bullion Sales in 2022
On Friday, the U.S. Mint published higher bullion sales for June and their first bullion sales for July.
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 / July | April | May | June | 2022 Sales | |
| $50 American Eagle 1 Oz Gold Coin | 15,000 | 80,500 | 164,500 | 31,000* | 641,000 |
| $25 American Eagle 1/2 Oz Gold Coin | 2,000 | 3,000 | 7,000 | 6,000* | 68,000 |
| $10 American Eagle 1/4 Oz Gold Coin | 2,000 | 14,000 | 8,000 | 18,000* | 130,000 |
| $5 American Eagle 1/10 Oz Gold Coin | 5,000 | 25,000 | 50,000 | 135,000" | 510,000 |
| $50 American Buffalo 1 Oz Gold Coin | 9,000 | 27,500 | 56,000 | 21,500* | 268,500 |
| $1 American Eagle 1 Oz Silver Coin | 0 | 850,000 | 1,350,000 | 925,000* | 10,706,500 |
| $100 American Eagle 1 Oz Platinum Coin | 14,000 | 0 | 0 | 23,500* | 77,500 |
| $25 American Eagle 1 Oz Palladium Coin | 0 | 0 | 0 | 0 | 0 |
*The U.S. Mint adjusted upwards June sales of: $50 Gold Eagles to 31,000 coins from 27,500 coins; $25 Gold Eagles to 6,000 coins from 4,000 coins; $10 Gold Eagles to 18,000 coins from 16,000 coins; $5 Gold Eagles to 135,000 coins from 105,000 coins; American Silver Eagles to 925,000 coins from 861,000 coins; $50 Gold Buffalos to 21,500 coins from 15,000 coins; and $25 Platinum Eagles to 23,500 coins from 18,500 coins.
