Precious metals split between gains and losses on Friday, but they all dropped on the week. Gold and silver extended their weekly losses to five in a row.
On Friday, gold for August delivery dipped $2.20, or 0.1%, to settle at $1,703.60 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the lowest since March 30, 2021, when gold ended at $1,686 an ounce.
Gold prices lost 2.2% this week. They have now fallen a combined $171.90, or 9.2%, through their five weekly declines. The yellow metal is 6.8% 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 16 Wall Street analysts participated in Kitco News’ gold survey. Among the participants, three analysts, or 19%, we’re bullish on gold in the near term. At the same time, six analysts, or 50%, were bearish on gold, and five analysts, or 31%, were neutral on the precious metal next week.
Meanwhile, 1,107 votes were cast in online Main Street polls. Of these, 441 respondents, or 40%, looked for gold to rise next week. Another 458, or 41%, said lower, while 208 voters, or 19%, were neutral in the near term."
Elsewhere, silver for September delivery rose 36.9 cents, or 2%, to close at $18.594 an ounce. Silver prices gave back 3.3% this week, and they have sunk $3.34, or 15.2%, through their five weekly losses. On Thursday, silver marked its lowest settlement since July 1, 2020. The metal is 20.4% lower on the year.
In PGM futures on Friday and for the week:
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October platinum advanced $13.60, or 1.7%, to end at $830.90 an ounce, but registered a hefty decline on the week of 5.9%. On Thursday, platinum posted its weakest finish since June 26, 2020.
- Palladium for September delivery dropped $67.70, or 3.6%, to end at $1,829.40 an ounce, for a 15.2% weekly loss. Platinum’s finish was its lowest since June 23.
The two are lower on the year so far with declines of 7.2% for platinum and 4.5% for palladium.
US Mint Bullion Sales in 2022
United States Mint bullion sales quickened this week from last. In week-over-week comparisons:
- American Gold Eagles rose 19,000 ounces after climbing 17,000 ounces previously
- American Gold Buffalos advanced 14,000 ounces after rising 9,000 ounces previously
- American Silver Eagles moved up 425,000 ounces following no change previously
- American Platinum Eagles rose 1,000 ounces after climbing 14,000 ounces previously
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 | May | June | July | 2022 Sales | |
| $50 American Eagle 1 Oz Gold Coin | 18,000 | 15,000 | 164,500 | 31,000 | 33,000 | 659,000 |
| $25 American Eagle 1/2 Oz Gold Coin | 1,000 | 2,000 | 7,000 | 6,000 | 3,000 | 69,000 |
| $10 American Eagle 1/4 Oz Gold Coin | 0 | 2,000 | 8,000 | 18,000 | 2,000 | 130,000 |
| $5 American Eagle 1/10 Oz Gold Coin | 0 | 5,000 | 50,000 | 135,000 | 5,000 | 510,000 |
| $50 American Buffalo 1 Oz Gold Coin | 14,000 | 9,000 | 56,000 | 21,500 | 23,000 | 282,500 |
| $1 American Eagle 1 Oz Silver Coin | 425,000 | 0 | 1,350,000 | 925,000 | 425,000 | 11,131,500 |
| $100 American Eagle 1 Oz Platinum Coin | 1,000 | 14,000 | 0 | 23,500 | 15,000 | 78,500 |
