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:
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|