Gold and Silver End 5-Week Losing Streak

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gold charted July 22, 2022
Gold prices rose 1.4% this week after they dropped a combined 9.2% in the previous five weeks

Precious metals advanced on Friday, aside from silver which fell about a dime, but they all posted gains on the week. Weekly increases for gold and silver were their first in six weeks.

On Friday, gold for August delivery rose $14, or 0.8%, to settle at $1,727.40 an ounce on the Comex division of the New York Mercantile Exchange.

Gold advanced 1.4% this week following five straight weekly losses that reduced its price by a total of $171.90, or 9.2%. Gold is 5.5% 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 18 Wall Street analysts participated in Kitco News’ gold survey. Among the participants, 12 analysts, or 67%, we’re bullish on gold in the near term. At the same time, six analysts, or 33%, were bearish on gold. There were no neutral votes cast this week.

Due to technical issues, only 187 votes were cast in online Main Street polls. Of these, 105 respondents, or 56%, looked for gold to rise next week. Another 52, or 28%, said lower, while 16 voters, or 31%, were neutral in the near term."

Elsewhere, silver for September delivery shed 10.2 cents, or 0.5%, to settle at $18.617 an ounce. Silver edged 0.1% higher this week after five weekly losses dropped its price by a combined $3.34, or 15.2%. The precious metal is 20.3% lower on the year.

In PGM futures on Friday and for the week:

  • October platinum added $8.50, or 1%, to end at $867.20 an ounce, for a 4.4% weekly increase.

  • Palladium for September delivery soared $142.10, or 7.6%, to end at $2,018.80 an ounce, scoring a 10.4% gain on the week.

The two are divided on the year so far with platinum 10.3% lower and palladium 5.6% higher.

US Mint Bullion Sales in 2022

Published United States Mint bullion sales were unchanged this week. 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 0 18,000 164,500 31,000 33,000 659,000
$25 American Eagle 1/2 Oz Gold Coin 0 1,000 7,000 6,000 3,000 69,000
$10 American Eagle 1/4 Oz Gold Coin 0 0 8,000 18,000 2,000 130,000
$5 American Eagle 1/10 Oz Gold Coin 0 0 50,000 135,000 5,000 510,000
$50 American Buffalo 1 Oz Gold Coin 0 14,000 56,000 21,500 23,000 282,500
$1 American Eagle 1 Oz Silver Coin 0 425,000 1,350,000 925,000 425,000 11,131,500
$100 American Eagle 1 Oz Platinum Coin 0 1,000 0 23,500 15,000 78,500
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Larry

I turned on the tv and who did I see selling a 2022 W ‘Burnished’ Gold Eagle for just $4995 but our favourite salesman Mike Mezack. It was a ANACS SP70 Advanced Release coin so I was thinking gold must have exploded in price but when I checked it was selling at $1736/oz. I want to meet the individual who is willing to pay $3259 over spot for gold.

chuck

Is it not strange that we can now buy “advanced release coins” these days but can not own the double eagle that likely was ” legally” issued and sold (except for the one)?

chuck

A big reason given on the subject coin was it was not monetize (yet years later the one supposably was monetized). So, were 1913 Liberty Nickels, restruck coins (etc.) ever monetized too? The Government did at least, maybe, monetize at $35 not the $20 before the FDR confiscation.
Any news on the error coins supposably stolen at Denver mint? Last I saw was a possible 14 days off for them (likely with full pay and just the kind of person we need to keep).Full recovery of coins from them?

chuck

Thanks for your comments and insight. Agree, confusion is a weapon for them.. Always wondered where the 5 oz. ATB silver quarters are in all of this. Had thought they would always be worth at least $.25 but—–? Of course this would apply to Eagles etc. too. Another example of buyers beware! Buy what you like but know that they might again confiscate your property and decide at what price they will give you for it or if you owe them to take your property..

Major D

LOL. Gubmint ain’t confiscating anything– unless you stop paying your taxes, then all bets are off!

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Antonio

Have I got a deal for you.

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SENZA

We wish they would try to confiscate it – that would imply it had some value but nobody wants it

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SENZA

And immediately after the forced “purchase” Gold did in fact go up; so stealing Gold from Americans was profitable for the Government-sound familiar

I have been lecturing lately to anyone who listens: The definition of SPOT is “The House Always Wins” aka dealers.

When you buy the shiny stuff – you will always be over charged and when you sell the shiny stuff you will always be under paid.

The same goes for the US Mint x 200% for Silver and a similarly egregious proportion for Gold.

YET, THERE ARE SUCKERS EVERY DAY WHO THINK THEY CAN BEAT THE HOUSE

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Last edited 14 days ago by SENZA
SENZA

They’re definitely killing us slowly

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Last edited 14 days ago by SENZA
Major D

WTH? Anyone else see that you can now customize your ASE-S Proof with a personal message? “Add personal message when available to purchase: $8.95 (each)” I’ve seen that the Mint has offered this before on medals, but now on a proof “coin” (and an ASE no less). Is this a sign that the Mint actually views their products as worthless trinkets and that we’re all suckers?

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Last edited 15 days ago by Major D
SENZA

You just figured that out! That puts you at the front of the line – Congratulations – the rest of us still don’t get it

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SENZA

I can just picture it now: His name is Morty and he is my boss; how could you do this US Mint

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Major D

I think it would be only fitting for the Mint to provide a personal message on each of the 35th Anniversary American Eagles that Stack’s Bowers will auction off– that way NGC and PCGS can encapsulate with “details” grades and the Mint can benefit from its great idea.

SENZA

Maybe you should Tweet that – Elon, might respond

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FViia

Fortune Eagles!

SENZA

.

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Major D

Well, it’s a slow news day….

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SENZA

It’s supposed to be the biggest Fianancial news day of the week but all I see is Biden talking Monkey Pox

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SENZA
Major D

I think a better personal message on each auction coin would be “Sucka!”

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Last edited 14 days ago by Major D
Antonio

She’ll be comin’ ’round the mountain when she comes.

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SENZA
SENZA

When you know someone is not just acting

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SENZA

They scare me

SENZA