Gold and Platinum Score Fourth Straight Weekly Wins

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Gold prices have climbed 6.6% through four weeks of gains
Gold prices have climbed $111.90, or 6.6%, through four weeks of gains

Palladium declined Friday as gold, silver and platinum gained. All the metals posted robust weekly increases, however. In milestones, platinum ended the day at another two-month high while gold closed at a more than six-week high. The pair have advanced for four straight weeks.

Closing higher for the fifth time in six sessions, gold for December delivery rose $8.30, or 0.5%, to settle at $1,815.50 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the best since Jun 29.

“Currently the gold market is seeing some short-covering and is supported by lower yields,” Reuters quoted Bart Melek, head of commodity strategy at TD Securities.

Gold prices tacked on 1.9% this week, lifting their combined four-weekly win total to $111.90, or 6.6%. Before then, the yellow metal had dropped for five straight weeks for a combined loss of $171.90, or 9.2%. Gold prices are now a smidgen, 0.7%, 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:

"Kitco’s weekly gold survey results revealed that Wall Street is now evenly split regarding which direction gold prices will go next week. Out of 11 analysts participating in the survey, only 9% were neutral, 45.5% projected higher prices, and the other 45.5% called for gold to head lower.

The Main Street side remained bullish for next week. Out of 216 retail participants, 42.1% expected higher prices, 28.7% called for a move lower, and 29.2% remained neutral, Kitco’s survey showed."

Elsewhere, silver for September delivery advanced 34.9 cents, or 1.7%, to close at $20.698 an ounce. Silver prices drove 2.5% higher this week after falling 1.8% last week. They are down 11.4% on the year. On Wednesday at $20.742 an ounce, silver finished at its best price since June 29.

In PGM futures on Friday and for the week:

  • October platinum was unchanged at $959.40 an ounce — the best close since June 11. It scored a 7.8% weekly gain. Platinum’s four weeks of increases total $128.50, or 15.5%.

  • Palladium for September delivery fell $69, or 3%, to end at $2,219.40 an ounce, but settled 4.2% higher on the week. On Thursday, palladium closed at its strongest price since April 29.

Both remained divided on the year so far with platinum 0.7% lower and palladium 16.1% higher.

US Mint Bullion Sales in 2022

Published United States Mint bullion sales were unchanged for a fourth day in a row on Friday after showing gains on Monday for the first time this month.

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 May June July This Week / August 2022 Sales
$50 American Eagle 1 Oz Gold Coin 0 164,500 31,000 59,500 21,000 706,500
$25 American Eagle 1/2 Oz Gold Coin 0 7,000 6,000 5,000 1,000 72,000
$10 American Eagle 1/4 Oz Gold Coin 0 8,000 18,000 2,000 2,000 132,000
$5 American Eagle 1/10 Oz Gold Coin 0 50,000 135,000 20,000 15,000 540,000
$50 American Buffalo 1 Oz Gold Coin 0 56,000 21,500 39,500 6,500 305,500
$1 American Eagle 1 Oz Silver Coin 0 1,350,000 925,000 850,000 408,000 11,964,500
$100 American Eagle 1 Oz Platinum Coin 0 0 23,500 15,500 1,000 80,000
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Antonio

Zimbabwe is issuing gold coins. I read a one ounce coin is selling for $1,800. Smaller denominations will be available later this year.

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Kaiser Wilhelm

Amazing. To think a country that recently had the worst inflation rate in the history of the planet could get itself together enough to produce gold coins is mind-boggling.

Last edited 1 month ago by Kaiser Wilhelm
Rich

Indeed Sir Kaiser, Zimbabwe’s central bank is hoping these “Mosi-oa-Tunya” gold coins will help solve its inflation problem.

Kaiser Wilhelm

Good Sir Rich,

It might not be excessive to say that to see Zimbabwe’s venture into gold currency actually improve its economy would be substantially mind-blowing.

Last edited 1 month ago by Kaiser Wilhelm
Larry

I think it would simply be hyperbole.

Kaiser Wilhelm

Larry,

Either you completely misunderstood the point of my sentence or you’re simply unclear as to the meaning of the word hyperbole.

If I had written that I vehemently believed Zimbabwe would succeed in its gold coin venture, that would have been hyperbole.

Since what I wrote was that I found it exceedingly doubtful this event would actually occur, this instead happens to be a case of skepticism.

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Larry

I know exactly what it means!

Jeff Legan

After reading Kaiser Wilhelm’s original comment and the follow ups, I believe skepticism is a closer fit than hyperbole, Larry. I misread or misunderstood a comment about the “S” eagles the other day. I just apologized and moved on. Probably did not need to use the meme though, Kaiser Wilhelm. I was not a big fan when SENZA was using them, either. Ask if it is a positive or negative before including one. SENZAs were always to amplify a negative. This one is more (not much) on the negative side, too. The comment itself was great- Educating, not Decimating. Thanks… Read more »

Kaiser Wilhelm

Thanks once again, Jeff Legan. You are a great influence and I wish you had been here for all the times we could have used you before!

Last edited 1 month ago by Kaiser Wilhelm
Kaiser Wilhelm

Larry,

I apologize for the gratuitous application of that meme. It most definitely wasn’t called for and as such was entirely unnecessary.

Kaiser Wilhelm

Please pay no attention to the meme above this notice. Since old habits die hard, upon further reflection it was necessary to neutralize it.

Last edited 1 month ago by Kaiser Wilhelm
Kaiser Wilhelm

…which I guess the thrust of may be considered a somewhat distant but still relevant paraphrase of a line from The Wizard of Oz, in this case being rendered as “Pay no attention to the Meme behind the curtain”.

Larry

Antonio,

Would you buy one of these coins from an African ‘country?’ I wonder what odds the Vegas bookies would give on the coins being pure gold. High inflation…there’s more than one way to skin a cat! Personally, I don’t look at the world thru ‘rose coloured glasses.’

Last edited 1 month ago by Larry
East Coast Guru

One can test the purity of these gold coins. I doubt they are less than a pure ounce. Risk is to high. They might even have good anti counterfeit features similar to Canada and England. However, there isn’t much demand for another gold coin in the marketplace and these will always trade at bullion prices even if made as a proof. More of a novelty coin from what I can see.

Kaiser Wilhelm

East Coast Guru and Larry,

I find myself agreeing with both of you. No, I wouldn’t buy a gold coin from Zimbabwe, but I do believe they are made of one ounce of gold.

True, this quite probably isn’t the best way to cure Zimbabwe’s economic ills, and for certain, it looks more like a gold token than a coin.

With so many tried and true methods of securely buying gold coins already available, one would likely have to be in the market for pure “innovation” to want to pick up one of these expensive tidbits.

East Coast Guru

Agree Major D. Perception of a better coin like an eagle is always stronger than reality. Dealer buy backs for Eagles are a bit over $50 when compared to gold maples , roos, Brit’s, Phil’s etc. selling to the public is about $50 or more depending on the mint compared to the eagle. I find myself gravitating toward the eagle every time I buy gold. More buyers seem to want them and I don’t care for the queens mug on one side. But to each his own.