Gold Rebounds from Multi-Year Low; Silver Scores 3.3% Weekly Gain

Gold prices fell 2.6% this week
Gold prices fell 2.6% this week

Gold bounced Friday after ending at a near two-and-a-half year low on Thursday. The yellow metal, however, still notched a significant weekly loss.

Gold for December delivery rose $6.20, or 0.4%, to settle at $1,683.50 an ounce on the Comex division of the New York Mercantile Exchange.

Gold prices fell 2.6% this week after edging 0.4% higher last week. On Thursday, they closed at their lowest point since April 3, 2020. The yellow metal is 7.9% 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, a total of 22 market professionals took part in Kitco News’ Wall Street survey. Fourteen analysts, or 63%, said they were bearish on gold next week. At the same time four analysts apiece, or 18%, were bullish or neutral on gold in the near term.

On the retail side, 1,045 respondents took part in online polls. A total of 395 voters, or 38%, called for gold to rise. Another 489, or 47%, predicted gold would fall. The remaining 161 voters, or 15%, called for a sideways market."

Meanwhile, silver for December delivery climbed 11.2 cents, or 0.6%, to settle at $19.381 an ounce. Silver prices jumped 3.3% this week after soaring 5% last week. They are 17% lower on the year.

In PGM futures on Friday and for the week:

  • October platinum dipped $2.70, or 0.3%, to end at $901 an ounce, but posted a 2.8% weekly gain.

  • Palladium for December delivery fell $33.40, or 1.6%, to end at $2,112.70 an ounce, for a 3% weekly loss.

Both metals remained divided on the year so far with platinum down 6.8% and palladium up 10.5%.

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 May June July August September 2022 Sales
$50 American Eagle 1 Oz Gold Coin 0 164,500 31,000 59,500 47,500 20,000 753,000
$25 American Eagle 1/2 Oz Gold Coin 0 7,000 6,000 5,000 2,000 0 73,000
$10 American Eagle 1/4 Oz Gold Coin 0 8,000 18,000 2,000 4,000 4,000 138,000
$5 American Eagle 1/10 Oz Gold Coin 0 50,000 135,000 20,000 20,000 5,000 550,000
$50 American Buffalo 1 Oz Gold Coin 0 56,000 21,500 39,500 22,500 11,500 333,000
$1 American Eagle 1 Oz Silver Coin 0 1,350,000 925,000 850,000 850,000 425,000 12,831,500
$100 American Eagle 1 Oz Platinum Coin 0 0 23,500 15,500 1,000 0 80,000


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The new 2023 British Royal Tudor Beasts Yale of Beaufort Silver, Gold and Platinum coins have been released and the obverse displays the image of Her Majesty Queen Elizabeth II.

Kaiser Wilhelm

Good Sir Rich,

This does make sense since King Charles III won’t be making his official debut as the new Monarch on any British coinage until the 2023 calendar year actually begins.


We got a hint of what the obverse may look like from the coin commemorating his 70th year.

Kaiser Wilhelm

That may well be all it is at this point, Antonio, since the look of his “debut” image, which is unusual since he’s just shy of 74, has yet to be determined.

Kaiser Wilhelm

Meanwhile, the departed Queen’s coinage will be all that is circulating.