Gold, Silver and Other Precious Metals Score Back-To-Back Weekly Gains

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Gold rose 2.2% this week
Gold rose 2.2% this week

Precious metals declined on Friday, but they all posted weekly gains — exceptional ones for gold, silver and platinum.

On Friday, gold for December delivery fell $11.50, or 0.7%, to settled at $1,709.30 an ounce on the Comex division of the New York Mercantile Exchange.

Gold prices advanced 2.2% this week after climbing 1% last week. They are 6.5% 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, a total of 19 market professionals took part in Kitco News’ Wall Street survey. Eleven analysts, or 58%, said they were bearish on gold next week. Five analysts, or 26%, said they were bullish on gold and three analysts, or 16%, said they were neutral on the precious metal in the near term.

On the retail side,790 respondents took part in online polls. A total of 451 voters, or 57%, called for gold to rise. Another 222, or 28%, predicted gold would fall. The remaining 117 voters, or 15%, called for a sideways market."

Elsewhere, silver for December delivery lost 40.5 cents, or 2%, to settle at $20.255 an ounce. Still, silver prices rallied 6.4% this week after rising 0.7% last week. They are 13.3% lower on the year.

In PGM futures on Friday and for the week:

  • January platinum shed $3.90, or 0.4%, to end at $917.90 an ounce. Platinum notched a 6.8% weekly increase after inching 0.05% higher last week.

  • Palladium for December delivery dropped $84.20, or 3.7%, to end at $2,191.30 an ounce. Palladium edged ahead 0.4% from a week ago after soaring 5.4% last week.

Both metals remained divided on the year so far with platinum down 5% and palladium up 14.6%.

US Mint Bullion Sales in 2022

Published United States Mint bullion sales were unchanged for a second week in a row. 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 August September 2022 Sales
$50 American Eagle 1 Oz Gold Coin 0 0 164,500 31,000 59,500 47,500 47,500 780,500
$25 American Eagle 1/2 Oz Gold Coin 0 0 7,000 6,000 5,000 2,000 0 73,000
$10 American Eagle 1/4 Oz Gold Coin 0 0 8,000 18,000 2,000 4,000 4,000 138,000
$5 American Eagle 1/10 Oz Gold Coin 0 0 50,000 135,000 20,000 20,000 15,000 560,000
$50 American Buffalo 1 Oz Gold Coin 0 0 56,000 21,500 39,500 22,500 38,500 360,000
$1 American Eagle 1 Oz Silver Coin 0 0 1,350,000 925,000 850,000 850,000 833,000 13,239,500
$100 American Eagle 1 Oz Platinum Coin 0 0 0 23,500 15,500 1,000 0 80,000

 

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Antonio

Yes, everything is down. The real bad news is gas is up. : P

Kaiser Wilhelm

And how about those supermarket prices? Oh…my…god!

Plus, the plunging stock market is causing havoc with retirement plans.

Whatever happened to the “golden years”?

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Antonio

Live in a studio, take public transportation, eat one meal a day. : P

Kaiser Wilhelm

Alright, who told you about my college years? 😉

Kaiser Wilhelm

Since then, of course, my savings habit has left me with quite the nest egg.

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Antonio

A new coin from the Royal Mint without the king’s image on it. They were already minted before Queen Elizabeth II passed away and so will still have her portrait on it. It celebrates the centennial of the BBC.

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Antonio

100 years of BBC Inform Educate Entertain

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Kaiser Wilhelm

That is one very snazzy looking coin, Antonio. Thanks for the heads up!