Gold and Other Metals Log Weekly Gains

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Gold prices edged 0.5% higher this week
Gold prices edged 0.5% higher this week

Gold, silver and platinum scored sold gains on Friday while palladium tumbled, but all the metals notched weekly wins.

Gold for December delivery rose $19.50, or 1.2%, to settle at $1,656.30 an ounce on the Comex division of the New York Mercantile Exchange.

Gold prices edged 0.5% higher this week after falling 3.5% last week. They are 9.4% 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, 20 market professionals took part in Kitco News’ Wall Street survey. Eleven analysts, or 55%, said they were bearish on gold next week. Four analysts, or 20%, said they were bullish on gold and five analysts, or 25%, said they were neutral on the precious metal in the near term.

On the retail side, 473 respondents took part in online polls. A total of 180 voters, or 38%, called for gold to rise. Another 192, or 41%, predicted gold would fall. The remaining 101 voters, or 21%, called for a sideways market."

Elsewhere, silver for December delivery tacked on 37.7 cents, or 2%, to settle at $19.066 an ounce. Silver prices surged 5.5% this week after plummeting 10.8% last week. They are 18.4% lower on the year.

In PGM futures on Friday and for the week:

  • January platinum added $18.80, or 2.1%, to end at $933.90 an ounce, for a 4.4% weekly gain.

  • Palladium for December delivery dropped $74.10, or 3.6%, to end at $2,005.50 an ounce, but inched 0.4% higher on the week.

Both metals remained divided on the year so far with platinum down 3.3 % and palladium up 4.9%.

US Mint Bullion Sales in 2022

On Friday, the United States Mint published sales of American Eagle bullion coins for the first time this month. Increases included a combined 57,000 ounces in American Gold Eagles and 850,000 ounces in American Silver Eagles.

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 June July August September October 2022 Sales
$50 American Eagle 1 Oz Gold Coin 54,500 31,000 59,500 47,500 47,500 54,500 835,500
$25 American Eagle 1/2 Oz Gold Coin 1,000 6,000 5,000 2,000 0 1,000 74,000
$10 American Eagle 1/4 Oz Gold Coin 2,000 18,000 2,000 4,000 4,000 2,000 140,000
$5 American Eagle 1/10 Oz Gold Coin 15,000 135,000 20,000 20,000 15,000 15,000 575,000
$50 American Buffalo 1 Oz Gold Coin 11,000 21,500 39,500 22,500 44,500 32,500 398,500
$1 American Eagle 1 Oz Silver Coin 850,000 925,000 850,000 850,000 833,000 850,000 14,089,500
$100 American Eagle 1 Oz Platinum Coin 0 23,500 15,500 1,000 0 0 80,000
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