Gold Dips on Week while Silver Rises Slightly

Gold was poised for a weekly gain until falling on Friday
Gold was poised for a weekly increase until falling on Friday

Precious metals dropped on Friday, cementing weekly losses for gold and palladium and trimming gains on the week for silver and platinum.

Down for a second session following two straight gains, gold for December delivery gave back $20.80, or 1.3%, to settle at $1,644.80 an ounce on the Comex division of the New York Mercantile Exchange.

Gold prices slipped 0.7% this week after climbing 0.5% last week. They are 10.1% 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 has a slightly bullish tilt on gold prices next week. Out of 17 analysts participating in the survey, seven analysts, or 41%, expect prices to rise next week. Meanwhile, six analysts, or 35%, were bearish in the near term and four analysts, or 24%, were neutral on gold.

Sentiment on Main Street was relatively similar. This week 473 respondents took part in online polls. A total of 200 voters, or 43%, called for gold to rise. Another 169, or 37%, predicted gold would fall. The remaining 94 voters, or 20%, called for a sideways market."

Falling for the first time in seven sessions and from a more than two-week high, silver for December delivery lost 34.7 cents, or 1.8%, to settle at $19.147 an ounce.

Silver prices rose 0.4% this week after soaring 5.5% last week. On Thursday, silver scored is highest finish since Oct. 10. The metal is 18% lower on the year.

In PGM futures on Friday and for the week:

  • January platinum shed $18.30, or 1.9%, to end at $949.10 an ounce, but still managed a 1.6% weekly increase.

  • Palladium for December delivery dropped $41, or 2.1%, to end at $1,897.20 an ounce, for a 5.4% weekly decline.

Both metals are lower for the year so far with losses of 1.8% for platinum and 0.8% for palladium.

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

Gold is down 10.1% for the year while silver has lost 18% of its value in the same period.