Gold and Silver Rally, Notching Sharp Weekly Gains

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Gold prices increased 1.9% on the week
Gold prices increased 1.9% on the week

Precious metals rallied Friday, advancing weekly gains for gold, silver and palladium while trimming palladium’s loss on the week. Gold rebounded from a more than two-and-a-half-year low to settle at a three-week high.

Gold for December tacked on $45.70, or 2.8%, to settle at $1,676.60 an ounce on the Comex division of the New York Mercantile Exchange. The finish was the highest since Oct. 13. On Thursday, gold settled at its lowest price since April 1, 2020.

Gold prices moved ahead 1.9% this week after falling 0.7% last week. They are 8.3% 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 20 market professionals took part in Kitco News’ Wall Street survey. Ten analysts, or 50%, said they were bullish on gold next week. Two analysts, or 10%, said they were bearish. Eight analysts, or 40%, said they were neutral on the precious metal.

On the retail side, 520 respondents took part in online polls. A total of 240 voters, or 46%, called for gold to rise. Another 169, or 33%, predicted gold would fall. While the remaining 111 voters, or 21%, called for a sideways market."

Elsewhere, silver for December delivery soared $1.35, or 7%, to close at $20.784 an ounce. The settlement was silver’s best since Oct. 4.

Silver prices jumped 8.6% this week following gains of 0.4% last week and 5.5% in the week ending Oct. 21. They are 11% lower on the year.

In PGM futures on Friday and for the week:

  • January platinum added $36.40, or 3.9%, to end at $960.50 an ounce, for a 1.2% weekly gain.

  • Palladium for December delivery added $41.40, or 2.3%, to end at $1,839.50 an ounce, but registered a 3% loss on the week.

Both metals are lower for the year so far with losses of 0.6% for platinum and 3.8% 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 / November June July August September October 2022 Sales
$50 American Eagle 1 Oz Gold Coin 0 31,000 59,500 47,500 47,500 59,500 840,000
$25 American Eagle 1/2 Oz Gold Coin 0 6,000 5,000 2,000 0 2,000 75,000
$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 39,500 405,500
$1 American Eagle 1 Oz Silver Coin 0 925,000 850,000 850,000 833,000 1,258,000 14,497,500
$100 American Eagle 1 Oz Platinum Coin 0 23,500 15,500 1,000 0 0 80,000
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Kaiser Wilhelm

If the theory holds that numismatic ASEs are just as much bullion as are ASE bullion coins, then does it follow that bullion ASEs are just as much rounds as are ASE rounds, and as a consequence that numismatic ASEs are in fact ASE rounds?