Gold Jumps 5.5% on Week; Silver Advances 4.3%

Gold logged a more than two-month high
Gold logged a more than two-month high

Precious metals scored sharp weekly gains even as half declined on Friday. Gold recorded another 11-week high.

On Friday, gold for December tacked on $15.70, or 0.9%, to settle at $1,769.40 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the highest since Aug. 25.

"We are seeing a follow-through in gold prices on yesterday’s CPI data, a weaker dollar and the likelihood that the Fed is going to do a half-point rate hike versus the 75-basis point hike," Reuters quoted Bob Haberkorn, senior market strategist at RJO Futures.

The U.S. Labor Department reported Thursday that consumer prices rose 0.4% for a second strategist month in October, resulting in year-over-year inflation of 7.7%.

Gold prices shot up 5.5% this week after gaining 1.9% last week. They are 3.2% 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. Twelve analysts, or 63%, said they were bullish on gold next week. Two analysts, or 11%, said they were bearish. Five analysts, or 26%, said they were neutral on the precious metal.

On the retail side, 905 respondents took part in online polls. A total of 588 voters, or 65%, called for gold to rise. Another 199, or 22%, predicted gold would fall, while the remaining 118 voters, or 13%, called for a sideways market."

After marking the best settlement since June 21, silver for December delivery shed 3.5 cents, or nearly 0.2%, to settle at $21.667 an ounce. Silver prices surged 4.3% this week following successive weekly gains of 8.6%, 0.4%, and 5.5%. They are 7.2% lower on the year.

In PGM futures on Friday and for the week:

  • January platinum declined $16.90, or 1.6%, to end at $1,038.10 an ounce, but scored a 8.1% weekly gain.

  • Palladium for December delivery advanced $72.30, or 3.7%, to end at $2,026.50 an ounce, for a 10.2% weekly gain.

Both metals are now higher on the year so far with increases of 7.4% for platinum and 6% for palladium.

US Mint Bullion Sales in 2022

Published United States Mint bullion sales have been unchanged for the month so far. 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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I’ve got gold in my hand right now, I don’t feel it get heavier or lighter. Must a be concept.

Kaiser Wilhelm

Perhaps that has to do with your physical aptitude compensatorily increasing or weakening as the value of your precious metal changes for the better or the worse.

Kaiser Wilhelm

I believe the technical explanation for that is a quantum metallic singularity.


I might look into that. 😉