Gold Logs Modest Weekly Gain; Silver Scores 7.5-Month High

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Gold prices edged less than 0.1% higher this week
Gold prices edged less than 0.1% higher this week while silver advanced 2%

Precious metals climbed on Friday, cementing weekly gains which were modest for gold and platinum and sharp for silver and palladium. Silver extended its weekly wins to three in a row and marked a 7.5-month high. Gold’s weekly gain was its second straight, and the yellow metal logged a just over 1-week high.

Rising for a fourth straight session, gold for February delivery settled up $9.20, or 0.5%, to $1,810.70 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the highest since Dec. 1.

Gold prices inched 0.06% higher this week after surging 3.2% last week. They are 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:

"This week, 17 Wall Street analysts participated in the Kitco News Gold Survey. Both bullish and bearish sides garnered seven votes each, or 41%, and three analysts, or 17%, expected gold prices to trade sideways next week.

Meanwhile, 661 votes were cast in an online Main Street poll. Of these, 450 respondents, or 68%, looked for gold to rise next week. Another 115, or 17%, said it would be lower, while 96 voters, or 15%, were neutral in the near term."

Elsewhere, silver for March delivery tacked on 47.1 cents, or 2%, to finish at $23.717 an ounce. The settlement was the highest since silver closed at $24.259 an ounce on April 22.

Silver prices also increased 2% this week, following gains of 8.5% last week and 2.1% in the week ending Nov. 25. They are 1.6% higher on the year.

In PGM prices on Friday and for the week:

  • January platinum added $21.60, or 2.1%, to end at $1,036.20 an ounce, for a 0.9% weekly increase.

  • Palladium for March delivery added $38, or 2%, to end at $1,968.80 an ounce, for a 3.6% advance on the week.

Both are higher on the year so far with gains of 7.2% for platinum and 3% for palladium.

US Mint Bullion Sales in 2022

Published United States Mint bullion sales last changed on Nov. 21. 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)
December July August September October November 2022 Sales
$50 American Eagle 1 Oz Gold Coin 0 59,500 47,500 47,500 59,500 6,000 846,000
$25 American Eagle 1/2 Oz Gold Coin 0 5,000 2,000 0 2,000 0 75,000
$10 American Eagle 1/4 Oz Gold Coin 0 2,000 4,000 4,000 2,000 0 140,000
$5 American Eagle 1/10 Oz Gold Coin 0 20,000 20,000 15,000 15,000 0 575,000
$50 American Buffalo 1 Oz Gold Coin 0 39,500 22,500 44,500 39,500 4,500 410,000
$1 American Eagle 1 Oz Silver Coin 0 850,000 850,000 833,000 1,258,000 1,407,000 15,904,500
$100 American Eagle 1 Oz Platinum Coin 0 15,500 1,000 0 0 0 80,000
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Kaiser Wilhelm

I love the Wall Street analysts and their sage weekly gold price predictions, busily flipping their coins and studiously rolling their dice.