Gold Scores Sixth Weekly Gain

Gold edged nearly 0.1% higher on the week
Gold edged 0.06% higher on the week

Precious metals declined on Friday, padding losses on the week for silver, platinum and palladium while trimming the weekly increase for gold — its sixth straight.

Falling for a second session following five straight gains, gold for February delivery dipped 60 cents, or 0.03%, to settle at $1,929.40 an ounce on the Comex division of the New York Mercantile Exchange.

"Gold has had a good run in the last few weeks benefitting from the downturn in the U.S. dollar," Colin Cieszynski, chief market strategist at SIA Wealth Management, told MarketWatch.

Gold prices ticked 0.06% higher on the week, and they are ahead 5.7% for the year to date. On Wednesday, gold at $1,942.60 an ounce logged its best settlement since April 21.

In looking ahead to next week, Kitco News offers the following forecasts via their Wall Street & Main Street surveys:

"This week, 19 Wall Street analysts participated in the Kitco News Gold Survey. Among the participants, ten analysts, or 53%, were bearish on gold in the near term. At the same time, three analysts, or 16%, were bullish for next week and six analysts, or 32%, saw prices trading sideways.

Meanwhile, 1,127 votes were cast in online polls. Of these, 723 respondents, or 64%, looked for gold to rise next week. Another 251, or 22%, said it would be lower, while 153 voters, or 14%, were neutral in the near term."

Elsewhere, silver for March delivery fell 39.8 cents, or 1.7%, to finish at $23.622 an ounce. Silver prices posted a 1.3% weekly decline after they lost 1.8% last week. They are 1.7% lower on the year.

In PGM prices on Friday and for the week:

  • April platinum shed $6.20, or 0.6%, to end at $1,016.80 an ounce, for a 3% weekly loss.

  • Palladium for March delivery tumbled $64.10, or 3.9%, to end at $1,599.70 an ounce, for a 7.2% weekly drop.

The two are lower on the year so far with declines of 6.1% for platinum and 11% for palladium.

US Mint Bullion Sales in 2023

Published United States Mint bullion sales showed mixed results this week compared to last week. In week-over-week comparisons:

  • American Gold Eagles: 3,500 ounces against 12,000 ounces
  • American Gold Buffalos: 9,000 ounces compared to 500 ounces
  • American Silver Eagles: 0 ounces against 500,000

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 December 2022 Sales Last Week This Week 2023 Sales
$50 American Eagle 1 Oz Gold Coin 0 6,000 4,000 850,000 11,000 3,500 104,500
$25 American Eagle 1/2 Oz Gold Coin 0 0 0 75,000 1,000 0 35,000
$10 American Eagle 1/4 Oz Gold Coin 0 0 0 140,000 2,000 0 52,000
$5 American Eagle 1/10 Oz Gold Coin 0 0 0 575,000 0 0 115,000
$50 American Buffalo 1 Oz Gold Coin 0 4,500 0 410,000 500 9,000 53,500
$1 American Eagle 1 Oz Silver Coin 0 1,407,000 59,000 15,963,500 500,000 0 3,949,000
$100 American Eagle 1 Oz Platinum Coin 0 0 0 80,000 0 0 0
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I hear you, Sir Kaiser! As a result of Palladium’s price decline, you can now purchase the 2022-W $25 Reverse Proof American Palladium Eagle from the Mint for $2,650, which is $400 less than the price of $3,050 that it originally sold for when it was released on September 29, 2022.

Jeff Legan

Well, at least I am ahead on the first couple of releases. I think these will eventually all be more valuable then their initial release prices, but we will see.

Jeff Legan

I read, I just do not comment very often.