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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Kaiser Wilhelm

Palladium took another fairly big drop, further distancing it on the downside from gold.

Kaiser Wilhelm

Just occurred to me this is the “no read, no comment” zone. I’m talking to myself.


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.

Kaiser Wilhelm

Speaking of which, Jeff Legan, I wonder if there will be a trickle down effect from all of those top flight coins being sold for previously unheard of prices.

Kaiser Wilhelm

Awesome, Good Sir Rich, and I will be genuinely happy for those who take advantage of this new deal (not to be confused with the New Deal). After all, $400 is not chickenfeed and might just tip the balance enough for someone to take the plunge.

Jeff Legan

I read, I just do not comment very often.

Kaiser Wilhelm

That’s good to hear, Jeff, as I thought this column was the desert of CoinNews.