Gold and Silver Snap Multi-Week Losing Streaks

Gold registered a 2.1% weekly gain
Gold registered a 2.1% weekly gain — its first in five weeks

Precious metals ended Friday with gains, padding their increases on the week. Weekly advances for gold and silver were their first in many weeks — five for gold and seven for silver.

On Friday, gold for April delivery rose $14.10, or 0.8%, to settle at $1,854.60 an ounce on the Comex division of the New York Mercantile Exchange.

Gold notched a 2.1% weekly gain, following four straight weekly losses which had reduced prices by a combined $112.30, or 5.8%. The yellow metal is 1.6% higher 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, 19 Wall Street analysts participated in the Kitco News Gold Survey. Among the participants, 13 analysts, or 68%, were bullish on gold in the near term. At the same time, one analyst, or 5%, was bearish for next week and five analysts, or 26%, saw prices trading sideways.

Meanwhile, 495 votes were cast in online polls. Of these, 254 respondents, or 51%, looked for gold to rise next week. Another 145, or 29%, said it would be lower, while 96 voters, or 19%, were neutral in the near term."

Elsewhere, silver for May delivery settled up 33.7 cents, or 1.6%, to $21.238 an ounce, driving prices also 2.1% higher on the week. Before then, the precious metal had notched six consecutive weekly losses in which prices fell a combined $3.56, or 14.6%. Silver is 11.7% lower on the year.

In PGM prices on Friday and for the week:

  • April platinum added $16.20, or 1.7%, to end at $979.40 an ounce, for a 7.9% weekly gain.

  • Palladium for June delivery added $4.10, or 0.3%, to end at $1,444.90 an ounce, for a 5.2% weekly gain.

The two are lower on the year so far with losses of 9.6% for platinum and 19.4% for palladium.

US Mint Bullion Sales in 2023

Published United States Mint bullion sales were unchanged Friday. On Thursday, the U.S. Mint adjusted bullion sales for February with combined increases of 9,000 ounces in American Gold Eagles and 5,000 ounces in American Gold Buffalos

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 Last Week This Week January Sales February 2023 Sales
$50 American Eagle 1 Oz Gold Coin 0 0 32,500 118,000 41,500 159,500
$25 American Eagle 1/2 Oz Gold Coin 0 0 7,000 37,000 8,000 45,000
$10 American Eagle 1/4 Oz Gold Coin 0 0 10,000 62,000 12,000 74,000
$5 American Eagle 1/10 Oz Gold Coin 0 0 20,000 115,000 85,000 200,000
$50 American Buffalo 1 Oz Gold Coin 0 0 14,500 59,000 19,500 78,500
$1 American Eagle 1 Oz Silver Coin 0 0 450,000 3,949,000 900,000 4,849,000
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Kaiser Wilhelm

Not that it’s likely any consolation to you, Major D, but that very situation did in fact cross my path here also. Beginning by establishing one necessary given here, which is that from all that I am personally aware of (which is to say that I have had occasion to come across from my reading experience here) you are definitely not known for transgressing against any boundaries of civilized expression on this site and while I am at it I might add that I similarly believe that I can’t be considered to be guilty of any such derelictions either. This… Read more »

Last edited 6 months ago by Kaiser Wilhelm
Kaiser Wilhelm

Mine occurred, Major D, when I was in the process of adding a meme to my comment, something I’ve been known to do countless times before. This time for some reason the site algorithm rebelled and labelled me spam.


With so many comments this week on the Mint’s recent price increase of the Proof Silver American Eagle, I found it interesting to look back at the Mint’s prices for the Silver American Eagle Proof coins from yesteryear, courtesy of (Source: The first 20 years – 1986 to 2005 US Mint prices for American Eagle Silver Proof Coins and the average yearly price of Silver per ounce: 1986: coin price = $21.00 silver price = $5.47 1987: coin price = $23.00 silver price = $7.01 1988: coin price = $23.00 silver price = $6.53 1989: coin price =… Read more »

Kaiser Wilhelm

Good work, Good Sir Rich. Clearly the Mint is nothing if not consistent in its pricing.


Sir Kaiser, looking back, it reminded me of purchasing my first American Silver Eagle Proof coin, the 1993-P $1 SAE Proof, 30 years ago at the U.S. Mint Coin Store in Washington, DC.

Kaiser Wilhelm

What a great experience that must have been, Good Sir Rich, to have gotten your first ASE at an actual US Mint store, and in Washington, D.C at that!

Kaiser Wilhelm

Major D and Good Sir Rich, I just have to say that this site and the people like you who participate in its sharing of numismatic know-how have really helped elevate my awareness of what it means to be a coin collector. Many thanks!

Kaiser Wilhelm

This precious metal value turnaround sure didn’t go very far or last very long, did it?