On Friday, the prices of precious metals diverged, with gold and silver falling after reaching their highest levels in over 2-2/3 years and nearly 14 months, respectively, while platinum and palladium rose.
Gold for June delivery gave back $30.90, or 1.5%, to settle at $2,024.80 an ounce on the Comex division of the New York Mercantile Exchange.
Gold prices were dragged lower toward the psychologically important $2,000 mark "by the higher-than-expected headline [nonfarm payroll report], coupled with the unemployment rate matching a multi-decade low," Han Tan, chief market analyst at Exinity Group, told MarketWatch.
"This latest evidence of a still-tight labor market is casting fresh doubt on a Fed hike pause, to the chagrin of the zero-yielding precious metal," he said.
Gold prices rose 1.3% over the past week, building on a 0.4% increase from the previous week. Year to date, prices are up 10.9%. Additionally, on Thursday, gold settled at its second-highest point, reaching a price not seen since August 6, 2020.
As we look ahead to next week, Kitco News offers the following forecasts via their Wall Street & Main Street surveys:
"This week, 22 Wall Street analysts participated in the Kitco News Gold Survey. Among the participants, seven analysts, or 32%, were bullish on gold in the near term. At the same time, nine analysts, or 41%, were bearish for next week, and six analysts, or 27%, saw prices trading sideways.
Meanwhile, 774 votes were cast in online polls. Of these, 500 respondents, or 65%, looked for gold to rise next week. Another 163, or 21%, said it would be lower, while 111 voters, or 14%, were neutral in the near term."
After reaching their highest settlement since March 10, 2022, silver for July delivery fell by 29.7 cents, or 1.1%, to finish at $25.93 an ounce. Despite this, silver prices advanced this week by 2.8%, after rising 0.7% last week, bringing the year-to-date gain to 7.9%.
Turning to other precious metals, on Friday and for the week:
-
July platinum increased by $18, or 1.7%, to end at $1,068.30 an ounce, trimming its weekly loss to 2%.
- Palladium for June delivery jumped by $45.20, or 3.1%, to close at $1,486.80, reducing its weekly decline to 1.5%.
In terms of year-to-date performances, platinum has declined by 1.4%, while palladium has posted a loss of 17.3%.
US Mint Bullion Sales in 2023
This week, the U.S. Mint reported no change in bullion sales. Last week, the bureau reported gains totaling 37,000 ounces in American Gold Eagles and 4,000 ounces in American Gold Buffalos.
The table below presents a breakdown of U.S. Mint bullion products sold, with columns indicating the number of coins sold during different time periods.
| US Mint Bullion Sales (# of coins) | ||||||
|---|---|---|---|---|---|---|
| Friday / Week | Last Week | February | March | April | 2023 Sales | |
| $50 American Eagle 1 Oz Gold Coin | 0 | 37,000 | 41,500 | 211,000 | 159,000 | 529,500 |
| $25 American Eagle 1/2 Oz Gold Coin | 0 | 0 | 8,000 | 1,000 | 8,000 | 54,000 |
| $10 American Eagle 1/4 Oz Gold Coin | 0 | 0 | 12,000 | 10,000 | 12,000 | 96,000 |
| $5 American Eagle 1/10 Oz Gold Coin | 0 | 0 | 85,000 | 10,000 | 35,000 | 245,000 |
| $50 American Buffalo 1 Oz Gold Coin | 0 | 4,000 | 19,500 | 73,000 | 61,000 | 212,500 |
| $1 American Eagle 1 Oz Silver Coin | 0 | 0 | 900,000 | 900,000 | 900,000 | 6,649,000 |
| $100 American Eagle 1 Oz Platinum Coin | 0 | 0 | N/A | 7,500 | 500 | 8,000 |
At least no one is attempting to rob people of their wedding bands because they’re made of gold.
My parents’ rings were before there was even Made in Japan, which was replaced by Made in China.
Received an official letter from the Department Of The Treasury today and thought to myself ” Oh boy, here comes another audit!” Instead, it was a request to participate in a survey to see how the mint can improve the products and services they offer. Anyone else here get one? You would think it would be more cost effective to just e-mail this info to me, as they have it on file, than send a request first class.I suppose us high end collectors get preferential treatment!
I’m going to suggest they bring back the Franklin Half Dollar. Seriously, they are minting 3 Silver dollars this year; the ASE, the Morgan, and the Peace, so why can’t they mint 2 half dollars? Diversity is our strength, right.
I knew you’d have a good suggestion! That and the Franklin are some of my favourites. If they listen to me, a big if, we should see these on the menu for 2024!
Oh, and God save the King!
I was thinking last night how come the women’s quarter series is only for 4 years, thus ending in 2025. Why so short…
perhaps the Mint is already planning things for 2026. 2026 will mark the United States’ semiquincentennial, or 250th anniversary.
so what exactly will we see that year?
I was on one of those and they did implement some of our suggestions. Of course our’s wasn’t the only group they requested input from. We must have all been in some agreement with each other.
FYI,
According to the U.S. Mint, 2026 will have up to 5 different designs on quarters for the 250th anniversary of USA independence with one of the five representative of a women or women’s contributions to American history.
2027 will start a 4-year quarter program with American youth sports theme (the Secretary of the Treasury can change the obverse design of the bust of George Washington, but it has to be Washington & no other President).The Public Law requiring the Mint to produce these quarters was signed into law by President Biden on January 13, 2021.
NumisdudeTX
President Trump signed that act that I mentioned in the above post – it was the day of his second impeachment!
This website wouldn’t let me edit it after I took my time proofreading it & another post.
NumisdudeTX
only 46 of the 2 coin Morgan/Peace left for subscription. probably Monday will be sold out
Personally, I think all of them have been sitting around a long time, it was only increasing the household limit that has caused a sellout, and even at that it has taken awhile. As I said earlier, I was going to order 2 of everything, now I am at 1 and even debating that. The proof coins at 400,000 is way to many to generate excitement in my book.
Tom,
Yes, 400,000 is a damn high mintage limit on these Proofs…if you send them in to a TPG company & get a top 70 grade, you might make a buck or two. Otherwise, they will look great in Proof in a collection, but will always be common…
Back in the day I got to see & hold in person at auction lot viewing at Heritage Auctions some of the original Proof Morgan silver dollars & the matte Proof & Satin finish Peace silver dollars & they are amazing!
Happy collecting!
NumisdudeTX
Kaiser, The last time I held top, extremely rare, 6-figure coins being auctioned was during lot viewing at the ANA 5-day coin show/convention held in Baltimore in 2003. (By the way, it was the last time all 5 of the 1913 Liberty Head nickels we’re on display together, in a special exhibit area at that show). Also, in 1988 I had the lucky chance to hold the specimen of that famous coin owned by the Smithsonian Institution during a 3-day numismatic seminar there in Washington, D.C. in the main vault with the curator of the National Numismatic Collection Dr. Elvira… Read more »
That set cannot sell out till first day of issue sometime in the Fall, since the Mint says it will hold back 10% of the mintage for the public on issue day.
NumisdudeTX