Prices for precious metals dropped on Friday, contributing to their weekly losses, which reached double digits in percentage terms for platinum and palladium, and both also extended their daily losing streaks to five in a row. Silver hit a four-week low, and gold experienced its first weekly decline in five weeks, with its price also reaching a low of more than three weeks.
Gold for December delivery fell by $32.10, or 1.6%, to settle at $1,937.70 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the lowest since Oct. 17.
"Gold is an inmate within the confines of overhead resistance, and the door to freedom resides at $2,060," Adam Koos, president at Libertas Wealth Management Group, told MarketWatch. "Just when an exit plan seems near – when a break-out with parole seems promising – Jerome Powell came in like the warden on Thursday, saying that he’s unconvinced that monetary policy has been sufficient thus far, and that inflation could still warrant future rate hikes."
Gold prices lost 3.1% this week, following four weekly increases that had lifted prices by a combined $154, or 8.4%. Year-to-date, the yellow metal is 6.1% higher.
Looking to the week ahead, Kitco News offers the following forecasts via their Wall Street vs. Main Street surveys:
"This week, 12 Wall Street analysts participated in the Kitco News Gold Survey. In a stark reversal from last week’s bullish sentiment, only three experts, or 25%, expected to see higher gold prices next week, while two-thirds, or 67%, predicted a drop in price. One expert, representing 8%, was neutral on gold for the coming week.
Meanwhile, 319 votes were cast in Kitco’s online polls, and though market participants were less optimistic than they were in last week’s survey, they remained bullish on balance. 183 retail investors, or 57%, looked for gold to rise next week. Another 88, or 28%, expected it would be lower, while 48 respondents, or 15%, were neutral on the near-term prospects for the precious metal."
Falling for the first time in three days, silver for December sank by 62.4 cents, or 2.7%, ending at $22.281 an ounce. The settlement was the lowest since Oct. 12. Silver prices fell 4.3% this week after a 1.7% increase last week. They are 7.3% lower on the year to date.
In other precious metals, both on Friday and for the week:
-
January platinum declined by $17.20, or 2%, to finish at $845.60 an ounce, increasing its weekly loss to 10.5%.
- Palladium for December delivery fell by $30.30, or 3%, to $978.80 an ounce, bringing its loss for the week to 13.3%.
When evaluating their performance from the start of the year to the present, platinum has experienced a decrease of 21.9%, while palladium has suffered a more substantial decline of 45.6%.
US Mint Bullion Sales in 2023
U.S. Mint bullion sales last changed on Tuesday, and those gains were the first for this month. Advances included 8,500 ounces in American Gold Eagles, 356,000 ounces in American Silver Eagles, and 3,500 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 (not total ounces) during different time periods.
| US Mint Bullion Sales (# of coins) | |||||||
|---|---|---|---|---|---|---|---|
| Friday | Last Week | August | September | October | This Week / November | 2023 Sales | |
| $50 American Eagle 1 Oz Gold Coin | 0 | 4,000 | 78,000 | 27,500 | 97,000 | 7,000 | 876,000 |
| $25 American Eagle 1/2 Oz Gold Coin | 0 | 3,000 | 2,000 | 13,000 | 7,000 | 1,000 | 96,000 |
| $10 American Eagle 1/4 Oz Gold Coin | 0 | 0 | 2,000 | 30,000 | 18,000 | 4,000 | 186,000 |
| $5 American Eagle 1/10 Oz Gold Coin | 0 | 0 | 150,000 | 40,000 | 30,000 | 0 | 605,000 |
| $50 American Buffalo 1 Oz Gold Coin | 0 | 3,000 | 19,500 | 18,500 | 36,500 | 3,500 | 371,000 |
| $1 American Eagle 1 Oz Silver Coin | 0 | 632,000 | 3,124,000 | 2,970,000 | 3,938,000 | 356,000 | 22,203,000 |
| $100 American Eagle 1 Oz Platinum Coin | 0 | 0 | 0 | 0 | 0 | 0 | 12,700 |
And we continue to mourn the loss of Keiser. Farewell. Associated Press FBI seized phones, iPad from New York Mayor Eric Adams in escalation of fundraising investigation JAKE OFFENHARTZ Updated Fri, November 10, 2023 at 6:17 PM EST Never go against quid pro Joe. Will Leticia Adams go after him as vigorously as she did Trump. Nah, more like the other great Yankee, you know who I mean, the guy whose brother used the huge qtip for covid test. I hear AG Mosby has some time on her hands to defend him as she just dropped a lot of cases… Read more »
Dazed SENZA,
The Angriest Troll, he knows not what he speaks because the Anger consumes him
Eric Adams should be ok, he is cooperating. Unlike Trump.
Would you mind explaining if that computer is hunter’s or not. I mean at first they cooperated and said it wasn’t his (fbi and hunter). Then they denied when charges brought when repubs took a majority. Then they claimed the evidence tampered with, but still not his. Then hunter sued for privacy issues. Then hunter sued saying it was illegally seized. Then the headline said he sued guiliani for putting out tampered evidence. Now I know Hunter is cooperating because he is so engaged in the lawsuits and deflecting, but is it, or is it not his computer? MGT must… Read more »
The Angriest Troll, he knows not what he speaks because the Anger consumes him. Couldn’t even give it a rest here on Veterans Day, huh Dazed SENZA? I thought it was going to be peaceful here today. My bad. To all other Veterans out there who may see this, Thank you for serving. I did not know this was even a thing before chatting extensively with Dazed SENZA here, but I would now also like to give an extra tip of the hat to all veterans who no matter how horrible your time in service ended up being, still love… Read more »
Spoken like a stable genius. If you actually met any veteran (obvious you don’t have any family that served ever) you’d understand the true brotherhood and how differences can be set aside. It is Karen’s like you that have no idea what is going on that wants to insert yourself into conversation and fight to get what you think people want and need. You and your white guilt coalition trying to change base names, claiming systemic racism in military branches. Picketing sowing discord. And look how great you made it. Democrat Clinton put in don’t ask don’t tell. And now… Read more »
Wow Dazed and Confused, you are quite patient and hit just about “every nail on the head”! I hope others can see how nice we’ve been being to the “attention/approval seeker”? Now back to my previous question posed in this thread. Anyone buying the RP AI$1.’s, 2023 Limited Edition Silver Proof Set(LESPS) or 2023 Uncirculated set in December?
Not buying the AI set. Haven’t started, no need to start now. Plus with outrageous markups on everything it is a losing practice now. I’ll just go to a coin show and ask to see it there, hold it, admire it, and give it back.
Fair enough Dazed. A little Window shopping if you will? This should spark Kaiser and ?’s memory of past comments.
Hi Dazed SENZA, The Angriest Troll, he knows not what he speaks because the Anger consumes him. I enjoyed taking nearly two full days off from your negativity, anger, and hate. “Spoken like a stable genius”—-Thank you for referring to me as a “stable genius”, the label Trump glowingly applies to himself. You obviously meant that one as a compliment. I am sure you aspire to achieve the same moniker for yourself someday. “If you actually met any veteran (obvious you don’t have any family that served ever) you’d understand the true brotherhood and how differences can be set aside.“—-If… Read more »
Dazed and Coinfused, remember DNFTT’s, especially after midnight! LOL BTW, I was always found it disappointing eating a York “Peppermint Patti”, unlike Marci! LOL The commercial always showed a huge blast of cold frigid air and the candy would make a loud, “snap” when bit into. Perhaps I should go for a class action suit for false advertising, because even if you put them in the freezer, they won’t snap or give you that satisfying, branch snapping, “crack” sound from the commercial.
Thanks for sharing some good advice with us all here, CaliSkier. I should also add DNFTT’s when they spread divisive political misinformation here. It only encourages more of the same.
Snap into a slim Jim
If you don’t mind Dazed, I’d like to add: “Oooh yeah”!!!
His death was a sad one. Saw the documentary. He was to be the next hogan, but his desire to be biggest and steroid use took over, so they gave us Dwayne Johnson. Hogan sure did a number on that guy. But nothing compared to the ones he gave Elizabeth. Very over protective of her. Reminds me of someone. The ultimate warrior was another one.
The disenfranchised sue happy just tried that. Suing for false advertising. They sued fast food restaurants claiming the 1/2 inch thick burger they get doesn’t look like the 9″ version on tv. They lost. Now if illegals sue claiming taco bell is racist for stealing their cultures’ food they might grant that. Depends on which court you file in. Either way, lawyer gets 40%, uncle Sam gets 25%, and you, the victim gets pocket change.
Since size doesn’t matter, I think that Mike Mezak, should have a bunch of oversized replica coins made for advertising purposes. Slap another 1/4 – 1/2 oz on all silver coins being advertised to make ‘em’ look enticing and chunky! Watch the sales increase and wind the Burger industry set precedents, shouldn’t other industries be able to follow suit. Just another Shrinkflation move IMO AND since no nobody is forced to tell you they have raised prices for less product, what’s the harm??? And how many more 1oz gold bars could one sell if they appeared as big as a… Read more »
It is getting so bad, the mint gonna release chocolate filled gold bars. Or in this new day and age silver plated gold. Made from real aluminum
CaliSkier,
Lol. Too funny! I hear Peppermint Patty is a pussy & a fecklesscunt too, like Ivanka Trump was as a White House administration official public figure…. Lol.
NumisdudeTX
Seth, facts or fiction? Here is what Peanuts says about “Peppy LongPatty”! “Peppermint Patty is a natural athlete and the manager of her own baseball team. More than simply sporty, Patricia is also a thinker. She spends a lot of time sitting against the ‘thinking tree’ contemplating life and love. She can do just about anything…except study. She’s more sensitive than she lets on and speaks out loudly against any unfair treatment of herself or others. Her adoring father refers to her as his “Rare Gem.”” A natural athlete, Tomboy with a crush on Chuck! Far from feckless, and although… Read more »
Amazing how utterly corrupt the dems have become. Of course, with the IQ level of their base, is it surprising they keep getting away with it. Watching all the proceedings in ny is analogous to watching the WWE, the outcome has already been written. The only people being gratified by all this bs is, you guessed it, the lawyers. We do seem to always provide these people plenty of ‘get rich’ opportunities in the USA.
Craig? Become???? The corruption has been going on, pretty much, Forever. Now don’t be so naïve, nor inflammatory, as to imply that the “other side” or lesser spin-off groups are any less corrupt. For each, every and ALL, especially “self”, it’s “Me” first and MONEY and or more or the most dollars are the driving force. I know the US Mint coin thing is boring and some may feel or think there is nothing to discuss. Well, we’ve got nearly 250 years and how many sizes, types, patterns, varieties, dates, mints; designs, artists, and engravers, mintages, alloys, errors, values, denominations,… Read more »
I got some rhodium powder a while back when it was much cheaper. I probably have some in my chemistry set I got as a kid decades ago. (Waiting for Jeff and his clever tie in to chemistry frying my brain or something, true Trumpian style) From what I recall, it takes a lot of heat and hard to form. While conductivity is great, similar results in other cheaper metals and other platinum family metals. However, rhodium once formed is more durable, combine that with Kevlar insulation and it’d create the durable conduits needed for advanced components. Such as those… Read more »
Thanks to all veterans that have served our country, especially, during times of active combat. Have a peaceful and enjoyable day!
BTW, I’m not a historian, however out of curiosity, as someone here likely knows, how many years in the past 250 has the United States, not been involved in some active combat scenario? We’ve had our fair share over the past couple centuries. Anyhow, thanks again Veterans!
There is always something. War on drugs, war on crime, war on racism war on…. after 250 years you’d think people would stop signing up to fight, as the recent wars are all over profit for the lobbyists. nah, they’ll just bring back the draft. Gas may have been one reason for ME war, but poppy was the true reason, to protect them, that’s why they stayed in Afghanistan so long. That’s why big pharma had the opioid crisis. And the first ones to suffer were vets. They cut off the vast majority cold turkey. Then vlamed that shooter that… Read more »
Happy belated birthday Marines. The only branch to achieve recruitment goals even without offering bonuses. With all the greatness biden has done, I can’t imagine why nobody is signing up. Happy veterans day to all my brothers and sisters in arms and to the families of those no longer with us. I would gladly Don the uniform again if not for previous injuries that have since caught up to me, but even as standards have lowered, I have aged out. I pray your 2-3% cost of living adjustment will be enough to combat this 40% bidenomics policies. As stated earlier… Read more »
NATION WORLD
Biden says America’s veterans are ‘the steel spine of this nation’ as he pays tribute at Arlington
From wcbc in Charlotte
Outstanding speech Mr president. However, 1 slight critique. How about mentioning veterans more than the number of times you remind us you are Beau’s pappy. Other than that, kudos. Maybe memorial day he’ll remind us how many times he is related to a dead soldier while briefly footnote it is a day about the other millions that also served and died.
Ahhh Jeff, nothing berger. I was simply telling Christo that even innocent looking cartoons are dangerous. And even went back to vhs days to point out it isn’t new. The posts from Keiser (odds and ends over the last month I wasn’t here) said he didn’t agree with how things are done. Nor did he side with others that said it should be censored. He also spoke against Craig, but also major d and you. In the same postings he also pointed out things he agreed with, or even he didn’t that he thought should be allowed to pass. His… Read more »
And all the words wasted here on this comments section have something to do with coins and the price of precious metals? Sorry, can’t see it, guys & gals. Move on … please?
Sure.
Fool’s gold: Redlands man pays $21,000 in cash for fake gold bars
Officials believe there may be more victims who have bought fake gold bars.
By Tony Shin • Published November 10, 2023 • Updated 3 hours ago
From American Institute of economic research
College History Textbooks spread Misinformation about the Great Depression
Phil MagnessPhillip W. Magness
– November 10, 2023
Nah. That old New deal has nothing to fo with what going on now. Oh right. Coins were lost because if this. Probably Morgan’s and peace dollars as they were aplenty at the time.
CBS MoneyWatch
How to sell gold without getting scammed
Aimee Picchi
Fri, November 10, 2023 at 4:34 PM EST
Reb, thanks for your contribution to the coin and precious metals conversation! Spoken like a true aficionado of someone with something to contribute to the dialogue! Cheers! “Well, we’ve got nearly 250 years and how many sizes, types, patterns, varieties, dates, mints; designs, artists, and engravers, mintages, alloys, errors, values, denominations, auctions, provenances, series, programs, could we possibly talk about???” Pure silver, Purely overpriced=Pure ripoff. The 2-coin 2023 Reverse Proof Morgan and Peace dollar set combined, contains just $38.38 worth of silver. $38.38 for just $185! Next year, Expect to pay $194 or $199. Mint pricing, the National Debt and… Read more »
I’m buying the reverse set for my precious metals proof collection. I wouldn’t buy them at $10 if they were uncirculated only. That’s just not what I collect. If someone buys coins strictly for the price of the precious metals alone, he or she should find another hobby. Stick to buying the base metals only. I have several collections of “things”. Some are wildly more valuable than what I bought them for. Some aren’t. I enjoy all. If collecting anything brings pain and remorse, don’t do it. Get a pet (although a strong argument could be made that pets are… Read more »
Fortune
Parents are stealing their children’s identities to access debt—and destroying their kids’ credit scores in the process
Chloe Taylor
November 4, 2023·
Guess another lie about how it really works I suppose. Just scream racism when you don’t see the results you like. Erase it and change rules. Make it illegal. Oh right. Nvm
NY Daily News
Some migrant families refuse to stay at new shelter in New York City, hopping right back on bus
David Cruz, New York Daily News
Sun, November 12, 2023 at 8:30 Hudson?
Just in case you didn’t believe the point they are never satisfied. Go on read it. Check the pics closely. I know, it’s a radical republican state, fricking new York. Hide your coin collection and gold jury cuz day gonna need some money to get Christmas presents. Kidding.
We’re beginning to loot a lot at Christmas,
Everywhere we go.
For what it’s worth, I think DeSantis sent em to Martha’s vineyard at their request.
Oh.. Christo. Disney plus is changing format. Ending in December, so let your grandkids know not to watch any of the adult shows as it will be paired with hulu and eventually both apps will become something new. Speaking of hunger games, maybe they’ll see that comedy with Jennifer Lawrence where she goes full frontal nude.
The more you know….
Not sure if you all saw this? Granted it is one of the lower priced items($29) offered and is often scoffed at by our typical Precious Metal posters. However I noticed just now, that the “Late” release 2023 Uncirculated Coin set has an announced mintage limit of 185,000, down from the 250,000 for 2022. Although the 2022 is still available, some may want to consider a Subscription, so you don’t miss out and end up with a hole in your collection or worse, having to buy at an inflated price on the secondary market. No HHL for “Subs” or drop… Read more »
Knowing the mint they’ll make a 1 year anniversary of the set, essentially making it more common. Or find out they already stamped them and suddenly have printed them twice doubling the number issued. Hard to call as I don’t see rarity being sole reason to collect. Old coins most likely lost to time, these new ones will all be stored in a closet or vault maybe even climate controlled storage. These will be much more easier to find for a couple generations from now. Now for the chance of getting an error, that may be worth the roll of… Read more »
However, they just found like 100k coins in China from 3 different dynasties. And some big cache found in England I think.