Gold prices rallied to an all-time high on Friday, marking a significant weekly gain, their third in a row. Silver prices also rose on the day and soared for the week, also their third consecutive weekly gain, ending at another 6.5-month high.
Gaining for the fifth time in six sessions, gold for February delivery advanced by $32.50, or 1.6%, to settle at a record of $2,089.70 an ounce on the Comex division of the New York Mercantile Exchange.
"While gold’s current rally is a bit overheated, both the golden cross and the proximity of an all-time high acting like a magnet for the price means that we’re likely to see further gains in the very immediate term," Brien Lundin, editor of Gold Newsletter, told MarketWatch.
Gold prices shot ahead 4.3% for the week, following gains of 0.9% last week and 2.4% in the week ending Nov. 17. Year-to-date, the yellow metal is 14.4% higher. On Thursday, gold marked an increase in November of 3.2%.
Looking to the week ahead, Kitco News offers the following forecasts via their Wall Street vs. Main Street surveys:
"This week, 15 Wall Street analysts participated in the Kitco News Gold Survey. Eight experts, or 53%, expected to see higher gold prices next week, while five analysts, or 33%, predicted a drop in price. Two experts, representing 13%, were neutral on gold for the coming week.
Meanwhile, 763 votes were cast in Kitco’s online polls, and market participants remain as optimistic as they were over the last two weeks. 495 retail investors, or 65%, looked for gold to rise next week. Another 155, or 20%, expected it would be lower, while 114 respondents, or 15%, were neutral on the near-term prospects for the precious metal."
Rising for a six straight session, silver for March delivery increased by 19.7 cents, or 0.8%, to finish at $25.857 an ounce. For a second day, the settlement was the highest since May 9 when silver closed at $25.898 an ounce.
Silver prices rallied for the week, jumping 6.2%, following successive weekly gains of 2.1% last week and 7.1% in the week ending Nov. 17. They are up 7.6% year-to-date. On Thursday, silver registered an increase in November of 11.8%.
In other precious metals, both on Friday and for the week:
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January platinum saw a slight increase of 20 cents, equivalent to 0.02%, closing at $936.10 an ounce. This led to a small weekly decline of 0.09%
- Falling for a fourth session, palladium for March delivery lost $10, or 1%, to end at $1,010.40 an ounce, resulting in a 6% weekly loss.
When assessing their performance from the beginning of the year until today, platinum has shown a decrease of 13.6%, whereas palladium has suffered a more significant decline of 43.8%.
US Mint Bullion Sales in 2023
U.S. Mint bullion sales last changed on Wednesday, Nov. 29, and those gains were the third for this month. Advances included 15,500 ounces in American Gold Eagles, 939,000 ounces in American Silver Eagles, and 1,500 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 | This Week | August | September | October | November | 2023 Sales | |
| $50 American Eagle 1 Oz Gold Coin | 0 | 0 | 12,500 | 78,000 | 27,500 | 97,000 | 35,000 | 904,000 |
| $25 American Eagle 1/2 Oz Gold Coin | 0 | 0 | 2,000 | 2,000 | 13,000 | 7,000 | 6,000 | 101,000 |
| $10 American Eagle 1/4 Oz Gold Coin | 0 | 0 | 4,000 | 2,000 | 30,000 | 18,000 | 14,000 | 196,000 |
| $5 American Eagle 1/10 Oz Gold Coin | 0 | 0 | 10,000 | 150,000 | 40,000 | 30,000 | 55,000 | 660,000 |
| $50 American Buffalo 1 Oz Gold Coin | 0 | 0 | 1,500 | 19,500 | 18,500 | 36,500 | 11,500 | 379,000 |
| $1 American Eagle 1 Oz Silver Coin | 0 | 0 | 939,000 | 3,124,000 | 2,970,000 | 3,938,000 | 2,378,000 | 24,225,000 |
| $100 American Eagle 1 Oz Platinum Coin | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 12,700 |
Not as high as the mint cost. I bet an oz is going for 3200 easy.