Gold And Silver Prices Fall For A Fifth WeekGold And Silver Prices Fall For A Fifth Week; US Mint bullion sales accelerated
Precious metals split gains and losses on Friday, but they all fell for the week. Gold and silver extended their weekly losses to five in a row.
On Friday, gold for August delivery it fell $2.20 or 0.1% to settle $1,703.60 per ounce on the Comex division of the New York Mercantile Exchange. The comparison was the lowest since March 30, 2021, when gold ended at $1,686 an ounce.
Gold prices lost 2.2% this week. They are now down a total of $171.90 or 9.2% through their five weekly declines. The yellow metal is down 6.8% year to date.
Looking ahead to next week, Kitco News offers the following predictions via their Wall Street & Main Street polls:
“This week, 16 Wall Street analysts participated in the Kitco News gold survey. Among the participants are three analysts or 19%, we are short-term bullish on gold. At the same time, six analysts or 50% were down on gold and five analysts or 31% were neutral on the precious metal next week.
Meanwhile, 1,107 votes were cast in online polls on Main Street. Of these, 441 respondents, or 40%, expected gold to rise next week. Another 458, or 41%, said lower, while 208 voters, or 19%, were short-term neutral.”
Elsewhere, Silver- for September, delivery was up 36.9 cents, or 2% at close $18.594 per ounce. Silver prices fell 3.3% this week, shedding $3.34 or 15.2% from its five week losses. On Thursday, silver marked its lowest level since July 1, 2020. The metal is 20.4% lower year-to-date.
In PGM futures for Friday and for the week:
October platinum rose to $13.60 or 1.7% to end $830.90 per ounce, but was down a sharp 5.9% on the week. On Thursday, platinum recorded its weakest end since June 26, 2020.
- palladium for September delivery, delivery fell $67.70, or 3.6%, to end at $1,829.40 per ounce, for a weekly loss of 15.2%. Platinum’s finish was the lowest since June 23.
Both are lower year-to-date with declines of 7.2% for platinum and 4.5% for palladium.
US Mint Bullion Sales in 2022
The United States Mint’s bullion sales accelerated this week from last week. Weekly comparison:
- American Gold Eagles is up 19,000 ounces after previously rising 17,000 ounces
- American Gold Buffalos rose 14,000 ounces after rising 9,000 ounces earlier
- American Silver Eagles up 425,000 ounces after previously flat
- American Platinum Eagles are up 1,000 ounces after previously rising 14,000 ounces
Below is a breakdown of US Mint bullion product sales with columns detailing the number of coins sold over different time periods.
|US Mint Bullion Sales (number of coins)|
|Friday / This week||Last week||Can||June||July||Sale 2022|
|$50 American Eagle 1 ounce gold coin||18,000||15,000||164,500||31,000||33,000||659,000|
|$25 American Eagle 1/2 Oz Gold Coin||1,000||2,000||7,000||6,000||3,000||69,000|
|$10 American Eagle 1/4 oz gold coin||0||2,000||8,000||18,000||2,000||130,000|
|$5 American Eagle 1/10 oz gold coin||0||5,000||50,000||135,000||5,000||510,000|
|American Buffalo $50 1 ounce gold coin||14,000||9,000||56,000||21,500||23,000||282,500|
|$1 American Eagle 1 ounce silver coin||425,000||0||1,350,000||925,000||425,000||11,131,500|
|$100 American Eagle 1 Oz Platinum Coin||1,000||14,000||0||23,500||15,000||78,500|