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Gold and Silver Log Second Straight Modest Weekly Gains

For the week, gold rose 0.4% and silver gained 0.5%

Precious metals advanced for a second day in a row on Friday, but they divided on the week. Gold and silver eked out another weekly win — their second straight, while platinum and palladium finished lower than week ago. Platinum’s weekly loss was its third in four weeks. Palladium, meanwhile, extended its weekly losing streak to four in a row.

Gold for December delivery rose $1.40, or 0.08%, to settle at $1,758.40 an ounce on the Comex division of the New York Mercantile Exchange.

“Anyone trying to convince market participants that inflation is not here, that’s a fool’s game,” and with soaring energy prices due to a crunch in China and Europe likely to hit growth and earnings, that will leave us with a volatile October and, in turn, support gold, Saxo Bank analyst Ole Hansen said according to Reuters.

Gold futures picked up 0.4% this week after edging 30 cents higher last week. They bounced 2% on Thursday, but still marked September and third quarter losses of 3.4% and 0.8%. On Wednesday, gold futures ended at their lowest price since March 31. Gold prices are 7.2% lower 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 14 Wall Street analysts participated in Kitco News’ gold survey. Among the participants, seven, or 50%, called for gold prices to rise. At the same time, four analysts, or 29%, called for lower gold prices next week. Three analysts, or 21%, were neutral on gold in the near term.

Meanwhile, A total of 889 votes were cast in online Main Street polls. Of these, 430 respondents, or 48%, looked for gold to rise next week. Another 340, or 38%, said lower, while 119 voters, or 13%, were neutral.”

Elsewhere, silver for December delivery gained 48.9 cents, or 2.2%, to close at $22.536 an ounce. Silver futures rose 0.5% this week after edging up 0.4% last week. They jumped 2.6% on Thursday, reducing their September and third quarter losses to 8.2% and 15.8%. As recently as Wednesday, they posted their weakest settlement since July 20, 2020. Silver prices are down 14.7% on the year.

In other precious metal futures on Friday and for the week:

  • January platinum added $11.20, or 1.2%, to end at $973.60 an ounce, but logged a 0.6% weekly decline.

  • Palladium for December delivery climbed $3.90, or 0.2%, to $1,903.70 an ounce, but dropped 2.4% on the week. The metal finished Wednesday at its lowest price since May 14, 2020.

Both are lower on the year so far with losses of 9.8% for platinum and 22.4% for palladium.

US Mint Bullion Sales in 2021

Published United States Mint bullion sales were unchanged this week. Last week, the Mint’s data showed increases of:

  • 22,000 ounces in American Gold Eagles,

  • 8,500 ounces in American Buffalo gold coins, and

  • 485,000 ounces in American Silver Eagles.

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 / This Week Last Week August September 2021 Sales
$50 American Eagle 1 Oz Gold Coin 0 18,500 112,000 67,500 813,500
$25 American Eagle 1/2 Oz Gold Coin 0 1,000 21,000 4,000 81,000
$10 American Eagle 1/4 Oz Gold Coin 0 2,000 34,000 8,000 128,000
$5 American Eagle 1/10 Oz Gold Coin 0 25,000 50,000 35,000 365,000
$50 American Buffalo 1 Oz Gold Coin 0 8,500 27,500 24,000 259,500
$1 American Eagle 1 Oz Silver Coin 0 485,000 3,930,000 2,735,000 25,675,500
$100 American Eagle 1 Oz Platinum Coin 0 0 0 0 75,000
Tuskegee Airmen 5 oz Silver Coin 0 0 0 0 52,900


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