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Gold Marks First Weekly Decline in Three Weeks


Gold declined $1 this week

Gold declined on Friday while silver, platinum and palladium advanced. Gold’s loss, although modest, was enough to bring it down on the week — also slightly. The other metals logged weekly gains.

Gold for December delivery shed $1.80, or 0.1%, to settle at $1,757.40 an ounce on the Comex division of the New York Mercantile Exchange.

Gold futures dipped 0.06% this week following increases of 0.4% last week and 30 cents in the week ending Sept. 24. They are 7.3% 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, eight, or 57%, called for gold prices to rise. At the same time, five analysts, or 36%, called for lower gold prices next week. One analyst, or 7%, was neutral on gold in the near term.

Meanwhile, A total of 841 votes were cast in online Main Street polls. Of these, 442 respondents, or 53%, looked for gold to rise next week. Another 265, or 32%, said lower, while 134 voters, or 16%, were neutral.”

Elsewhere, silver for December delivery rose 4.7 cents, or 0.2%, to close at $22.705 an ounce. Silver futures traded 0.8% higher this week after increases of 0.5% last week and 0.4% for the week ended Sept. 24. They are 14% lower on the year.

In PGM futures on Friday and for the week:

  • January platinum added $42.90, or 4.4%, to $1,028.20 an ounce, for a 5.6% weekly gain.

  • Palladium for December delivery added $118, or 6%, to $2,073 an ounce, for a 8.9% weekly gain.

Both are lower on the year so far with drops of 4.7% for platinum and 15.5% for palladium.

US Mint Bullion Sales in 2021

Published United States Mint bullion sales were unchanged last week. Gains this week included:

  • 84,500 ounces in American Gold Eagles,

  • 12,500 ounces in American Buffalo gold coins, and

  • 500,000 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 Last Week August September This Week / Oct. 2021 Sales
$50 American Eagle 1 Oz Gold Coin 3,000 0 112,000 67,500 81,500 895,000
$25 American Eagle 1/2 Oz Gold Coin 0 0 21,000 4,000 0 81,000
$10 American Eagle 1/4 Oz Gold Coin 0 0 34,000 8,000 4,000 132,000
$5 American Eagle 1/10 Oz Gold Coin 0 0 50,000 35,000 20,000 385,000
$50 American Buffalo 1 Oz Gold Coin 0 0 27,500 24,000 12,500 272,000
$1 American Eagle 1 Oz Silver Coin 0 0 3,930,000 2,735,000 500,000 26,175,500
$100 American Eagle 1 Oz Platinum Coin 0 0 0 0 0 75,000
Tuskegee Airmen 5 oz Silver Coin 0 0 0 0 0 52,900

 





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