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:
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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 |
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