Gold and Silver Price Continues to Rise

Gold and silver futures retreated from 14-week highs but they still extended their string of weekly wins — three for gold and seven for silver.

On Friday, gold for April delivery shed $2.50, or 0.2%, to settle at $1,239.10 an ounce on the Comex division of the New York Mercantile Exchange.

“Gold is close to its recent multimonth high despite the strong dollar, due to an increase in volatility on the equity markets and more uneasiness on the political front, which is gold pricesupporting the search for safe-haven assets,” Reuters quoted Eugen Weinberg, head of commodity research at Commerzbank.

Gold futures traded 0.3% higher this week following two prior weekly advances of 1.2% and 2.7%. On Thursday, the yellow metal ended at $1,241.60 an ounce for its strongest close since Nov. 10. Gold prices are 7.6% higher through the first seven weeks of this year.

In looking ahead to next week, Kitco News offers the following forecasts via their Wall Street vs. Main Street survey:

“Seventeen traders and analysts took part in a weekly Wall Street survey. 10 voters, or 59%, see gold prices rising by next Friday. Four, or 24%, said they see prices headed lower, while three voters, or 17%, look for a sideways market.

Meanwhile, 1,988 respondents took part in a Main Street online survey. A total of 1,263 participants, or 64%, are calling for gold to rise, while 462, or 23%, see lower prices. The remaining 263 voters, or 13%, are neutral.”

Closing lower for the first time in four sessions, silver for March delivery slipped 4.4 cents, or 0.2%, to $18.03 an ounce. Silver futures gained 0.5% this week and they are 12.8% higher on the year to date. On Thursday, they also logged their strongest settlement since Nov. 10.

In PGM futures on Friday and for the week:

  • April platinum lost $9.70, or 1%, to $1,006 an ounce, for a 0.6% weekly decline.
  • Palladium for March delivery dropped $14.10, or 1.8%, to $779.20 an ounce, sliding 0.5% on the week.

The two metals remain sharply higher this year with gains of 11.1% for platinum and 14% for palladium.

London Precious Metals Prices

London precious metals prices ended mixed on Friday and higher for the week. In comparing their levels from Thursday PM to Friday PM:

  • Gold added $1.40, or 0.1%, to $1,241.95 an ounce.
  • Silver fell 9.5 cents, or 0.5, to $18.005 an ounce.
  • Platinum lost $3, or 0.3%, to $1,010 an ounce.
  • Palladium added $2, or 0.3%, to $793 an ounce.

Their weekly increases totaled 1.1% for gold, 2.2% for silver, 1.7% for platinum and 1.5% for palladium.

US Mint Bullion Coin Sales in 2017

U.S. Mint bullion orders were divided this week with sales higher for silver coins and lower for gold coins. In the latest week-over-week comparisons:

  • Gold coins advanced 11,000 ounces after rising by 17,500 ounces last week. Sales splits include 6,500 ounces in American Gold Eagles versus 12,500 ounces previously and 4,500 ounces in American Gold Buffalo coins compared to 5,000 ounces previously.
  • Silver coins gained 365,000 ounces after rising by 338,500 ounces last week. This week’s splits include 360,000 ounces in American Silver Eagles compared to 250,000 ounces previously and 5,000 ounces in Effigy Mounds America the Beautiful Five Ounce Silver Bullion Coins versus 88,500 ounces previously.

Below is a sales breakdown of U.S. bullion products with columns listing the number of coins sold during varying periods. Products with an asterisk (*) are no longer available.

US Mint Bullion Sales (# of coins)
Friday Sales Last Week This Week Jan Sales Feb Sales 2017 Sales
$100 American Eagle 1 Oz Platinum Coin 0 0 0 20,000 0 20,000
$50 American Eagle 1 Oz Gold Coin 500 10,000 5,000 86,500 16,500 103,000
$25 American Eagle 1/2 Oz Gold Coin 1,000 4,000 1,000 19,000 5,000 24,000
$10 American Eagle 1/4 Oz Gold Coin 2,000 0 2,000 36,000 2,000 38,000
$5 American Eagle 1/10 Oz Gold Coin 0 5,000 5,000 125,000 15,000 140,000
$50 American Buffalo 1 Oz Gold Coin 0 5,000 4,500 32,000 12,000 44,000
$1 American Eagle 1 Oz Silver Coin 50,000 250,000 360,000 5,127,500 610,000 5,737,500
2017 Effigy Mounds 5 Oz Silver Coin 1,000 17,700 1,000 0 18,700 18,700
2016 Shawnee 5 Oz Silver Coins*
2016 Cumberland Gap 5 Oz Silver Coin*
2016 Harpers Ferry 5 Oz Silver Coin 0 0 0 100 0 0
2016 Theodore Roosevelt 5 Oz Silver Coin* 800
2016 Fort Moultrie 5 Oz Silver Coin 0 0 0 0 0 0

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