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Gold Marks 0.8% Weekly Gain, Silver Slips 0.4%

Gold value

Gold futures closed higher Friday for the first time in three sessions, padding a weekly gain — the third in four weeks.

Gold for December delivery rose $4, or 0.3%, to settle at $1,205.60 an ounce on the Comex division of the New York Mercantile Exchange.

“The gold markets are still very short, which is highly unusual. In such a situation, a short covering rally can be expected if there’s anything to stimulate the market,” Reuters quoted Walter Pehowich, executive vice president of investment services at Dillon Gage Metals.

“Overall, it’s just a wait-and-see attitude to see what happens in the run up to the mid-term elections in the United States.”

Gold futures advanced 0.8% this week after sliding 0.4% last week. The yellow metal had climbed a combined 90 cents in the two weeks before then. Gold prices are 7.9% 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:

“Sixteen market professionals took part in the Wall Street survey. Nine respondents, or 56%, predicted higher prices by next Friday. There were two votes, or 13%, calling for lower prices, while five respondents, or 31%, were neutral or looked for a sideways market.

Meanwhile, 593 people responded to an online Main Street poll. A total of 302 respondents, or 51%, called for gold to rise. Another 196, or 33%, predicted gold would fall. The remaining 95 voters, or 16%, see a sideways market.”

Elsewhere, silver for December added 5.9 cents, or 0.4%, to settle at $14.649 an ounce. Silver futures declined 0.4% this week after gains of 2.5% last week and 1.5% in the week before then. Prices are 14.6% lower on the year so far.

In PGM futures on Friday and for the week:

  • January platinum was unchanged at $824.50 an ounce, for a 0.3% weekly increase.
  • Palladium for December delivery gained $11.60, or 1.1%, to $1,057.10 an ounce, but registered a 1.5% weekly loss. Last Friday, it ended at $1,072.80 an ounce for its best close since late January.

Both are lower on the year so far with losses of 12.1% for platinum and 0.4% for palladium.

London Precious Metals Prices

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

  • Gold rose 35 cents, or less than 0.1%, to 1,203.80 an ounce.
  • Silver added a half penny, or less than 0.1%, to $14.635 an ounce.
  • Platinum declined $6, or 0.7%, to $824 an ounce.
  • Palladium rose $1, or 0.1%, to $1,061 an ounce.

In LBMA weekly results, palladium dropped 3% while the other metal prices gained — 1.4% for gold, 2.3% for silver, and 1.1% for platinum.

US Mint Bullion Sales in 2018

Sales of United States Mint bullion coins were down this week compared to last week. In headline week-over-week comparisons:

  • Gold bullion coins rose by 7,500 ounces this week after increasing by 8,500 ounces last week. Splits included 6,000 ounces in American Gold Eagles against 4,000 ounces previously and 1,500 ounces in American Gold Buffalos compared to 4,500 ounces previously.
  • Silver bullion coins moved up by 670,000 ounces this week after climbing by 935,000 ounces previously. American Silver Eagles accounted for all sales in both weeks.

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)
FridayLast WeekWeek / Oct.AugustSeptember2018 Sales
$100 American Eagle 1 Oz Platinum Coin*0000030,000
$50 American Eagle 1 Oz Gold Coin2,5003,5004,50017,50014,500155,500
$25 American Eagle 1/2 Oz Gold Coin1,0001,0001,0004,0002,00025,000
$10 American Eagle 1/4 Oz Gold Coin0004,0004,00058,000
$5 American Eagle 1/10 Oz Gold Coin5,000010,00010,00040,000210,000
$50 American Buffalo 1 Oz Gold Coin5004,5001,50020,00011,000109,500
$1 American Eagle 1 Oz Silver Coin125,000935,000670,0001,530,0002,897,50012,805,000
Pictured Rocks 5 Oz Silver Coin*0000030,000
Apostle Islands 5 Oz Silver Coin*0000030,000
Voyageurs 5 Oz Silver Coin*0000030,000
Cumberland Island 5 Oz Silver Coin000N/A52,50052,500


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