Precious metals futures split on Friday yet most of them gained on the week. Palladium ended lower for both periods. Silver rallied on the day and week. Gold, meanwhile, fell from its prior session, near two-week high but still logged a modest weekly increase.
Gold for June delivery on Friday declined $11.90, or 0.7%, to settle at $1,713.90 an ounce on the Comex division of the New York Mercantile Exchange.
“It is unexplainable that the shocking headline that the unemployment rate in the United States has climbed to levels not seen since the 1940s has not resulted in a substantial push higher in gold prices” Friday, MarketWatch quoted Jameel Ahmad, global head of currency strategy and market research at FXTM.
“It does still appear that the relentless manner in which investors continue to look at very bad economic news as very good news for stock markets is pushing gold prospects back away to sea,” he told MarketWatch.
Gold futures gained 0.8% this week after falling 2.2% last week. On Thursday, they marked their best settlement since April 24. Gold prices are 12.5% higher on the year to date.
In looking ahead to next week, Kitco News offers the following forecasts via their Wall Street & Main Street surveys:
“Six out of 11 Wall Street voters, or 55%, said they are bullish for the week ahead. Three voters, or 27%, called for lower prices, while two, or 18%, were neutral.
Meanwhile, 750 votes were cast in an online Main Street poll. A total of 502 voters, or 67%, looked for gold to rise in the next week. Another 139, or 19%, said lower, while 109, or 15%, were neutral.”
Elsewhere, silver for July delivery rose 18.8 cents, or 1.2%, to close at $15.778 an ounce. Silver this week soared 84 cents, or 5.6%, following three straight weekly losses that had brought prices down by a combined $1.12, or 7%. Silver prices are 12% lower on the year.
In other precious metals futures on Friday and for the week:
- July platinum added $7.20, or 0.9%, to end at $789.30 an ounce, for a 2% weekly increase.
- Palladium for June delivery declined $14.60, or 0.8%, to finish at $1,821.10 an ounce, for a 3.5% weekly loss.
The two are lower on the year so far with losses of 19.3% for platinum and 4.6% for palladium.
London Precious Metals Prices (LBMA)
Markets in London closed Friday for a public holiday. In comparing LBMA prices from Wednesday PM to Thursday PM:
- Gold rose $12.55, or 0.7%, to $1,704.05 an ounce.
- Silver fell 9.5 cents, or 0.6%, to $14.98 an ounce.
- Platinum added $13, or 1.7%, to $758 an ounce.
- Palladium rose $25, or 1.4%, to $1,810 an ounce.
In LBMA weekly results, prices increased 1.1% for gold and 0.9% for silver while they declined 0.9% for platinum and 6.4% for palladium.
US Mint Bullion Sales in 2020
In United States Mint bullion sales, orders overall slowed for a second week in a row. In week-over-week bullion coin comparisons:
- Sales of American Platinum Eagles were flat for a third week in a row.
- Sales of American Gold Eagles rose by 7,000 ounces after rising by 12,500 ounces last week.
- Sales of American Silver Eagles were flat after rising by 400,000 ounces last week.
- Sales of American Buffalo gold coins were flat after increasing by 12,500 ounces last week.
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||This Week / May||January||February||March||April||2020 Sales|
|$50 American Eagle 1 Oz Gold Coin||0||12,500||2,000||38,000||3,500||133,000||105,000||281,500|
|$25 American Eagle 1/2 Oz Gold Coin||0||0||5,000||23,000||2,000||8,000||0||38,000|
|$10 American Eagle 1/4 Oz Gold Coin||0||0||10,000||18,000||2,000||20,000||0||50,000|
|$5 American Eagle 1/10 Oz Gold Coin||0||0||0||60,000||20,000||95,000||0||175,000|
|$50 American Buffalo 1 Oz Gold Coin||0||12,500||0||21,000||1,000||65,500||28,500||116,000|
|$1 American Eagle 1 Oz Silver Coin||0||400,000||0||3,846,000||650,000||5,482,500||750,000||10,728,500|
|$1 American Eagle 1 Oz Platinum Coin||0||0||0||14,500||9,300||31,200||1,500||56,500|
In terms of 5-ounce silver bullion sales for 2020, the U.S. Mint is working on getting them automated and reported. Initial U.S. Mint-provided figures have the first two 2020-dated pieces at 45,000 produced and sold per issue. These amounts are being verified.
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