Gold, Silver and Platinum Decline on Week; Palladium Logs New Record

Gold for February delivery on Friday lost $18, or 1.2%, to end at $1,465.10 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the lowest since Nov. 27.

gold and silver prices palladium priceprice rise in may gold bars
GOLD AND SILVER PRICE FALL WHILE PALLADIUM SETS NEW RECORD HIGH

Gold saw pressure following the release of a strong U.S. jobs report which showed that the economy added 266,000 jobs in November.

“The better-than-expected jobs report has dented demand for
safe-haven products such as gold,” Reuters quoted David Meger, director of
metals trading at High Ridge Futures.

Gold futures shed 0.5% this week after rising 0.6% last week. On Tuesday, they had registered an almost one-month high at $1,484.40 an ounce. The yellow metal is ahead 14.3% for 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 analysts participated in this week’s Wall Street survey. Four analysts, or 27%, said they were bullish on gold next week. Seven analysts, or 44%, said they see lower prices next week. Five analyst, or 31%, saw prices trading sideways.

Meanwhile, 792 respondents took part in an online Main Street poll. A total of 487 voters, or 61%, called for gold to rise. Another 183, or 23%, predicted gold would fall. The remaining 122 voters, or 15%, saw a sideways market.”

Elsewhere, silver for March delivery plunged 46.3 cents, or 2.7%, to close at $16.596 an ounce. The settlement was the weakest since Aug. 6.

Silver futures traded 3% lower this week following three straight weekly wins that had lifted their prices by a combined 1.7%. Like for gold, they also registered a nearly one-month high on Tuesday at $17.248 an ounce. The precious metal is 6.8% higher on the year.

In PGM futures on Friday and for the week:

  • January platinum dipped $1.70, or 0.2%, to finish at $898.90 an ounce, for a 0.2% weekly loss.
  • Palladium for March delivery inched up 40 cents, or 0.02%, to a record settlement of $1,846.10 an ounce. Palladium advanced 2% on the week.

Both metals are higher on the year so far with increases of 12.3% for platinum and 54.2% for palladium.

London Precious Metals Prices

London gold and silver divided on Friday and fell for the week. In comparing their latest day-over-day PM prices:

  • Gold declined $16.30, or 1.1%, to $1,459.65 an ounce.
  • Silver rose 7 cents, or 0.4%, to $16.94 an ounce.

In LBMA weekly results, losses totaled 0.03% for gold and 0.1% for silver.

US Mint 2019 Bullion Sales

Last week, United States Mint bullion sales were limited to 32,500 ounces in America the Beautiful Frank Church River of No Return Wilderness 5 ounce silver coins. This week, those same coins moved up by 25,000 ounces. Also up on the week by 500 ounces were American Gold Eagle 1 ounce coins.

Below is a sales breakdown of U.S. Mint 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)
FridayLast WeekNovemberThis Week / December2019 Sales
$50 American Eagle 1 Oz Gold Coin008,000500106,500
$25 American Eagle 1/2 Oz Gold Coin*005,000030,000
$10 American Eagle 1/4 Oz Gold Coin002,000038,000
$5 American Eagle 1/10 Oz Gold Coin0000195,000
$50 American Buffalo 1 Oz Gold Coin005,000060,000
$1 American Eagle 1 Oz Silver Coin00463,000014,863,500
Frank Church River of No Return Wilderness 5 Oz Silver Coin06,50020,0005,00025,000
San Antonio Missions 5 Oz Silver Coin000055,200
War in the Pacific 5 Oz Silver Coin000072,500
American Memorial Park 5 Oz Silver Coin*000080,000
Lowell 5 Oz Silver Coin*N/A80,000
$100 American Eagle 1 Oz Platinum Coin*N/A40,000

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