Gold closed higher for a second straight day Friday, notching its first weekly gain in three — albeit a modest one with a 0.2% pick up from a week ago.
On Friday,gold for December delivery added $1.10, or less than 0.1%, to settle at $1,287.40 an ounce on the Comex division of the New York Mercantile Exchange. Its weekly gain came despite a five-session losing streak that lasted through Wednesday. The turnaround happened after comments from Fed chairman nominee Janet Yellen signaled support for the current stimulus program of the central bank.
"It’s unlikely that (Fed chairman) Bernanke will do anything at his last meeting if he perceives that his successor would prefer to leave policy unchanged," Bloomberg News quoted Nic Brown, head of commodities research at Natixis SA in London. "The dollar may drop back, too. This is all potentially positive for gold prices in the very short term."
Gold Forecasts
Gold surveys last week were divided in price expectations for this week. New surveys are more aligned with a bullish outlook.
"In the Kitco News Gold Survey, out of 34 participants, 25 responded this week. Of these, 10 see prices up, while eight see prices down and seven see prices sideways or are neutral," notes Kitco. "Market participants include bullion dealers, investment banks, futures traders and technical-chart analysts."
Bloomberg News reports its survey has 18 participants forecasting higher gold prices next week compared to 9 who were bearish and 2 who were neutral.
Silver, Platinum and Palladium Futures
Silver for December delivery edged up a half cent to end at $20.73 an ounce. It also marked a second day of gains. On Wednesday, it had dropped for the ninth time in ten sessions. Silver prices tumbled 2.8% for the week and they have plunged 31.4% for the year-to-date.
In PGM futures prices on Friday:
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January platinum lost $5.20, or 0.4%, to finish at $1,438.90 an ounce.
- Palladium for December delivery declined $7.15, or 1%, to settle at $732.65 an ounce. Palladium has closed lower in six of the last seven sessions.
Both metals declined on the week with platinum off 0.3% and palladium down 3.3%. Palladium is still higher on the year, up 4.2%, but platinum has lost 6.7%.
The following grid summarizes precious metals futures for the month-to-date, the completed quarters in 2013 and the year-to-date.
| New York Precious Metals Gains / Losses (%) | |||||
|---|---|---|---|---|---|
| November | 1st Quarter | 2nd Quarter | 3rd Quarter | YTD 2013 | |
| Silver | -5.2 | -6.3 | -23.3 | 11.5 | -31.4 |
| Gold | -2.7 | -4.8 | -31.3 | 8.4 | -23.2 |
| Platinum | -0.7 | 2.1 | -14.9 | 5.4 | -6.7 |
| Palladium | -0.6 | 9.2 | -14.0 | 10.1 | 4.2 |
London Fix Precious Metals
London bullion fixings split on Friday and for the week. When comparing Thursday PM to Friday PM London fix prices:
- Gold inched up $1.25, or 0.1%, to $1,287.25 an ounce,
- Silver slipped 14.5 cents, or 0.7%, to $20.64 an ounce,
- Platinum declined $13, or 0.9%, to $1,438 an ounce, and
- Palladium shed $9, or 1.2%, to $729 an ounce
Directionally, London precious metals moved the same way for the week with gold advancing 0.1% while declines totaled 4.9% for silver, 0.6% for platinum and 3.7% for palladium.
The following grid summarizes London precious metals fixings for the month-to-date, the completed quarters in 2013 and the year-to-date.
| London Precious Metals Gains / Losses (%) | |||||
|---|---|---|---|---|---|
| November | 1st Quarter | 2nd Quarter | 3rd Quarter | YTD 2013 | |
| Silver | -7.0 | -4.0 | -34.1 | 15.0 | -31.1 |
| Gold | -2.8 | -4.4 | -25.4 | 11.3 | -22.6 |
| Platinum | -0.8 | 3.5 | -16.4 | 7.1 | -5.6 |
| Palladium | -1.8 | 10.2 | -16.5 | 12.9 | 4.3 |
US Mint Bullion Sales in November
United States Mint bullion sales rose sharply this week for both gold and silver coins. In breaking down the numbers:
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Gold coins advanced 16,500 ounces compared to last week’s 10,000 ounces. Sales splits were 11,500 ounces in 22-karat American Gold Eagles, versus 9,000 previously, and 5,000 ounces in 24-karat American Gold Buffalo coins, versus 1,000 previously.
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Silver coins advanced 603,500 ounces compared to last week’s 535,000 ounces. Splits were 500,000 ounces in Silver Eagles for a second straight week and 103,500 ounces in America the Beautiful Five Ounce Silver Bullion Coins, versus 35,000 previously. On Tuesday, the Silver Eagles scored a new record at 40,175,000 for 2013 to date, passing the annual record of 39,868,500 set in 2011.
Bullion sales for the week, for the month through Nov. 15, and the year-to-date are listed below.
| American Eagle and Buffalo Bullion Sales (# of coins) | |||||
|---|---|---|---|---|---|
| Friday Sales | Last Week | Weekly Sales | November Sales | YTD Sales | |
| $50 American Gold Eagle Bullion Coins | 0 | 7,500 | 10,000 | 20,500 | 666,500 |
| $25 American Gold Eagle Bullion Coins | 0 | 0 | 1,000 | 1,000 | 57,000 |
| $10 American Gold Eagle Bullion Coins | 0 | 2,000 | 0 | 2,000 | 116,000 |
| $5 American Gold Eagle Bullion Coins | 0 | 5,000 | 10,000 | 15,000 | 515,000 |
| $50 American Buffalo Gold Bullion Coins | 0 | 1,000 | 5,000 | 6,000 | 224,000 |
| White Mountain 5 oz. Silver Bullion Coins | Sold Out | 35,000 | |||
| Perry’s Victory 5 oz. Silver Bullion Coins | 0 | 0 | 600 | 600 | 26,800 |
| Great Basin 5 oz. Silver Bullion Coins | 0 | 0 | 600 | 600 | 27,800 |
| Fort McHenry 5 oz. Silver Bullion Coins | 0 | 1,000 | 400 | 1,400 | 29,600 |
| Mount Rushmore 5 oz. Silver Bullion Coins | 0 | 6,000 | 19,100 | 25,100 | 25,100 |
| American Silver Eagle Bullion Coins | 0 | 500,000 | 500,000 | 1,000,000 | 40,175,000 |
US Silver Coin Melt Values in November
Melt values for silver coins are heading sharply lower for November so far, adding to steep losses on the year. The grid below offers current melt values of older circulating U.S. coins that were produced with 90% silver. These coins, at least those that have little to no numismatic worth because they are too common or too worn, are the ones often sought for their silver values.
| US Silver Coins | Silver Coin Melt Values (12/31/2012) | Silver Coin Melt Values (10/31/2013) | Silver Coin Melt Values (11/15/2013) | Net Change in November | Net Change YTD |
|---|---|---|---|---|---|
| 1942-1945 Jefferson Nickels | $1.68 | $1.25 | $1.16 | -$0.09 | -$0.52 |
| 1892-1916 Barber Dimes | $2.17 | $1.61 | $1.49 | -$0.11 | -$0.67 |
| 1916-1945 Mercury Dimes | $2.17 | $1.61 | $1.49 | -$0.11 | -$0.67 |
| 1946-1964 Roosevelt Dimes | $2.17 | $1.61 | $1.49 | -$0.11 | -$0.67 |
| 1892-1916 Barber Quarters | $5.42 | $4.01 | $3.73 | -$0.28 | -$1.68 |
| 1916-1930 Standing Liberty 25c | $5.42 | $4.01 | $3.73 | -$0.28 | -$1.68 |
| 1932-1964 Washington Quarters | $5.42 | $4.01 | $3.73 | -$0.28 | -$1.68 |
| 1892-1915 Barber Half Dollars | $10.83 | $8.03 | $7.47 | -$0.56 | -$3.37 |
| 1916-1947 Walking Liberty 50c | $10.83 | $8.03 | $7.47 | -$0.56 | -$3.37 |
| 1948-1963 Franklin 50c | $10.83 | $8.03 | $7.47 | -$0.56 | -$3.37 |
| 1964 Kennedy Half Dollars | $10.83 | $8.03 | $7.47 | -$0.56 | -$3.37 |
| 1965-1970 Kennedy Half Dollars | $4.43 | $3.28 | $3.05 | -$0.23 | -$1.38 |
| 1878-1921 Morgan Dollars | $23.16 | $17.17 | $15.96 | -$1.21 | -$7.20 |
| 1921-1935 Peace Dollars | $23.16 | $17.17 | $15.96 | -$1.21 | -$7.20 |
| 1971-1976 Silver Eisenhower $1s | $9.47 | $7.02 | $6.52 | -$0.49 | -$2.94 |
| 1986-2013 American Eagles | $29.95 | $22.20 | $20.64 | -$1.56 | -$9.31 |
| 2010-2013 ATB Silver Coins | $149.75 | $111.00 | $103.20 | -$7.80 | -$46.55 |
The above silver melt values are calculated using London fix silver prices at the end of 2012, end of October and on Nov. 15.
