Precious metals futures ended mostly lower Friday and they all dived on the week. Gold and silver posted their second straight weekly declines, with the latter ending at an eight-week low.
Gold for April delivery lost $3.30, or nearly 0.3%, to settle at $1,315.70 an ounce on the Comex division of the New York Mercantile Exchange.
"It is becoming increasingly clear that the yellow metal remains pressured by a stabilizing dollar and rising expectations of higher U.S. interest rates," MarketWatch quoted Lukman Otunuga, research analyst at FXTM, in a note. "Investors would usually expect gold to benefit from increased stock market volatility, but this has so far not been the case."
"If speculation continues to increase over developed central banks increasing respective interest rates, gold is at risk to further selling pressure," Otunuga added.
Gold futures traded 1.6% lower this week after sliding 1.1% last week. On Wednesday, they ended at $1,314.60 an ounce for their weakest settlement since Jan. 9. The yellow metal is now only 0.5% higher on the year to date.
In looking ahead to next week, Kitco News offers the following forecasts via their Wall Street vs. Main Street survey:
"Twenty market professionals took part in the Wall Street survey, with ten (50%) calling for gold to fall. Six voters, or 30%, said higher, while four, or 20%, called for the market to be sideways.
Meanwhile, 731 votes were cast in an online Main Street poll, with 408 voters bullish (56%). Another 219, or 30%, said lower, while 104, or 14%, were neutral."
Elsewhere, silver for March delivery dropped 20.2 cents, or 1.2%, to finish at $16.139 an ounce. The close was the lowest since Dec. 15 when prices settled at $16.063 an ounce. Silver futures plunged 3.4% this week after tumbling 4.2% last week. They are 5.9% lower on the year so far.
In PGM futures on Friday and for the week:
-
April platinum declined $16.90, or 1.7%, to $961.50 an ounce, for a 3.8% weekly loss.
- Palladium for March delivery edged up $1.15, or 0.1%, to $963.35 an ounce, but sank 7.8% on the week.
The two metals are divided on the year to date with platinum 2.5% higher and palladium 9.2% lower.
London Precious Metals Prices
London precious metals prices ended mostly lower on Friday and finished lower from a week ago. In comparing their levels from Thursday PM to Friday PM:
- Gold declined $1.35, or 0.1%, to $1,314.10 an ounce.
- Silver added a penny, or less than 0.1%, to $16.355 an ounce.
- Platinum fell $6, or 0.6%, to $969 an ounce.
- Palladium declined $16, or 1.6%, to $969 an ounce.
As for the week in LBMA metal prices, losses totaled 1.3% for gold, 4.6% for silver, 2.8% for platinum and 7.4% for palladium.
US Mint Bullion Sales in 2018
United States Mint bullion products showed mixed performances with gold coins moving slower for a second week in a row and silver coins walking a bit quicker. In week-over-week sales comparisons:
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Gold coins climbed by just 1,000 ounces this week after rising by 4,000 ounces last week. Splits included 500 ounces in American Gold Eagles against 2,500 ounces previously, and 500 ounces in American Gold Buffalos compared to 1,500 ounces previously.
-
American Silver Eagles advanced by 225,000 coins after they moved up by 140,000 coins last week.
On Monday, the U.S. Mint will begin selling its 2018-dated American Platinum Eagle bullion coin.
Below is a sales breakdown of U.S. bullion products with columns listing the number of coins sold during varying periods.
| US Mint Bullion Sales (# of coins) | |||||||
|---|---|---|---|---|---|---|---|
| Friday | Last Week | This Week | December | January | February | 2018 Sales | |
| $50 American Eagle 1 Oz Gold Coin | 0 | 2,000 | 500 | 38,000 | 36,000 | 1,500 | 37,500 |
| $25 American Eagle 1/2 Oz Gold Coin | 0 | 0 | 0 | 3,000 | 16,000 | 0 | 16,000 |
| $10 American Eagle 1/4 Oz Gold Coin | 0 | 0 | 0 | 4,000 | 26,000 | 0 | 26,000 |
| $5 American Eagle 1/10 Oz Gold Coin | 0 | 5,000 | 0 | 25,000 | 80,000 | 0 | 80,000 |
| $50 American Buffalo 1 Oz Gold Coin | 0 | 1,500 | 500 | 14,000 | 24,000 | 1,500 | 25,500 |
| $1 American Eagle 1 Oz Silver Coin | 0 | 140,000 | 225,000 | 742,000 | 3,235,000 | 225,000 | 3,460,000 |
The time to buy is now folks. I have been stacking (gold / silver bullion) like crazy over the last month. Sadly I believe the inflation rate will be increased very soon making our day to day expenses that much more. Buy low and sell high / get it while you can and at the lowest cost.
Mouse
Mouse,
I might be wrong, but I’m waiting for silver to go below $16 before I jump in.
Greetings Joe, I would never tell anyone how or when to spend their money, but for me, any possibility of silver going or staying any lower is not worth the gamble. One thing I know is that spot silver is very low right now and as trends have shown, it can and will rebound back faster than we can stay on top of it. Some of the smaller dealers are selling 100 oz bars at 1 dollar over spot (in my home country – Canada). I bought the last 100 oz RCM bar from one of my favorite dealers last… Read more »
I don’t want to hype any coin dealers online but the largest USA dealer / you know the one / has 100oz silver bars on sale right now for less than 1 dollar over spot. Screamen deal.
Mouse
Thanks, Mouse. Lets hope we both do alright.
Not a problem Joe. I picked up another bar myself. We are gonna do well. The only place spot will go is up. Cash in the bank.
Cheers,
Mouse
Hey,Mouse, i* mean what i say, i’m happy for your $price$ bracket, you earned for your self, and live within your, principal of what you earn, the way i always was, not as of late tho! 1 two many in the cookie jar, for way to many a year now but, i’m going play my violin, or my old vinyls for that matter, that’s for the cookie jar people of my *cash*$hell’ lesson be learnt* put my hard earn honest money to good use, like i* net*thought*ekely did, ever since i* started earning cash$ at a very young age, thanks… Read more »
Joe Brown, Great story and I can relate to it oh-so-personally more than I sometimes care to remember from the beginnings on. My own rather circuitous and often thoroughly confusing journey began in post-WWII Vienna in 1947, wound itself through West Germany for the 50’s and 60’s, then popped in and out of Lansing (Michigan) and Worcester (MA) before I finally got planted in the Fenway of 1967, that glorious Summer of Love. Looking ahead, If the CITGO sign ever does come down I suppose we might just finally begin to realize that civilization as we thought we knew it… Read more »
What ever will be will be the fuhtcher* is still ours to sea* to shin*in sea., k*sa*ra*. Wonderful journey*man, and you know it will never be over* if where good enough to make the grade. Remember what the fourth*cine cook*y say’s, ***brown dots on the wall, by, who*flung*poo, ”;wait a minute, that not the one, i remember* know how dam rotten your day is going,you will have one dam rotten high spot. something like that! 1967 *The IMPAWSABULL*DREAM, you got to get the *ALBUM if you don*t have it, the race from last to the * fine*L peanet*game, what a… Read more »
i new i forgot something, go to polytec to land that great job you work all over for your working years, that good know how stuff* to know!
In talking to the younger people out there (20’s, college age), I pose a question that proves to be interesting and opens the door for conversation. That question is: Would you rather have a pocket full of gold or a pocket full of bit coin? Try it. You may be surprised.
Joe Brown, In ’67 I would have been down on the Common listening to a free concert by Orpheus, in ’68 saw Alice Cooper for a buck & watched Professor Irwin Corey referee a WBCN softball game, come ’69 it was complimentary NRBQ in the Fenway and ZZ Top (still free) along the Charles and Johnny Winter at the old Tea Party followed eventually by Canned Heat and Kaleidoscope at the new Tea Party on Lansdowne and Tom Rush at some no-name hole-in-the-wall on Boylston, Mose Allison at Paul’s Mall and Duke and the Drivers at some hockey arena on… Read more »
Rooster,
I happened to catch an interesting short feature on youtube where this guy tried all day to get various retail establishments to take a Double Eagle in payment for goods purchased and every single one of them gave him an exceedingly sceptical and/or suspicious look before flatly and absolutely declining his offer. Needless to say, he breathed an immense sigh of relief at the end of the experiment since he had committed himself to actually letting the coin go if someone had actually agreed to accept it. Whew!
Old Collector: Wow, amazing what they passed up by being skeptical. For fun I will leave $2 bills for tips and surprisingly some have never seen one.
Rooster,
Yes indeed, those unfortunate numismatically-unschooled folks refused a $2000 coin for a $2.00 candy bar and other such purchases.
As far as having some fun with that $2 bill tip gambit, my brother-in-law regularly loads up on those for just such harmless sport; the reactions, needless to say, are consistently hilarious.
I have occasionally made payments with Sacagawea dollars, and I love the befuddled expressions on the checkout clerk’s faces. Every now and then they even go so far as feel the need to call over a supervisor to verify the validity of the coinage. Hoooahhh!
Funny money, right? That’s how well educated the cashiers are. They don’t even know our own coins or currency. I would have jumped on that $20 gold so fast. It would have felt pretty heavy in my pocket.
Joe C.,
One might conclude that while it might be argued that an ounce of wisdom could indeed be worth more than a pound of knowledge, in the big picture a pound of knowledge is worth far more than a ton of ignorance. I calls ’em as I sees ’em. 🙂
if never such a thing as a C+C, never came to be, m y good* feeling of cash to carry, that wood only grow, no matter what i nathoughtiklee* buy, ”””’very important*my 2 coin to go with my 2 fav* green bill** ,to start my day to go out with, 100, $2 green notes + 50, $5. green notes +roll of dimes + roll of 1/2 $. and a big red wagon & 1 of mans best pals a bigdog* to pull our* wagon to home* from the five day road trip that we do from time to time to… Read more »
Hey* – Wise*Old*Collector*Dude* who planted his feet in 1967 in the *fenway hood*home*hub*top*university*, sorry! my mind* lost me! smile* i’m sure, there are the 1,s that say or just*think*i’m out of my frigging mind*if that’s the case*only*for*the*good* the last few blog got cot up in my mind*. My-cryptinigth-Mrs., was all about me, when writing my last blog up there, she weak-ins-my-mind*- when-she-hovers-around>*me. I need to invent some type* of protective*helmet*, or something*, one of my son*s football helmets didn’t work, i might tryout the shoulder pads with it, & sea*how*i*feel*when*i,m*trying*to*ahcompplish*something* ,when shes about me*. Her=cyrptinight, don*t bother*me*, when hovering around… Read more »
Joe Brown, Yes, this area from Boston Harbor to 128 and now to 495 is the best inclusive living environment I have come across in my seventy-plus years of experiencing, that is tasting, sampling and tipping my toe into, a generous variety of said all-around-defined domicilic (sic) possibilities. 9 years Vienna, 1/2 Chicago, 4 Stuttgart, 1/2 San Francisco, 5 Heidelberg, 1 Lansing, 2 Worcester, 8 Boston, and 40 years western suburbs thereof. Of course, WHO you spend your time with in any particular locale can have an overwhelming effect on the experience. My first 20 years here were a rather… Read more »
I have spent the last couple of days researching / and purchasing a few silver bars as spot dropped and the deals were to be had. I had no idea how many people focus their collecting efforts on silver bars alone. The history and selection out there is awesome. I may change my focus for awhile and try and hunt down silver bars with some historical significance. I do love collecting / and investing.
If anyone has any education with regard to locating and purchasing silver bars with any historical significance I would appreciate your words.
Cheers,
Mouse
Wise* Old Collector – just got up from a long winters nap, little over an hour ago, with the smell of mayflowers in my mind*, the meaning should come to mind* in the course of my day! i, say this, ether those mayflower i smell, are lying on top of a pine box , going 6′ under or it’s the sweet smell of things to come this may* i*, heard no dirt or rocks, so that’s a + sign, i,m not sure tho! i could of swan, i could hear a woman-laughing-for-joy! *i just hope*, it’s not my-Mrs. princes of… Read more »
Hey!Mouse,Man* – my* answer, to your last? You need, a single mast sail boat, no holes* a mask & fins* and sail the 7*sea*, just don*t over load the boat, & get,your foot tide in the rope that’s tied to the anchor & fall over board, when its sinking, *if u* over load your boat, of all the real old silver bars, when you find them, on the bottom of the *sea, & don’t let anyone sea* u, so u* don*t have to give kickback,$. For you did all the dam!work, your self* lots of Luck! *coffee brake is up,… Read more »
Howdy Joe – A sail boat – hunting for treasure / historical silver bars seems like a great idea to me. I am going to start researching right now , who knows, boats sank all the time and time is what I have. I have been thinking about a career change, have paid my dues in this life and sacrificed for many. Maybe a great time to plan for early retirement and a few amazing life adventures. We only live once. Life is a journey and I am up for the adventure. I always land on my feet…and I already… Read more »
Hello there Mouse and Joe,
I really admire and appreciate folks who have paid their dues in life, some even having gone far beyond the required and the normal/average call of duty. While society at large seems to have stars in its eyes when it comes to the exploits of the idle rich, I much prefer to assemble my pantheon of idols from among the working stiffs of the world, thank you very much.
hello!*is*anybody*out*there. To all the good*people of coin*new,s’ please let me be the first* to wish* you*, Happy*Saint*+*Valentine*s Day*. I* have a saying*that came to my*mind*from*above*+*for this holy*day! Here it is! Know*Matter*How*The*Shit*Fly,s*Around*Gods*+*World*We*All*Will*Survive*if*u*SEA*!*ALL*THINGS*THREW*+*HIS*+*II*For*We*All*Are*From*His*+*1*DROP*OF*BLOOD*+*. Well! all i have to say,about,that! *which is true*, because the *bible* tells us sow*e, and i was not *thinking*at*all! about a saying* for today*i was thinking*what was on my mind*tho! and those words flew* to my mind*. B*Leave me*, no magic powers* here! i, wood not be sitting in my cold drafty basement waiting for my close to dry! & i would dam! WELL! know how to spell*… Read more »
Joe Brown & All,
A Happy Valentines Day indeed to one and all, and hopefully we can always remember what the Beatles so very memorably and incredibly wisely once said, “Love is all you need.”
As the anonymous PA announcer on M.A.S.H. was so unforgettably given to ending his compound-wide messages with, “That is all.”
What’s up, Mouse & Old Collector & everyone of the world of coins – i * tell ya, i cant get no,satisfaction, i don’t know how much i have left of my saturation -point,i’ll write it off as just one of those saturnine days! went to court to get help for my biggest hypocrite, you would think, that something would rub off on woman, when i gave up the drink,in the year 2000* plus i was not a drunk, like the one that sits above me on her Throne, with her head spinning,like Linda Blair, ever so drunk, i can’t… Read more »
Joe Brown, Not my place or right to give you advice regarding your present difficulties; however, having once lived many, many years through eerily similar circumstances – with some unique assorted variations and deviations, of course – I can say with complete candor and lacking all disingenuousness that I most certainly CAN relate to your pain. On a purely philosophical but nevertheless firmly existential note regarding same, the key ingredient in such calamitous circumstances is to be able to remind oneself that however high the personal prison fence may appear to be, the one and only key to the lock… Read more »
Old Collector *With The Knowledge Of The Wise*+* Thank*You*smile*, that key has never left my pocket, i live the life of the fool on the hill all for good reason for i*m a true*+*to the man on the hill always*i, gave all of*me up to the fool,good*+*>& bad*, i have always turn my bad< to good*+*, right at the age of 7* A true*+ *blue*Bud*+*i*am, nothing but that, one day at a time*,in all of gods*+*glory*i walk with brother Jesus*only & always and those who follow* nothing but* to help the make beleavers & non that don*t, the non when… Read more »
Joe Brown,
Some haikus for youse…
Touching the water
petal, tiny waves lapping
at the frayed edges.
Evening fog slides
in, covers the rolling pond
with silver blankets.
Silence prevails now
as sleep engages the night
and dreams blossom forth.
Namaste