Precious metals futures ended higher Friday but most of them declined on the week. Palladium was the stand out on the day and week, posting another record settlement. Gold’s gain on day was its first in six sessions.
Gold for April delivery rose $4.30, or 0.3%, to settle at $1,318.50 an ounce on the Comex division of the New York Mercantile Exchange.
"Macro concerns in the global economy continue to underpin gold’s safe haven status, and the buying interest just happens to be accumulating around the $1,300 level," Reuters quoted Ronan Manly, precious metals analyst at Singapore-based dealer BullionStar.
Gold futures dipped 0.3% this week after two weekly gains of 1.9% and 1.2%. The yellow metal is 2.9% 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:
"Fifteen market professionals took part in the Wall Street survey. There were 11 votes, or 73%, calling for higher prices. There were two votes each, or 13%, for both lower and sideways.
Meanwhile, 467 respondents took part in an online Main Street poll. A total of 259 voters, or 55%, called for gold to rise. Another 129, or 28%, predicted gold would fall. The remaining 79 voters, or 17%, see a sideways market."
Elsewhere, silver for March delivery gained 9.6 cents, or 0.6%, to settle at $15.809 an ounce. Silver futures fell 0.8% this week after rising 1.5% last week. The precious metal is 1.7% higher on the year.
In PGM futures on Friday and for the week:
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April platinum rose $5.20, or 0.7%, to $802.50 an ounce, but registered a 2.9% weekly decline.
- Palladium for March tacked on $13.10, or 1%, to $1,371.20 an ounce — another all-time record settlement. Palladium futures rallied 4.4% on the week.
Both are higher on the year so far with increases of 0.2% for platinum and 14.5% for palladium.
London Precious Metals Prices
London precious metals prices were mixed on Friday and for the week. In comparing their levels from Thursday PM to Friday PM:
- Gold rose $4.85, or 0.4%, to $1,314.85 an ounce.
- Silver added 7 cents, or 0.5%, to $15.78 an ounce.
- Platinum fell $6, or 0.7%, to $799 an ounce.
- Palladium declined $4, or 0.3%, to $1,394 an ounce.
In LBMA weekly results, palladium gained 1.9% while the others logged losses reaching 0.3% for gold, 1.4% for silver, and 3.2% for platinum.
US Mint 2019 Bullion Sales
Gold and silver sales of United States Mint American Eagle and Buffalo bullion coins improved this week from last week. In headline week-over-week comparisons:
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Gold bullion coins rose by 7,500 ounces after rising by 5,000 ounces last week. Splits include 4,500 ounces in American Gold Eagles against 4,000 ounces previously and 3,000 ounces in American Gold Buffalos versus 1,000 ounces previously.
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American Silver Eagles climbed by 255,000 ounces after advancing by 116,500 ounces last week.
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American Platinum Eagles rose by 900 ounces after climbing by 2,000 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 | January | February | 2019 Sales | |
| $100 American Eagle 1 Oz Platinum Coin | 400 | 2,000 | 900 | 27,100 | 1,400 | 28,500 |
| $50 American Eagle 1 Oz Gold Coin | 500 | 2,500 | 3,500 | 44,500 | 4,500 | 49,000 |
| $25 American Eagle 1/2 Oz Gold Coin | 1,000 | 1,000 | 1,000 | 15,000 | 1,000 | 16,000 |
| $10 American Eagle 1/4 Oz Gold Coin | 0 | 0 | 0 | 20,000 | 0 | 20,000 |
| $5 American Eagle 1/10 Oz Gold Coin | 0 | 40,000 | 5,000 | 85,000 | 5,000 | 90,000 |
| $50 American Buffalo 1 Oz Gold Coin | 1,000 | 1,000 | 3,000 | 23,500 | 3,000 | 26,500 |
| $1 American Eagle 1 Oz Silver Coin | 0 | 116,500 | 255,000 | 4,017,500 | 285,000 | 4,302,500 |
