Precious metals declined on Friday, increasing their losses on the week. Gold’s weekly fall was its first in five weeks.
Gold for December delivery lost $7.90, or 0.4%, to settle at $1,792.10 an ounce on the Comex division of the New York Mercantile Exchange.
Gold futures gave back 2.3% this week following four weeks of gains that had lift prices by a combined $70.60 or 4%. They are 5.4% lower on the year to date.
In looking ahead to next week, Kitco News offers the following forecasts via their Wall Street & Main Street surveys:
"This week 15 Wall Street analysts participated in Kitco News’ gold survey. Among the participants, 9, or 60%, called for gold prices to trade sideways. Meanwhile, bullish and bearish outlooks garnered three votes each or 20%…
…A total of 494 votes were cast in online polls. Of these, 274 respondents, or 55%, looked for gold to rise next week. Another 127, or 26%, said lower, while 93 voters, or 35%, were neutral."
Elsewhere, silver for December delivery fell 27.7 cents, or 1.2%, to close at $23.90 an ounce. Silver futures traded 3.6% lower this week after increases of 3.1% last week and 4.1% in the week ending Aug. 27. They are off on the year by 9.5%.
In other metal futures on Friday and for the week:
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October platinum declined $18, or 1.9%, to end at $956.50 an ounce, for a 6.4% weekly loss.
- Palladium for December delivery shed $16.50, or 0.8%, to finish at $2,126.30 an ounce, for a 12% weekly drop.
Both are down on the year so far with losses of 11.4% for platinum and 13.4% for palladium.
US Mint Bullion Sales in 2021
United States Mint gold bullion sales quickened this week following three consecutive weekly slowdowns. The agency’s silver bullion sales steadied. In week-over-week comparisons:
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Sales of American Gold Eagles rose 20,000 ounces after increasing 18,500 ounces last week.
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Sales of American Buffalo gold coins increased 10,000 ounces after climbing 4,500 ounces last week.
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Sales of American Silver Eagles rose 750,000 ounces, matching the prior 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 | August | This Week / September | 2021 Sales | |
| $50 American Eagle 1 Oz Gold Coin | 10,000 | 11,500 | 112,000 | 19,500 | 765,500 |
| $25 American Eagle 1/2 Oz Gold Coin | 0 | 0 | 21,000 | 0 | 77,000 |
| $10 American Eagle 1/4 Oz Gold Coin | 0 | 28,000 | 34,000 | 0 | 120,000 |
| $5 American Eagle 1/10 Oz Gold Coin | 0 | 0 | 50,000 | 5,000 | 335,000 |
| $50 American Buffalo 1 Oz Gold Coin | 2,000 | 4,500 | 27,500 | 10,000 | 245,500 |
| $1 American Eagle 1 Oz Silver Coin | 0 | 750,000 | 3,930,000 | 750,000 | 23,690,500 |
| $100 American Eagle 1 Oz Platinum Coin | 0 | 0 | 0 | 0 | 75,000 |
| Tuskegee Airmen 5 oz Silver Coin | 0 | 0 | 0 | 0 | 52,900 |
