Precious metals split between gains and losses on Friday, but they all dropped on the week. Gold and silver extended their weekly losses to five in a row.
On Friday, gold for August delivery dipped $2.20, or 0.1%, to settle at $1,703.60 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the lowest since March 30, 2021, when gold ended at $1,686 an ounce.
Gold prices lost 2.2% this week. They have now fallen a combined $171.90, or 9.2%, through their five weekly declines. The yellow metal is 6.8% 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 16 Wall Street analysts participated in Kitco News’ gold survey. Among the participants, three analysts, or 19%, we’re bullish on gold in the near term. At the same time, six analysts, or 50%, were bearish on gold, and five analysts, or 31%, were neutral on the precious metal next week.
Meanwhile, 1,107 votes were cast in online Main Street polls. Of these, 441 respondents, or 40%, looked for gold to rise next week. Another 458, or 41%, said lower, while 208 voters, or 19%, were neutral in the near term."
Elsewhere, silver for September delivery rose 36.9 cents, or 2%, to close at $18.594 an ounce. Silver prices gave back 3.3% this week, and they have sunk $3.34, or 15.2%, through their five weekly losses. On Thursday, silver marked its lowest settlement since July 1, 2020. The metal is 20.4% lower on the year.
In PGM futures on Friday and for the week:
-
October platinum advanced $13.60, or 1.7%, to end at $830.90 an ounce, but registered a hefty decline on the week of 5.9%. On Thursday, platinum posted its weakest finish since June 26, 2020.
- Palladium for September delivery dropped $67.70, or 3.6%, to end at $1,829.40 an ounce, for a 15.2% weekly loss. Platinum’s finish was its lowest since June 23.
The two are lower on the year so far with declines of 7.2% for platinum and 4.5% for palladium.
US Mint Bullion Sales in 2022
United States Mint bullion sales quickened this week from last. In week-over-week comparisons:
- American Gold Eagles rose 19,000 ounces after climbing 17,000 ounces previously
- American Gold Buffalos advanced 14,000 ounces after rising 9,000 ounces previously
- American Silver Eagles moved up 425,000 ounces following no change previously
- American Platinum Eagles rose 1,000 ounces after climbing 14,000 ounces previously
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 / This Week | Last Week | May | June | July | 2022 Sales | |
| $50 American Eagle 1 Oz Gold Coin | 18,000 | 15,000 | 164,500 | 31,000 | 33,000 | 659,000 |
| $25 American Eagle 1/2 Oz Gold Coin | 1,000 | 2,000 | 7,000 | 6,000 | 3,000 | 69,000 |
| $10 American Eagle 1/4 Oz Gold Coin | 0 | 2,000 | 8,000 | 18,000 | 2,000 | 130,000 |
| $5 American Eagle 1/10 Oz Gold Coin | 0 | 5,000 | 50,000 | 135,000 | 5,000 | 510,000 |
| $50 American Buffalo 1 Oz Gold Coin | 14,000 | 9,000 | 56,000 | 21,500 | 23,000 | 282,500 |
| $1 American Eagle 1 Oz Silver Coin | 425,000 | 0 | 1,350,000 | 925,000 | 425,000 | 11,131,500 |
| $100 American Eagle 1 Oz Platinum Coin | 1,000 | 14,000 | 0 | 23,500 | 15,000 | 78,500 |
GOLD: Is it time to stick a fork in it
Congratulations, SENZA, Best Fork On Thread!
Thanks Rich, I can’t help but wonder if Gas would be $1.86 and Gold $2500.00 if the Trumpster was still around.
I honestly don’t know if any fundamental or economic indicators matter anymore after all of the money printing and manipulation.
Unfortunately the Government always wins; US Mint being a perfect example
Not one red cent of that $920 million is coming to us but our Gold sure went down because of the actions that generated that fine – we get robbed the Government gets paid!
Senza,
I’m like you with regards to our beloved government…both sides have gotten used to spending way too much money and growing the size of government. I’ve never seen a more incompetent administration than we currently have and would say that if Trump was still there at least our energy prices would be a lot lower. But until they shut down the money printing presses, we’re all going to be getting the shaft, so to speak.That’s why I always keep plenty of vasoline handy.
That’s sage advice, Larry. Now that the rampant money printing under Modern Monetary Theory (MMT) has triggered an official consumer price inflation rate (CPI) of 9.1 percent, MMT bites the dust with price inflation raging at a 40 year high.
BTW, on a parallel basis, John Williams’ ShadowStats Alternate “Corrected” CPI year-to-year inflation rate was 17.3% in June 2022, which was the highest level since June 1947.
Good stuff as always Rich,
We need to train our minds to see this as “Price Gouging” Class Warfare instead of this watered down definition “inflation” then we can get mad and fight for change.
Rich,
Is that ‘corrected’ CPI number with Food and Energy included? I was thinking the number should be over 12%, but 17.3% is really illuminating. Thanks!
Right on Larry,
The vasoline part is terrifying but we are on the same page
Senza,
I don’t really use the vasoline for that, but it certainly makes the point..lol.
It probably was only 1 days take for them and they probably didn’t report it to begin with = pocket change to them – life changing to us.
Then there are the appeals and back door agreements that wipe away admissions of wrong doings – it’s not over until they get away with it
So JP Morgan devalued our Gold and the Government stole a cup of coffee from us Damn It Man
Good point Sir Kaiser,
All of the “Fake” fresh new ideas of today come from those iconic times – I think they call it Reddit
That’s a good one !
I always wondered it technology would have saved them
Executive meeting at CoinNews “Who is this vigilante who keeps catching our error’s.
Kaiser, they could use you at the Mint – you can keep the first 180
I bet he catches a lot of stuff in his new position
And this sucker is still “PROCESSING” C’mon Man
Where’s the beef?
Rich,
You ask, I answer
Mining first developed in earnest in Nevada in the 1849. Gold was discovered by miners who were headed west for the California Gold Rush. They decided to stay in Nevada and mine there instead.
That’s the Surfing Nun!
Groucho Marx: Kathy, I’ll start with you. How old are you? Kathy Kohner: I’m 17. I’m a senior at University High School. Groucho: I used to go to University high, but they made me stop drinking. Kathy, every teenager always has two big problems; their mother and their father. How about you? Kathy: They’re very broad-minded people, and I love them very much and we get along very well together. Groucho: What kind of work does your father do? Kathy: My father’s a script writer… His latest, which I’m most proud of, is his best-selling novel, Gidget. Groucho: He wrote… Read more »
One study found there is only about one gram of gold for every 100 million metric tons of ocean water in the Atlantic and north Pacific. There is also (undissolved) gold in/on the seafloor. The ocean, however, is deep, meaning that gold deposits are a mile or two underwater.
And those old timer’s lacked the equipment and sophistication of modern miner’s as shown in the image below
It’s the Weekend Major D, feel free to indulge – silver is always on our radar
The real source of gold is in our earths core. I read the gold in our core would be enough to cover the entire globe over in 4′ of gold.
That’s amazing Larry,
In my quest to discover the true source of Gold I have never been provided with that particular data – screw Mars let’s start digging
Major D, Goldschläger ain’t too rich for our blood at about $27 a bottle (750ml) it contains 0.01 grams of gold worth about $5.47
Amount of gold in bottle of Goldschläger = 0.01 Grams
Converted to Troy Ounces = 0.0032
PM Price of Gold on July 15, 2022 = $1,708.60 per Troy Ounce
Thus, 0.0032 X $1,708.60 = $5.47
Major D, is there silver in you too?
It’s a good thing too! I believe Silver went on to work for Wendy’s
Note to US Mint
WE ARE WAITING
A few words from Mr Fast Talker https://www.youtube.com/watch?v=w7XGQ9Vqhfs
Just got my shipping notice from the US Mint
Right On, SENZA! I just checked email and I also got my shipping notice from the Mint for the CPH about an hour ago.
We’re moving along now let’s celebrate https://www.youtube.com/watch?v=G_pMo1Hcn1I
The “Comstock Lode” was a silver ore deposit discovered in the Virginia City area in 1859. As news of the Comstock Lode spread, cities sprang up around the area to meet the living needs of miners. In addition to Virginia City, Aurora, Unionville and Austin were some of the cities that came to be due to the Comstock boom.
What a Bonanza! Not to mention Carson City, since they needed a Mint…
The Comstock Lode, discovered in 1859 by the Gosh brothers, is the most profitable lode, or mineral deposit, in American history. It made Virginia City a boom town, put Carson City on the map, and paved the way for Nevada’s statehood. Along the way, it provided jobs for people like Samuel Clemens, aka Mark Twain.
It laid a path of economic success to a variety of ladies via Brothels where the miners could dump their “lode” in exchange for goods and “services”.
If you collect vintage silver coinage you might even hold a bit of those miner’s “lode”.
Miners in many cities in Nevada in the late 1800’s/early 1900’s lived in cheap homes like this bottle house. The walls are made of glass bottles surrounded by cement.
Pack animals like mules and burros were used often in mining. As the demand for supplies and mineral shipments spread, this led to the growth of the railroads in Nevada in the early 1900’s.
Gold was discovered in 1902 near the Tonopah hills. This quickly led to the development of the town of Goldfield, which started with 36 people in 1903 and had over 25,000 in 1908.
There’s Gold in Them Thar Hills
That comes from Mark Twain’s 1892 novel The American Claimant. He supposedly got it indirectly from a Georgia assayer, Dr. Matthew Fleming Stephenson, who said, “there’s millions in it,” to keep locals from heading to California for the Gold Rush in 1849. The phrase later became corrupted to the above.
Miners in Goldfield filled high-grade ore into sacks and those who deposited them into the bank for safe-keeping instead of the Brothel’s became wealthy while other’s left flat broke