Precious metals snapped their five-session losing streak on Friday, slightly trimming their weekly losses which extended to three in a row for gold, silver, platinum and palladium.
Rebounding from a six-week low, gold for December delivery on Friday rose $13.30, or 0.8%, to settle at $1,722.60 an ounce on the Comex division of the New York Mercantile Exchange.
"A slightly weaker US dollar and U.S. short-term Treasury yields have given gold some relief recently. However, this has not changed the underlying downward trend in gold prices," Reuters quoted Capital.com analyst Piero Cingari.
Gold prices gave back 1.6% this week following losses of 0.7% last week and 2.9% in the week ending Aug. 19. On Thursday, the yellow metal ended at its worst point since July 20. Gold is 5.8% 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, a total of 17 market professionals took part in Kitco News’ Wall Street survey. Seven analysts, or 41%, said they were bullish on gold next week. Six analysts, or 35%, said they were bearish. Four analysts, or 24%, said they were neutral on the precious metal.
On the retail side, 898 respondents took part in online polls. A total of 337 voters, or 38%, called for gold to rise. Another 412, or 46%, predicted gold would fall. While the remaining 149 voters, or 17%, called for a sideways market."
Bouncing from a more than two-year low, silver for December delivery tacked on 21.5 cents, or 1.2%, to settle at $17.881 an ounce.
Silver prices tumbled 4.6% this week after declines of 1.7% last week and 7.9% in the week ending Aug. 19. On Thursday, the precious metal posted its weakest finish since June 18, 2020. Silver prices are 23.4% lower on the year.
In PGM futures on Friday and for the week:
-
October platinum added $12.80, or 1.6%, to end at $818.30 an ounce, but logged a 4.3% weekly decline. The metal on Thursday registered its lowest close since June 25, 2020.
- Palladium for December delivery added $29.80, or 1.5%, to end at $2,026.10 an ounce, but finished the week 4.5% lower.
Both remained divided on the year so far with platinum down 15.3% and palladium up 6%.
US Mint Bullion Sales in 2022
Published United States Mint bullion sales were unchanged on Friday. 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 / Sept. | Last Week | This Week | May | June | July | August | 2022 Sales | |
| $50 American Eagle 1 Oz Gold Coin | 0 | 0 | 16,500 | 164,500 | 31,000 | 59,500 | 43,500 | 729,000 |
| $25 American Eagle 1/2 Oz Gold Coin | 0 | 0 | 0 | 7,000 | 6,000 | 5,000 | 1,000 | 72,000 |
| $10 American Eagle 1/4 Oz Gold Coin | 0 | 0 | 0 | 8,000 | 18,000 | 2,000 | 2,000 | 132,000 |
| $5 American Eagle 1/10 Oz Gold Coin | 0 | 0 | 0 | 50,000 | 135,000 | 20,000 | 15,000 | 540,000 |
| $50 American Buffalo 1 Oz Gold Coin | 0 | 0 | 6,500 | 56,000 | 21,500 | 39,500 | 17,500 | 316,500 |
| $1 American Eagle 1 Oz Silver Coin | 0 | 0 | 425,000 | 1,350,000 | 925,000 | 850,000 | 850,000 | 12,406,500 |
| $100 American Eagle 1 Oz Platinum Coin | 0 | 0 | 0 | 0 | 23,500 | 15,500 | 1,000 | 80,000 |
That’s far out!
Very interesting Kaiser. I would like to read more about that. Do you have any favorite links that you like on that subject?
Thanks for posting the Greysheet link. Informative. I am leaning towards #1 as the reason people are selling. A softer market ahead before turning back up again.
Sir Kaiser, it looks like the Mint’s (A Historic First:) American Women Quarters™ Program page is also showing TBD for many of the (Wong) products. On another note, the American Eagle 2022 One Ounce Palladium Reverse Proof Coin is no longer TBD and is rescheduled for a release date of September 29, 2022.
Thanks for the back available notice, Major. With the 2022 American Liberty Silver Medal now showing data-available = 21,500 and sales total through September 4th at 53,134, final sales figure could ultimately reach the mintage limit of 75,000 thanks to this recent production dump.