Gold prices fell for the second consecutive day on Thursday, following a one-year high on Tuesday. Meanwhile, prices for silver, platinum, and palladium all increased. Except for palladium, all precious metals gained during the holiday-shortened trading week. Gold and silver notably extended their weekly winning streaks to six and four weeks, respectively.
On Thursday, gold for June delivery shed $9.20, or 0.5%, to settle at $2,026.40 an ounce on the Comex division of the New York Mercantile Exchange.
"Gold and silver prices are near steady in midday U.S. trading Wednesday, on a bit of profit-taking pressure and chart consolidation after hitting 12-month highs overnight. Both metals are in strong technical positions to suggest still more upside in the near term," Jim Wyckoff, a senior analyst at Kitco Inc, said in a daily research note.
Gold futures traded between $2,016.50 and $2,037.70. On Wednesday, they dipped 0.1%, but on Tuesday, they advanced 1.9% for their highest finish since March 8, 2020. Additionally, they increased by 0.7% on Monday.
Gold prices rose 2% for the week, increasing their 6-week gain to $209.30 or 11.5%. Year-to-date, gold prices have risen 11%.
In looking ahead to next week, Kitco News offers the following forecasts via their Wall Street & Main Street surveys:
"This week, 22 Wall Street analysts participated in the Kitco News Gold Survey. Among the participants, ten analysts, or 50%, were bullish on gold in the near term. At the same time, bearish and neutral expectations garnered five votes each, or 25%
Meanwhile, 647 votes were cast in online polls. Of these, 430 respondents, or 66%, looked for gold to rise next week. Another 121, or 19%, said it would be lower, while 96 voters, or 15%, were neutral in the near term."
Elsewhere, silver for May delivery rose 5.6 cents, or 0.2%, to close at $25.093 an ounce. Silver futures traded within a range of $24.69 to $25.18. On Wednesday, they declined 0.3%, but on Tuesday, they rallied 4.5%, logging their highest settlement since April 20, 2022. They also fell 0.6% on Monday.
Silver prices increased by 3.9% for the week, bringing their total increase over four weeks to $4.59 or 22.4%. Year-to-date, silver prices are up by 4.4%.
In other precious metals prices on Thursday and for the week:
-
July platinum added $9.40, or 0.9%, to $1,016.80 an ounce, ranging from $1,004.30 to $1,021.70. Platinum saw a 1.4% increase in price over the course of the week.
- Despite gaining $37.10, or 2.6%, to reach $1,462.40 an ounce, with a trading range of $1,408 to $1,468, palladium for June delivery still saw a weekly decline of 0.4%.
Year to date, platinum has experienced a loss of 6.1%, while palladium has experienced a larger loss of 18.7%.
US Mint Bullion Sales in 2023
Based on the information provided, sales of U.S. Mint bullion products for American Eagle platinum and silver coins improved this week after a muted performance last week. Meanwhile, the weekly sales of the Mint’s gold bullion coins slowed down from the previous week. When comparing sales on a week-over-week basis:
- American Platinum Eagles: 500 ounces compared 0 ounces
- American Gold Eagles: 26,500 ounces against 53,500 ounces
- American Gold Buffalos: 9,500 ounces compared to 15,500 ounces
- American Silver Eagles: 450,000 ounces against 0 ounces
The table below presents a breakdown of U.S. Mint bullion products sold, with columns indicating the number of coins sold during different time periods.
| US Mint Bullion Sales (# of coins) | |||||||
|---|---|---|---|---|---|---|---|
| Thursday | Last Week | January Sales | February | March | This Week / April | 2023 Sales | |
| $50 American Eagle 1 Oz Gold Coin | 0 | 53,500 | 118,000 | 41,500 | 211,000 | 18,000 | 388,500 |
| $25 American Eagle 1/2 Oz Gold Coin | 0 | 0 | 37,000 | 8,000 | 1,000 | 8,000 | 54,000 |
| $10 American Eagle 1/4 Oz Gold Coin | 0 | 0 | 62,000 | 12,000 | 10,000 | 10,000 | 94,000 |
| $5 American Eagle 1/10 Oz Gold Coin | 0 | 0 | 115,000 | 85,000 | 10,000 | 20,000 | 230,000 |
| $50 American Buffalo 1 Oz Gold Coin | 0 | 15,500 | 59,000 | 19,500 | 73,000 | 9,500 | 161,000 |
| $1 American Eagle 1 Oz Silver Coin | 0 | 0 | 3,949,000 | 900,000 | 900,000 | 450,000 | 6,199,000 |
| $100 American Eagle 1 Oz Platinum Coin | 0 | 0 | N/A | N/A | 7,500 | 500 | 8,000 |
This article was updated to include finalized weekly totals.
My gold and silver are resting nicely. 🙂
Hard to disturb a single coin. But you got more bars than a southern prison.
Even on Easter and spring break criminals gonna manipulate. I think 23 states trying to switch to gold and silver. Looking for constitutional loopholes. Odd so soon after the great gold reset. Basel 3. Shift all the physical, hide your tracks, but make sure you sell your paper first.