Platinum was the only precious metal to fall on Friday, but only palladium scored a weekly win, which was substantial. The losses incurred by gold and silver during the week were their first in three weeks.
On Friday, gold for August delivery inched up 50 cents, or 0.03%, to settle at $1,971.20 an ounce on the Comex division of the New York Mercantile Exchange.
Gold dipped this week by 0.3%, following gains of 0.4% last week and 1.3% in the week ending June 2. The yellow metal is 8% higher on the year to date.
Looking forward to the upcoming week, Kitco News offers the following forecasts via their Wall Street & Main Street surveys:
"This week, 24 Wall Street analysts participated in the Kitco News Gold Survey. Among the participants, ten analysts, or 42%, were bullish on gold in the near term. At the same time, five analysts, or 21%, were bearish for next week, and nine analysts, or 38%, saw prices trading sideways.
Meanwhile, 487 votes were cast in online polls. Of these, 258 respondents, or 52%, looked for gold to rise next week. Another 126, or 26%, said it would be lower, while 103 voters, or 21%, were neutral in the near term."
Elsewhere, silver for July delivery rose by 17.9 cents, or 0.8%, to close at $24.126 an ounce. Following two consecutive weekly gains of 2.8% last week and 1.7% in the week ending June 2, silver prices experienced a 1.2% decline. Overall, they are 0.4% higher compared to the previous year.
When examining other precious metals, both on Friday and throughout the week:
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July platinum slipped by $4.60, or 0.5%, to end at $987.30 an ounce, for a weekly loss of 2.5%.
- Palladium for September delivery tacked on $18.90, or 1.4%, to finish at $1,416.30 an ounce, padding its gain on the week to 8.5%.
Analyzing their performance since the beginning of the year, platinum has dropped by 8.8%, and palladium has tumbled by 21.2%.
US Mint Bullion Sales in 2023
On Tuesday, the U.S. Mint published bullion sales gains for the first time month. No further sales have been reported since then. The table below presents a breakdown of U.S. Mint bullion products sold, with columns indicating the number of coins sold (not total ounces) during different time periods.
| US Mint Bullion Sales (# of coins) | ||||||||
|---|---|---|---|---|---|---|---|---|
| Friday | Last Week | This Week / June | February | March | April | May | 2023 Sales | |
| $50 American Eagle 1 Oz Gold Coin | 0 | 0 | 16,000 | 41,500 | 211,000 | 159,500 | 60,500 | 606,500 |
| $25 American Eagle 1/2 Oz Gold Coin | 0 | 0 | 1,000 | 8,000 | 1,000 | 8,000 | 18,000 | 73,000 |
| $10 American Eagle 1/4 Oz Gold Coin | 0 | 0 | 4,000 | 12,000 | 10,000 | 12,000 | 32,000 | 132,000 |
| $5 American Eagle 1/10 Oz Gold Coin | 0 | 0 | 15,000 | 85,000 | 10,000 | 35,000 | 80,000 | 340,000 |
| $50 American Buffalo 1 Oz Gold Coin | 0 | 0 | 7,000 | 19,500 | 73,000 | 61,000 | 47,000 | 266,500 |
| $1 American Eagle 1 Oz Silver Coin | 0 | 0 | 725,000 | 900,000 | 900,000 | 900,000 | 1,593,000 | 8,967,000 |
| $100 American Eagle 1 Oz Platinum Coin | 0 | 0 | 3,500 | N/A | 7,500 | 500 | 1,200 | 12,700 |
The precious metals are all down quite a bit this morning (Tuesday, June 20) on the first trading day after the Federal holiday yesterday… stock market down quite a bit this morning also. Silver was down over $1 when I woke up earlier!
NumisdudeTX