Precious metals declined on Friday, trimming weekly gains for gold and silver while deepening weekly losses for platinum and palladium.
On Friday, gold for April delivery lost $15.40, or 0.8%, to settle at $1,985 an ounce on the Comex division of the New York Mercantile Exchange.
Gold prices increased 0.9% this week after soaring 4.2% last week. On Tuesday, gold at $2,043.30 an ounce logged its highest settlement since Aug. 6, 2020. The yellow metal is 8.6% higher 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 18 Wall Street analysts participated in Kitco News’ gold survey. Among the participants, eight analysts, or 44%, called for gold prices to rise next week. At the same time, three analysts, or 17%, were bearish on gold in the near term, and seven analysts or 39% were neutral on prices.
Meanwhile, 1,013 votes were cast in online Main Street polls. Of these, 634 respondents, or 63%, looked for gold to rise next week. Another 223, or 22%, said lower, while 156 voters, or 15%, were neutral in the near term."
Elsewhere, silver for May delivery gave back 9.6 cents, or 0.4% to settle at $26.16 an ounce. On Tuesday, silver at $26.895 marked its best finish since June 16.
Silver prices advanced 1.4% this week, for their sixth consecutive weekly win. Immediate prior weekly gains were 7.4%; 0.1%; 2.7%; 4%; and 0.8%. They are 12% higher on the year.
In PGM futures on Friday and for the week:
-
April platinum dipped $6.60, or 0.6%, to end at $1,088.60 an ounce, for a 2.5% weekly decline.
- Palladium for June delivery sank $123.70, or 4.2%, to end at $2,796.80 an ounce, for a 6.2% weekly loss. Last Friday, palladium posted a record settlement of $2,981.90.
Both are higher for the year so far with gains of 12.7% for platinum and 46.3% for palladium.
US Mint Bullion Sales in 2022
Weekly sales of United States Mint bullion products picked up for gold, silver and platinum coins. In week-over-week comparisons:
- American Gold Eagles rose 68,500 ounces against 27,500 ounces last week,
- American Gold Buffalos gained 22,000 ounces compared to 11,500 ounces last week,
- American Silver Eagles climbed 600,000 ounces following no gains last week, and
- American Platinum Eagles added 6,500 ounces compared to 4,700 ounces last 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 | This Week | January | February | March | 2022 Sales | |
| $50 American Eagle 1 Oz Gold Coin | 0 | 27,500 | 60,500 | 123,500 | 86,000 | 69,000 | 278,500 |
| $25 American Eagle 1/2 Oz Gold Coin | 0 | 0 | 1,000 | 45,000 | 0 | 1,000 | 46,000 |
| $10 American Eagle 1/4 Oz Gold Coin | 0 | 0 | 12,000 | 64,000 | 4,000 | 12,000 | 80,000 |
| $5 American Eagle 1/10 Oz Gold Coin | 0 | 0 | 45,000 | 195,000 | 25,000 | 45,000 | 265,000 |
| $50 American Buffalo 1 Oz Gold Coin | 0 | 11,500 | 22,000 | 61,500 | 28,500 | 27,000 | 117,000 |
| $1 American Eagle 1 Oz Silver Coin | 0 | 0 | 600,000 | 5,001,000 | 1,500,000 | 600,000 | 7,101,000 |
| $100 American Eagle 1 Oz Platinum Coin | 0 | 4,700 | 6,500 | N/A | 25,800 | 11,200 | 37,000 |
| $25 American Eagle 1 Oz Palladium Coin | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Tuskegee Airmen 5 oz Silver Coin | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
There are those who work and there are those who are content to live off the labors of others. Stock and commodities traders, who already happen to be in the latter category, further detract from the domestic product with their incessant “money changing”. I can now much more readily grasp the meaning of the story of an angry Jesus in the Temple.
Sir Kaiser,
As you may recall, ten days ago I pointed out the headline from The Financial Times, “Gold fetishism has had its day.” Well today, The Financial Times is reporting, “Investors buy gold in response to Ukraine war.”
Your commentary above brought back to mind the words of Dr. Fekete: “Disenfranchised savers and producers of the earth, rise! Put an end to the usurpation of power by the clique of impostors pretending to be monetary experts! Chase the money-mongers out of the temple!”
Good Sir Rich, Bless your informative presence on this forum. I can always count on you to provide extensive illumination several steps beyond what I have managed to put forth, and that practice of yours is so very much appreciated because I do indeed value the accumulation of knowledge beyond just about anything else. The Ukraine conflict has clearly resulted in a major re-invigoration of the precious metal markets; however, considering the terrible human cost of that war I hardly think this development regarding gold etc. is one to be met with cheers. As to the money-mongers of Wall Street… Read more »
2022 MORGAN AND PEACE SILVER DOLLARS CANCELLED!
Silver shortage is the announced reason. Projected to be available again in 2023.
Just so my fellow collectors will be more likely to notice the above-posted “bulletin”…