Precious metals bounced Friday from their significant losses on Thursday, aside from palladium which sank for a second day but rallied overall on the week. Silver and platinum also jumped on the week. Gold, however, registered a weekly decline.
Gold for June delivery on Friday rose $13.60, or 0.8%, to settle at $1,735.50 an ounce on the Comex division of the New York Mercantile Exchange.
“The wider economic and health uncertainty are likely to keep gold prices underpinned … Prices are facing technical resistance around $1,765,” Reuters quoted Standard Chartered Bank analyst Suki Cooper.
Gold prices declined 1.2% this week after trading 2.5% higher last week. The precious metal is 14% 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:
“Ten out of 17 Wall Street voters, or 59%, said they are bullish for the week ahead. There were five voters, or 29%, calling for lower prices. Two respondents, or 12%, were neutral.
Meanwhile, 1,809 votes were cast in an online Main Street poll. A total of 1,038 voters, or 57%, looked for gold to rise in the next week. Another 467, or 26%, said lower, while 304, or 17%, were neutral.”
Elsewhere, silver for July delivery tacked on 32.9 cents, or 1.9%, to close at $17.693 an ounce. Silver futures traded 3.7% higher this week following gains of 8.2% last week and 5.6% for the week ended May 8. They are 1.3% lower on the year.
In other precious metals futures on Friday and for the week:
July platinum gained $19.80, or 2.3%, to end at $886.30 an ounce, for a 8.5% weekly increase.
- Palladium for June delivery tumbled $85.20, or 4.1%, to finish at $1,977.10 an ounce, but still logged a 6.4% gain on the week.
The two are divided on the year so far with platinum 9.4% lower and palladium 3.6% higher.
London Precious Metals Prices (LBMA)
London precious metals prices were mixed on Friday and for the week. In comparing their levels from Thursday PM to Friday PM:
- Gold rose $8.65, or 0.5%, to $1,733.55 an ounce.
- Silver declined 20.5 cents, or 1.2%, to $17 an ounce.
- Platinum fell $16, or 1.9%, to $835 an ounce.
- Palladium dropped $163, or 7.8%, to $1,915 an ounce.
In LBMA weekly results, prices increased 4.6% for silver, 8.7% for platinum, and 4.1% for palladium while they decreased 0.1% for gold.
US Mint Bullion Sales in 2020
United States Mint bullion sales finished flat last week. This week the bureau’s bullion product logged gains with:
1,500 ounces in American Gold Eagles
1,500 ounces in American Gold Buffalos
490,000 ounces in American Silver Eagles
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||April||May||2020 Sales|
|$50 American Eagle 1 Oz Gold Coin||0||0||1,500||105,000||3,500||283,000|
|$25 American Eagle 1/2 Oz Gold Coin||0||0||0||0||5,000||38,000|
|$10 American Eagle 1/4 Oz Gold Coin||0||0||0||0||10,000||50,000|
|$5 American Eagle 1/10 Oz Gold Coin||0||0||0||0||0||175,000|
|$50 American Buffalo 1 Oz Gold Coin||0||0||1,500||28,500||1,500||117,500|
|$1 American Eagle 1 Oz Silver Coin||0||0||490,000||750,000||490,000||11,218,500|
|$1 American Eagle 1 Oz Platinum Coin||0||0||0||1,500||0||56,500|
In terms of 5-ounce silver bullion sales for 2020, the U.S. Mint is working on getting them automated and reported. Initial U.S. Mint-provided figures have the first two 2020-dated pieces at 45,000 produced and sold per issue. These amounts are being verified.