Precious metals futures advanced Friday, adding to weekly gains for gold, silver and palladium while paring platinum’s loss on the week.
Gold for December delivery rose $12.20, or 0.6%, to settle at $1,962.10 an ounce on the Comex division of the New York Mercantile Exchange.
“We’re seeing a slightly weaker dollar. Gold prices should do better because the dollar will continue to weaken,” Reuters quoted Edward Meir, an analyst at ED&F Man Capital Markets. “The path of least resistance is upwards because of the Fed, all the stimulus coming from global central banks (and) more fiscal stimulus if there’s deal in Washington; all the tailwinds are pointing in the direction for higher prices.”
Gold futures traded up 0.7% this week, matching their increase last week. They are 28.8% 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, 14 Wall Street professionals took part in the latest Kitco survey. Among the participants, seven voters, or 50%, called for gold prices to rise; six analysts, or 43%, said they expect to see prices trade sideways and one analyst, or 7%, said they see gold prices lower next week.
A total of 1,367 votes were cast in online Main Street polls. Of these participants, 829 respondents, or 60%, looked for gold to rise next week. Another 290, or 21%, said they were neutral, while 248 voters, or 18%, were bearish.”
Elsewhere, silver for December delivery added 2.9 cents, or 0.1%, to close at $27.129 an ounce. Silver futures tacked on 1% this week after edging up 0.5% last week. They are 51.4% higher on the year.
In PGM futures on Friday and for the week:
October platinum added $7.60, or 0.8%, to end at $938.50 an ounce, but logged a 0.1% weekly loss.
- Palladium for December delivery jumped $45.50, or 2%, to finish at $2,380.80 an ounce, for a 2.2% weekly gain.
The two are divided on the year so far with platinum 4% lower and palladium 24.7% higher.
London Precious Metals Prices (LBMA)
London precious metals prices ended mixed on Friday and higher on the week. In comparing their levels from Thursday PM to Friday PM:
- Gold rose $14.60, or 0.8%, to $1,950.85 an ounce.
- Silver added 31.5 cents, or 1.2%, to $27.06 an ounce.
- Platinum declined $1, or 0.1%, to $939 an ounce.
- Palladium fell $22, or 0.9%, to $2,321 an ounce.
In LBMA weekly results, gains reached 0.2% for gold, 0.7% for silver, 1.1% for platinum and 0.9% for palladium.
US Mint Bullion Sales in 2020
United States Mint bullion products registered divided gains compared to a week ago with gold sales higher and silver sales lower. In week-over-week comparisons:
Sales of American Gold Eagles advanced 8,000 ounces after increasing by 3,500 ounces last week.
Sales of American Silver Eagles moved ahead 331,000 ounces after having surged 1 million ounces last week.
Sales of American Buffalo gold increased 1,000 ounces after they climbed by 500 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. Products with an asterisk (*) are no longer available.
|US Mint Bullion Sales (# of coins)|
|Friday||Last Week||This Week||July||August||September||2020 Sales|
|$50 American Eagle 1 Oz Gold Coin||0||1,500||7,500||107,500||104,000||9,000||548,000|
|$25 American Eagle 1/2 Oz Gold Coin||0||1,000||1,000||4,000||10,000||2,000||57,000|
|$10 American Eagle 1/4 Oz Gold Coin||0||2,000||0||10,000||20,000||2,000||86,000|
|$5 American Eagle 1/10 Oz Gold Coin||0||10,000||0||35,000||70,000||10,000||290,000|
|$50 American Buffalo 1 Oz Gold Coin||0||500||1,000||30,000||28,000||1,500||185,500|
|$1 American Eagle 1 Oz Silver Coin||0||1,000,000||331,000||1,084,500||4,477,000||1,331,000||19,509,000|
|America Samoa 5 oz Silver Coin*||0||0||0||0||0||0||45,000|
|Weir Farm 5 oz Silver Coin*||0||0||0||0||0||0||45,000|
|Salt River Bay 5 oz Silver Coin*||0||0||0||0||0||0||45,000|
|Marsh Billings 5 oz Silver Coin*||0||0||0||45,000||0||0||45,000|
|$1 American Eagle 1 Oz Platinum Coin*||0||0||0||0||0||0||56,500|