Gold and Silver Log First Weekly Losses in Three Weeks

Gold and silver prices slipped less than 1% this week

Precious metals declined on Friday, resulting in weekly losses for all but platinum which still advanced nearly 8% to extend its winning streak to three weeks in a row. Weekly losses for gold, silver and palladium were their first in three.

gold for August delivery fell $21.20, or 1.1%, to settle at $1,850.20 in ounces on the Comex division of the New York Mercantile Exchange.

“Over the past week, spot gold rose slightly above the upper end of its trading range between the $1800 and $1850 area,” said Peter Cardillo, chief market economist at Spartan Capital Securities, in a note reported by MarketWatch. “We continue see this trading range prevailing in the near-term as the dollar’s strength caps the market’s ability to break out from the trading range.”

Gold prices dipped 0.4% this week after increases of 0.5% last week and 1.9% in the week ending May 20. On Thursday, the yellow metal notched a one-month settlement high. Gold is 1.2% higher on the year to date.

Looking ahead to next week, Kitco News offers the following forecasts via their Wall Street & Main Street surveys:

“This week 15 Wall Street analysts participated in Kitco News’ gold survey. Among the participants, seven analysts, or 47%, called for gold prices to rise next week. At the same time, five analysts, or 36%, were bearish on gold in the near term, and three analysts, or 20%, were neutral on prices.

Meanwhile, 637 votes were cast in online Main Street polls. Of these, 448 respondents, or 70%, looked for gold to rise next week. Another 117, or 18%, said lower, while 72 voters, or 11%, were neutral in the near term.”

elsewhere, silver for July delivery dropped 36.7 cents, or 1.7%, to close at $21,908 in ounces. Silver prices shed 0.9% this week following gains of 2% last week and 3.2% in the week ending May 20. Like gold, silver prices ended Thursday at their best level in a month. They are now 6.2% lower on the year.

In PGM prices on Friday and for the week:

  • July platinum lost $12, or 1.2%, to end at $1,016.40 in ouncesbut posted a 7.8% weekly gain.

  • palladium for September delivery tumbled $61.60, or 3%, to end at $1,985.90 in ouncesfor a 3.4% weekly loss

Both metals are higher on the year so far with advances of 5.2% for platinum and 3.9% for palladium.

US Mint Bullion Sales in 2022

Published US Mint bullion sales were unchanged this week. Last week, the Mint reported gains of:

  • 46,000 ounces in American Gold Eagles
  • 15,500 ounces in American Gold Buffalos
  • American Silver Eagles were flat

Below is a sales breakdown of US Mint bullion products with columns listing the number of coins sold during varying periods.

US Mint Bullion Sales (# of coins)
Friday / Week / June last week March April may 2022 Sales
$50 American Eagle 1oz Gold Coin 0 44,500 140,500 80,500 137,500 568,000
$25 American Eagle 1/2 Oz Gold Coin 0 3,000 5,000 3,000 5,000 58,000
$10 American Eagle 1/4 Oz Gold Coin 0 0 20,000 14,000 8,000 110,000
$5 American Eagle 1/10 oz Gold Coin 0 0 75,000 25,000 50,000 370,000
$50 American Buffalo 1oz Gold Coin 0 15,500 64,500 27,500 52,000 234,000
$1 American Eagle 1oz Silver Coin 0 0 1,080,500 850,000 850,000 9,281,500
$100 American Eagle 1oz Platinum Coin 0 0 14,200 0 0 40,000
$25 American Eagle 1oz Palladium Coin 0 0 0 0 0 0

CoinNews will take a one-week break from publishing precious metals pricing articles.

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