Gold and Silver Prices Fall for a Second Week

Gold prices lost 0.6% this week

Gold advanced for the first time in five sessions on Friday, but just by a smidgen. Prices for silver and platinum were also little changed. All three metals declined on the week. Gold’s and silver’s weekly losses were their second in a row while platinum extended its weekly declines to three straight. Palladium, meanwhile, notched a solid daily increase, padding its weekly gain.

on friday, gold for August delivery edged up 50 cents, or 0.03%, to settle at $1,830.20 in ounces on the Comex division of the New York Mercantile Exchange.

Gold prices shed 0.6% this week after falling 1.9% last week. They are up 0.09% 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, six analysts, or 26%, were bullish on gold in the near term. At the same time, six analysts, or 32%, were bearish on gold and nine analysts, or 42%, were neutral on gold next week.

Meanwhile, 681 votes were cast in online Main Street polls. Of these, 301 respondents, or 44%, looked for gold to rise next week. Another 185, or 27%, said lower, while 195 voters, or 29%, were neutral in the near term.”

elsewhere, silver for July delivery rose 8.3 cents, or 0.4%, to settle at $21,125 in ounces. Silver prices declined 2.1% this week after giving back 1.6% last week. They are 9.5% lower on the year.

In PGM prices on Friday and for the week:

  • July platinum inch 70 cents, or 0.08%, lower to end at $903.70 in ounces. The finish was the lowest since Dec. 15 when platinum ended at $894.20 an ounce. Platinum prices registered a weekly loss of 2.9%.

  • palladium for September delivery added $30.20, or 1.7%, to end at $1,854.30 in ouncesfor a 3.1% weekly increase.

Both are lower on the year so far with losses of 6.5% for platinum and 3% for palladium.

US Mint Bullion Sales in 2022

Published US Mint bullion sales were unchanged for a second week in a row.

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 last week April may June 2022 Sales
$50 American Eagle 1oz Gold Coin 0 0 80,500 137,500 0 568,000
$25 American Eagle 1/2 Oz Gold Coin 0 0 3,000 5,000 0 58,000
$10 American Eagle 1/4 Oz Gold Coin 0 0 14,000 8,000 0 110,000
$5 American Eagle 1/10 oz Gold Coin 0 0 25,000 50,000 0 370,000
$50 American Buffalo 1oz Gold Coin 0 0 27,500 56,000 2,500 240,500
$1 American Eagle 1oz Silver Coin 0 0 850,000 850,000 0 9,281,500
$100 American Eagle 1oz Platinum Coin 0 0 0 0 0 40,000
$25 American Eagle 1oz Palladium Coin 0 0 0 0 0 0

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