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Gold and Silver Weekly Gains Trimmed

Gold prices rose 1.3% this week

Precious metals fell on Friday, driving weekly losses higher for platinum and palladium while trimming gains on the week for gold and silver.

gold for April delivery shed $8, or 0.4%, to settle at $1,954.20 in ounces on the Comex division of the New York Mercantile Exchange.

“The risk of the Russia-Ukraine was becoming [World War 3] is diminishing for the moment and the more immediate concern is the impact of more aggressive interest rates, especially on the economy,” MarketWatch quoted Edmund Moy, former director of the United States Mint and senior IRA strategist for gold and silver dealer US Money Reserve.

Gold prices rose 1.3% this week after falling 2.8% last week. On Thursday, they marked their highest settlement since March 11. The yellow metal is 6.9% 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, 17 Wall Street analysts participated in Kitco News’ gold survey. Among the participants, 12 analysts, or 71%, called for gold prices to rise next week. At the same time, four analysts, or 24%, were bearish on gold in the near term, and one analyst, or 6%, which was neutral on prices.

Meanwhile, 1,034 votes were cast in online Main Street polls. Of these, 743 respondents, or 72%, looked for gold to rise next week. Another 158, or 15%, said lower, while 133 voters, or 13%, were neutral in the near term.”

Silver for May delivery lost 30.5 cents, or 1.2%, to close at $25,615 in ounces. Silver prices advanced 2.1% this week, for their seventh weekly gain in eight weeks. They declined 4.1% last week. Like for gold, on Thursday, silver finished at its best price since March 11. Before then, its six consecutive weekly gains had lifted prices by a combined $3.86 or 17.3%. The precious metal is 9.7% higher on the year.

In PGM futures on Friday and for the week:

  • April platinum fell $22.70, or 2.2%, to end at $1,008.50 in ouncesfor a 2.7% weekly loss.

  • palladium for June delivery tumbled $136.30, or 5.4%, to end at $2,394.30 in ouncesfor a 4% weekly drop.

Despite their hefty weekly losses, both are well higher on the year so far with advances of 4.4% for platinum and 25.2% for palladium.

US Mint Bullion Sales in 2022

Published United States Mint bullion sales were unchanged last week. This week, the US Mint reported gains totaling:

  • 58,000 ounces in American Gold Eagles,
  • 26,500 ounces in American Gold Buffalos,
  • 480,500 ounces in American Silver Eagles climbed, and
  • 3,000 ounces in American Platinum Eagles.

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 last week ThisWeek January February March 2022 Sales
$50 American Eagle 1oz Gold Coin 11,000 0 52,500 123,500 86,000 121,500 331,000
$25 American Eagle 1/2 Oz Gold Coin 0 0 3,000 45,000 0 4,000 49,000
$10 American Eagle 1/4 Oz Gold Coin 2,000 0 6,000 64,000 4,000 18,000 86,000
$5 American Eagle 1/10 oz Gold Coin 5,000 0 25,000 195,000 25,000 70,000 290,000
$50 American Buffalo 1oz Gold Coin 6,000 0 26,500 61,500 28,500 53,500 143,500
$1 American Eagle 1oz Silver Coin 0 0 480,500 5,001,000 1,500,000 1,080,500 7,581,500
$100 American Eagle 1oz Platinum Coin 0 0 3,000 N / A 25,800 14,200 40,000
$25 American Eagle 1oz Palladium Coin 0 0 0 0 0 0 0
Tuskegee Airmen 5oz Silver Coin 0 0 0 0 0 0 0

Article Source : https://www.coinnews.net/2022/03/25/gold-and-silver-weekly-gains-trimmed/

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