gold drops a week; Palladium hits 21-week high

Gold lost 2.5% this week

For the second straight day, palladium rose on Friday while gold, silver and platinum fell. Palladium’s victory was their ninth in a row. The metal also posted a 21-week high. Conversely, gold closed at a more than 6-week low and just two days after hitting a near 10-week high.

gold April delivery — the new, most active contract — was down $8.40, or 0.5% $1,786.60 per ounce on the Comex division of the New York Mercantile Exchange. The close was the lowest since gold ended December 15 at $1,764.50 an ounce.

“Gold prices are down this week, amid pressure from the Fed’s clear intention to hike rates starting in March and to start reducing its balance sheet shortly after the hike begins,” MarketWatch quoted Jeff Klearman, a portfolio manager at GraniteShares, as offering the Granite Shares Gold Trust.

Gold prices lost 2.5% this week after rising 0.8% last week and 1.1% in the week ending January 14th. Just Wednesday, the yellow metal posted its best close since November 18 at $1,852.50 an ounce. Gold futures are down 4.5% year-to-date.

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

“This week, 14 Wall Street analysts participated in the Kitco News gold survey. Among the participants, 4 or 29% called for an increase in the price of gold. At the same time, seven analysts or 50% saw the gold price falling next week and three analysts or 21% saw sideways price action.

Meanwhile, 495 votes were cast in online polls on Main Street. Of these, 270 respondents, or 55%, expected gold to rise next week. Another 158 or 32% said lower, while 67 voters or 14% were neutral.”

Elsewhere, Silver- for March delivery fell 37.5 cents or 1.7% to end at $22,301 an ounce. The close was the lowest for silver since settling at $22.19 an ounce on January 6th.

Silver prices plunged 8.3% this week after rising 6.1% last week and 2.3% in the week ended January 14th. In the first four weeks of 2022, they are 4.5% lower.

In PGM futures for Friday and for the week:

  • April platinum declined $15.20 or 1.5% to end at $1,006.60 per ouncefor a weekly loss of 2.8%.

  • palladium for March delivery, the price rose $8.80, or 0.4%, to a final price $2,375.30 per ounce. The comparison was the highest since Sept. 3 when palladium closed at $2,416.30 an ounce. Palladium prices are up 12.9% this week.

Both are ahead year-to-date with gains of 4.2% for platinum and 24.2% for palladium.

US Mint Bullion Sales in 2022

The United States Mint’s published bullion sales were flat last week. The US Mint this week released earnings from:

  • 28,500 ounces in American Gold Eagles,
  • 11,000 ounces in American Gold Buffalos and
  • 1 million ounces in American Silver Eagles.

Below is a breakdown of US Mint bullion product sales with columns detailing the number of coins sold over different time periods.

US Mint Bullion Sales (number of coins)
Friday Last week In this week December Sale 2021 Sale 2022
$50 American Eagle 1 ounce gold coin 0 0 22,500 41,000 1,115,500 110,000
$25 American Eagle 1/2 Oz Gold Coin 0 0 1,000 1,000 95,000 45,000
$10 American Eagle 1/4 oz gold coin 0 0 10,000 2,000 162,000 62,000
$5 American Eagle 1/10 oz gold coin 0 0 30,000 0 490,000 180,000
American Buffalo $50 1 ounce gold coin 0 0 11,000 10,500 350,500 53,000
$1 American Eagle 1 ounce silver coin 0 0 1,000,000 0 28,275,000 4,501,000
$100 American Eagle 1 Oz Platinum Coin 0 0 0 0 75,000 0
$25 American Eagle 1 Oz Palladium Coin 0 0 0 0 8,700 0
Tuskegee Airmen 5 oz Silver Coin 0 0 0 0 52,900 0

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