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Gold ends week over $ 1,800

The price of gold is up 1.1% this week

Precious metals advanced on Friday, continued their sharp gains on Thursday and increased their weekly gains. Gold ended above $ 1,800 an ounce for the first time in over three weeks.

gold February delivery rose $ 6.70, or 0.4%, to level off at $ 1,804.90 per ounce at the Comex division of the New York Mercantile Exchange. The settlement was the highest since November 22nd.

“Growth will slow into the next quarter and US stocks are correcting their highs, so there seems to be a panic of stocks in safe investments like gold and silver,” Reuters quoted Phillip Streible, chief market strategist at Blue Line Futures in Chicago.

Gold closed 1.1% higher this week after rising 90 cents, or 0.05%, last week. They are 4.8% lower than in the previous year.

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

“This week, 16 Wall Street analysts took part in Kitco News’ gold poll. Among the participants, 11 analysts, or 69%, called for the price of gold to rise next week. At the same time, two analysts, or 13%, were pessimistic about gold in the short term, and three analysts, or 19 % were price neutral.

A total of 1,027 votes have now been cast in online polls on Main Street. Of these, 593 respondents, or 58%, expected the price of gold to rise in the next week. Another 263, or 26%, said lower, while 171 voters, or 17%, were neutral. “

Elsewhere, Silver- for March the delivery rose by 4.8 cents or 0.2% and leveled off at $ 22,533 an ounce. Silver traded 1.5% higher this week after four consecutive weekly falls brought prices down $ 3.15, or 12.4%. The silver price is 14.7% lower than last year.

In PGM futures on Friday and for the week:

  • January platinum $ 5.60 or 0.6% added to end at $ 934.50 per ounce, for a modest 30 cents, or 0.03% weekly profit.

  • palladium March delivery added $ 62 or 3.6% to end at $ 1,784.80 per ounce, an increase of 2% from the week.

With losses of 13.4% for platinum and 27.3% for palladium, both are below the year-to-date level.

US Mint Bullion on sale in 2021

United States Mint bullion sales, published this week, slowed in gold coins and were flat in silver coins. In a weekly comparison:

  • American Gold Eagles sales rose 15,000 ounces after rising 25,000 ounces last week.

  • American Buffalo gold coin sales rose 2,500 ounces after rising 7,000 ounces last week.

  • American Silver Eagles sales stagnated for the second straight week.

Below is a sales breakdown of US Mint’s gold coin products, with columns listing the number of coins sold during different time periods.

US Mint Bullion Sales (Number of Coins)
Friday Last week In this week October November December 2021 sale
$ 50 American Eagle 1 Oz Gold Coin 0 24,500 14,500 135,500 125,500 41,000 1,115,500
$ 25 American Eagle 1/2 Oz Gold Coin 0 0 1,000 7,000 6,000 1,000 95,000
$ 10 American Eagle 1/4 Oz Gold Coin 0 2,000 0 22,000 10,000 2,000 162,000
$ 5 American Eagle 1/10 Oz Gold Coin 0 0 0 85,000 40,000 0 490,000
$ 50 American Buffalo 1 Oz Gold Coin 0 7,000 2,500 41,000 39,500 10,500 350,500
1 US dollar American Eagle 1 ounce silver coin 0 0 0 1,076,000 1,523,500 0 28,275,000
$ 100 American Eagle 1 Oz Platinum Coin 0 0 0 0 0 0 75,000
$ 25 American Eagle 1 Oz Palladium Coin 0 0 0 0 8,700 0 8,700
Tuskegee Airmen 5 oz silver coin 0 0 0 0 0 0 52,900

Article Source : https://www.coinnews.net/2021/12/17/gold-ends-week-above-1800/

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