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Gold Gains 1.2% on Week while Palladium Drops 3.6%

Gold prices registered a solid gain this week

Gold, silver and platinum prices changed modestly on Friday. All three logged weekly wins. Palladium, meanwhile, dropped on the day and for the week.

on friday, gold for April delivery rose $3.70, or 0.2%, to settle at $1,807.80 in ounces on the Comex division of the New York Mercantile Exchange.

“The zero rates and massive [quantitative easing] which helped gold and the Nasdaq soar during 2020s COVID shock are now being removed, but gold is holding firmer first because it peaked sooner and so is now far less stretched, and second because — across longer time frames — the precious metals tends to do well when equities lose value,” Adrian Ash, director of research at BullionVault, told MarketWatch.

Gold futures traded 1.2% higher this week after falling 2.5% last week. They are 1.1% lower 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, five, or 29%, called for gold prices to rise. In the same survey bearish and neutral votes each garnered six votes or 35%.

Meanwhile, 683 votes were cast in online Main Street polls. Of these, 385 respondents, or 56%, looked for gold to rise next week. Another 152, or 22%, said lower, while 146 voters, or 21%, were neutral in the near term.”

elsewhere, silver for March edged up 10 cents, or 0.5%, to settle at $22,475 an ounce. Silver prices moved up 0.8% this week after sinking 8.3% last week. They are 3.8% lower on the year.

In PGM futures on Friday and for the week:

  • April platinum shed $6.10, or 0.6%, to end at $1,024.20 in ouncestrimming its weekly increase to 1.8%.

  • palladium for March delivery fell $527, or 1.2%, to end at $2,290.70 in ounces, for a 3.6% weekly loss. Last Friday, palladium at $2,375.30 an ounce posted its best settlement since Sept. 3.

Both metals are well ahead of the year so far with gains of 6% for platinum and 19.8% for palladium.

US Mint Bullion Sales in 2022

United States Mint bullion products divided this week when compared to last week with sales of gold coins higher and those of silver coins lower. In week-over-week comparisons:

  • American Gold Eagles rose 15,500 ounces against 28,500 ounces last week,
  • American Gold Buffalos added 8,500 ounces compared to 11,000 ounces last week, and
  • American Silver Eagles rose 500,000 ounces against 1 million ounces last week.

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 Dec January 2022 Sales
$50 American Eagle 1oz Gold Coin 0 22,500 13,500 41,000 123,500 123,500
$25 American Eagle 1/2 Oz Gold Coin 0 1,000 0 1,000 45,000 45,000
$10 American Eagle 1/4 Oz Gold Coin 0 10,000 2,000 2,000 64,000 64,000
$5 American Eagle 1/10 oz Gold Coin 0 30,000 15,000 0 195,000 195,000
$50 American Buffalo 1oz Gold Coin 0 11,000 8,500 10,500 61,500 61,500
$1 American Eagle 1oz Silver Coin 0 1,000,000 500,000 0 5,001,000 5,001,000
$100 American Eagle 1oz Platinum Coin 0 0 0 0 0 0
$25 American Eagle 1oz Palladium Coin 0 0 0 0 0 0
Tuskegee Airmen 5oz Silver Coin 0 0 0 0 0 0

Article Source : https://www.coinnews.net/2022/02/04/gold-gains-1-2-on-week-while-palladium-drops-3-6/

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