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Gold posts slight weekly gains as silver, platinum and palladium rise

Gold prices up 0.8% this week

Apart from palladium, precious metals were down on Friday. However, they all gained for the week, with silver, platinum and palladium posting exceptionally strong gains.

gold for February delivery on Friday, it lost $10.80 or 0.6% to settle down $1,831.80 per ounce on the Comex division of the New York Mercantile Exchange.

Gold prices rose 0.8% this week after rising 1.1% last week. On Wednesday they hit their highest level (at $1,843.20 an ounce) since November 19th. They are 0.2% higher than in the year to date.

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

“This week, 18 Wall Street analysts participated in the Kitco News gold survey. Among the participants, 16 analysts or 89% called for gold prices to rise next week. At the same time, two analysts were down or 11% Gold in the near term There were no neutral voices this week.

Meanwhile, a total of 1,134 votes were cast in online polls on Main Street. Of these, 801 respondents, or 71%, expected gold to rise next week. Another 197 or 17% said lower, while 136 voters or 12% were neutral.”

Elsewhere, Silver- for March delivery they fell 39.6 cents or 1.6% to close $24.32 an ounce. Still, silver prices are up 6.1% this week. They rose 2.3% last week. On Thursday, silver marked its best close since November 19th. The precious metal is up 4.2% in the first three weeks of 2022.

In PGM futures for Friday and for the week:

  • April platinum lost $15.70 or 1.5% to end $1,035.10 per ounce, but posted a weekly gain of 7.3%.

  • palladium for March delivery, the price rose $30.60, or 1.5%, to a final price $2,104.30 per ounce, for a weekly gain of 12%.

Both are now well above the year to date with gains of 7.1% for platinum and 10.1% for palladium.

US Mint Bullion Sales in 2022

The United States Mint did not release precious metals sales earnings this week. 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 / This week Last week December Sale 2021 Sale 2022
$50 American Eagle 1 ounce gold coin 0 14,000 41,000 1,115,500 87,500
$25 American Eagle 1/2 Oz Gold Coin 0 18,000 1,000 95,000 44,000
$10 American Eagle 1/4 oz gold coin 0 14,000 2,000 162,000 52,000
$5 American Eagle 1/10 oz gold coin 0 35,000 0 490,000 150,000
American Buffalo $50 1 ounce gold coin 0 7,000 10,500 350,500 42,000
$1 American Eagle 1 ounce silver coin 0 500,000 0 28,275,000 3,501,000
$100 American Eagle 1 Oz Platinum Coin 0 0 0 75,000 0
$25 American Eagle 1 Oz Palladium Coin 0 0 0 8,700 0
Tuskegee Airmen 5 oz Silver Coin 0 0 0 52,900 0

Article Source : https://www.coinnews.net/2022/01/21/gold-logs-slight-weekly-gain-as-silver-platinum-and-palladium-soar/

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