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Gold rises 1.6% over the course of the week; Silver receives fifth weekly win

Gold is up 1.6% this week

Precious metals gained on Friday, replenishing weekly gains in gold and silver, while reducing weekly losses in platinum and palladium.

gold for December delivery, $ 14.40 or 0.8% was added to settle at $ 1,796.30 per ounce at the Comex division of the New York Mercantile Exchange. The reckoning was the best since October 14th.

“Inflation is the only thing everyone is talking about today,” Reuters quotes Daniel Pavilonis, Senior Market Strategist at RJO Futures.

“The perception is that the Federal Reserve is lagging behind the curve, and the metals market is looking at this because the Fed is not going to do enough to curb inflation … that is where gold will find its value.”

Gold futures rose 1.6% this week after rising 0.6% this week. Compared to the previous year, they are 5.2% lower. Looking ahead to next week, Kitco News offers the following predictions about their Wall Street and Main Street polls:

“This week, 15 Wall Street analysts took part in Kitco News’ gold poll. Among the respondents, 13 or 87% called for the price of gold to rise. At the same time, two analysts, or 13% near gold, were neutral on no analysts were on Gold pessimistic.

A total of 598 votes have now been cast in online polls on Main Street. Of these, 360 respondents, or 60%, were looking for a rise in the price of gold over the next week. Another 134, or 22%, said lower, while 104 voters, or 17%, were neutral. “

Elsewhere, Silver- for December delivery pinned at 27.9 cents, or 1.2%, to close at $ 24.449 per ounce. Silver futures rose 4.7% this week, making their fifth straight weekly gain. The precious metal is up $ 2.11, or 9.5%, over the five weeks of gains combined. However, silver prices are still 7.4% lower than last year.

In PGM futures on Friday and for the week:

  • January platinum $ 2.40 or 0.2% added to end at $ 1,052.10 per ounce, but saw a weekly decrease of 0.6%.

  • palladium for December delivery, $ 17.50 or 0.9% was added to end at $ 2,035.60 per ouncebut fell 2% over the course of the week.

Both were lower than in the year to date, with losses of 2.5% for platinum and 17% for palladium.

US Mint Bullion on sale in 2021

The United States Mint’s gold bullion sales slowed this week – barely – compared to the previous week. Mint silver sales rose after being subdued last week. Weekly comparison:

  • American Gold Eagles sales rose 27,500 ounces after rising 12,500 ounces last week.

  • American Buffalo gold coin sales rose 4,000 ounces after rising 20,000 ounces last week.

  • American Silver Eagles sales rose 576,000 ounces after staying flat last week.

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

US Mint Bullion Sales (number of coins)
Friday Last week In this week August September October 2021 sale
$ 50 American Eagle 1 ounce gold coin 0 12,000 21,000 112,000 67,500 114,500 928,000
$ 25 American Eagle 1/2 Oz Gold Coin 0 0 3,000 21,000 4,000 3,000 84,000
$ 10 American Eagle 1/4 Oz Gold Coin 0 0 8,000 34,000 8,000 12,000 140,000
$ 5 American Eagle 1/10 Oz Gold Coin 0 5,000 30,000 50,000 35,000 55,000 420,000
$ 50 American Buffalo 1 oz gold coin 0 20,000 4,000 27,500 24,000 36,500 296,000
$ 1 American Eagle 1 ounce silver coin 0 0 576,000 3,930,000 2,735,000 1,076,000 26,751,500
$ 100 American Eagle 1 ounce platinum coin 0 0 0 0 0 0 75,000
Tuskegee Airmen 5 oz silver coin 0 0 0 0 0 0 52,900

Article Source : https://www.coinnews.net/2021/10/22/gold-rises-1-6-on-week-silver-scores-fifth-weekly-gain/

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