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Gold, Silver and Other Precious Metals Soar on Week

Gold jumped 3.1% this week

Most precious metals declined on Friday, taking away some from their weekly gains. Gold was among the metals to decline, slipping from an 8.5-month high, but it still booked a more than 3% weekly increase.

on friday, gold for April delivery shed $2.20, or 0.1%, to settle at $1,899.80 in ounces on the Comex division of the New York Mercantile Exchange.

“The latest development around the Russia-Ukraine situation was positive and that saw a slight pullback in gold,” Reuters quoted RJO Futures senior market strategist Bob Haberkorn.

Gold prices shot 3.1% higher this week, for a third straight weekly gain. The yellow metal made advances of 1.9% last week and 1.2% in the week ending Feb. 4. On Thursday, gold scored its best settlement since June 2. It is 3.9% higher 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 18 Wall Street analysts participated in Kitco News’ gold survey. Among the participants, 13, or 72%, called for gold prices to rise. At the same time, three analysts, or 22%, called for lower gold prices next week. One analyst, or 5%, was neutral on gold in the near term.

Meanwhile, 864 votes were cast in online Main Street polls. Of these, 564 respondents, or 65%, looked for gold to rise next week. Another 196, or 23%, said lower, while 104 voters, or 12%, were neutral in the near term.”

elsewhere, silver for March delivery rose 11.7 cents, or 0.5%, to close at $23,992 an ounce. The settlement was the highest since Jan. 21 when silver finished at $24.32 an ounce. Silver prices gained nearly 2.7% this week after jumping 4% last week and rising 0.8% in the week ending Feb. 4. They are just above 2.7% on the year.

In PGM futures on Friday and for the week:

  • April platinum fell $15.90, or 1.5%, to end at $1,076.80 in ouncesbut registered a 5.7% weekly gain.

  • palladium for March delivery dropped $21.20, or 0.9%, to end at $2,337.90 in ouncesbut soared 6.6% on the week.

The pair of metals is higher on the year so far with increases of 11.5% for platinum and 22.3% for palladium.

US Mint Bullion Sales in 2022

Weekly sales of United States Mint bullion products slowed for silver coins and weakened overall, for gold coins. In week-over-week comparisons:

  • American Gold Eagles rose 11,000 ounces against 22,500 ounces last week,
  • American Gold Buffalos added 6,500 ounces compared to 5,500 ounces last week, and
  • American Silver Eagles rose 480,000 ounces following two straight weekly gains of 500,000 ounces.

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 February 2022 Sales
$50 American Eagle 1oz Gold Coin 0 21,000 10,500 41,000 123,500 31,500 155,000
$25 American Eagle 1/2 Oz Gold Coin 0 0 0 1,000 45,000 0 45,000
$10 American Eagle 1/4 Oz Gold Coin 0 2,000 0 2,000 64,000 2,000 66,000
$5 American Eagle 1/10 oz Gold Coin 0 10,000 5,000 0 195,000 15,000 210,000
$50 American Buffalo 1oz Gold Coin 0 5,500 6,500 10,500 61,500 12,000 73,500
$1 American Eagle 1oz Silver Coin 0 500,000 480,500 0 5,001,000 980,500 5,981,000
$100 American Eagle 1oz Platinum Coin 0 0 0 0 0 0 0
$25 American Eagle 1oz Palladium Coin 0 0 0 0 0 0 0
Tuskegee Airmen 5oz Silver Coin 0 0 0 0 0 0 0

Article Source : https://www.coinnews.net/2022/02/18/gold-silver-and-other-precious-metals-soar-on-week/

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