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Gold, silver and platinum declines for the week; Palladium gains

Gold is down less than 0.1% this week

Platinum fell on Friday while gold, silver and palladium rose. Palladium’s surge was strong, driving prices higher for the week. The other metals posted weekly losses.

gold for February delivery stapled at $ 21.20 or 1.2% to settle on $ 1,783.90 per ounce at the Comex division of the New York Mercantile Exchange.

“Gold is benefiting from a flight to safety as investors worry about a faster Federal Reserve throttle and the COVID situation as both Delta and Omicron pose a risk to the near-term growth prospects,” Reuters quoted Edward Moya, Senior Market, as saying Analyst at Brokerage OANDA.

“Gold’s performance over the weekend is significant as it coincides with a flattening of the curve that imposes high expectations for a faster Fed lowering.”

Gold futures are down $ 1.60, or 0.09%, this week after falling 0.9% last week. On Thursday, gold saw its weakest end since October 12th. It is 5.9% below the previous year.

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

“This week, 14 Wall Street analysts took part in Kitco News’ gold poll, with 4 or 27% of the polls calling for gold to rise. At the same time, bearish and neutral investors were tied, each getting five votes, or 36%.

There have now been 984 votes in online polls on Main Street. Of these, 501 respondents, or 51%, expected the price of gold to rise in the next week. Another 319, or 32%, said lower, while 164 voters, or 17%, were neutral. “

Elsewhere, Silver- March delivery added 16.5 cents, or 0.7%, to close on $ 22,481 an ounce.

Silver futures fell 2.7% this week after falling 6.8% last week and 2.2% in the week ending November 19th

In PGM futures on Friday and for the week:

  • January platinum declined $ 6.90, or 0.7%, and ended at $ 926.20 per ounce, for a 2.9% decrease from the week.

  • palladium for March, delivery increased $ 41.20, or 2.3%, and ended at $ 1,812.60 per ounce, for a weekly profit of 1.3%.

With losses of 14.2% for platinum and 26.1% for palladium, both are below the year-to-date level.

US Mint Bullion on sale in 2021

On Friday, the Mint revised November sales, increasing 9,000 in 1 ounce. American Gold Eagles and 76,500 in 1oz. American silver eagle.

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 October November December 2021 sale
$ 50 American Eagle 1 Oz Gold Coin 0 135,500 125,500 2,000 1,076,500
$ 25 American Eagle 1/2 Oz Gold Coin 0 7,000 6,000 0 94,000
$ 10 American Eagle 1/4 Oz Gold Coin 0 22,000 10,000 0 160,000
$ 5 American Eagle 1/10 Oz Gold Coin 0 85,000 40,000 0 490,000
$ 50 American Buffalo 1 Oz Gold Coin 0 41,000 39,500 1,000 341,000
1 US dollar American Eagle 1 ounce silver coin 0 1,076,000 1,523,500 0 28,275,000
$ 100 American Eagle 1 Oz Platinum Coin 0 0 0 0 75,000
$ 25 American Eagle 1 Oz Palladium Coin 0 0 8,700 0 8,700
Tuskegee Airmen 5 oz silver coin 0 0 0 0 52,900

Article Source : https://www.coinnews.net/2021/12/03/gold-silver-and-platinum-decline-on-week-palladium-gains/

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