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Gold, Silver and Platinum post weekly gains despite losses on Friday

Gold is up just over 1% this week

Precious metals retreated for the second consecutive day on Friday, but most of them still posted weekly gains led by silver and then gold.

gold February delivery will incur $4.90 or 0.3% to settle for this $1,816.50 per ounce on the Comex division of the New York Mercantile Exchange.

Gold prices rose 1.1% this week after falling 1.7% last week. On Wednesday they closed at their highest price since December 31st. They are 0.7% lower 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, 16 Wall Street analysts participated in the Kitco News gold survey. Among the participants, nine analysts or 58% called for gold prices to rise next week. At the same time, three analysts or 19% bearish gold were short term and four analysts or 25% were neutral on prices.

Meanwhile, a total of 928 votes were cast in online polls on Main Street. Of these, 529 respondents, or 57%, expected gold to rise next week. Another 225 or 24% said lower, while 174 voters or 19% were neutral.”

Elsewhere, Silver- for delivery in March, 24.4 cents or 1.1% were lost $22,918 an ounce. Silver prices rose 2.3% this week after falling 4% last week. Like gold, silver ended Wednesday at its best since December 31st. The precious metal is down 1.9% this year.

In PGM futures on Friday and for the second week of trading in 2022:

  • April platinum fell $7.60 or 0.8% to end at $964.60 per ounce, but posted a weekly gain of 0.9%.

  • palladium for March delivery, the price fell $11.80, or 0.6%, to end at $1,878.20 per ounce, for a 2.3% decline on the week.

Both are down year to date with losses of 0.2% for platinum and 1.8% for palladium.

US Mint Bullion Sales in 2022

Sales of United States Mint gold bullion slowed this week after last week’s runaway gains as the coins, newly dated 2022, hit the market. Weekly comparison:

  • American Gold Eagles sales rose 30,000 ounces after rising 107,500 ounces last week.

  • American Buffalo gold coin sales rose 7,000 ounces after rising 35,000 ounces last week.

  • American Silver Eagles sales rose 500,000 ounces after rising 3,001,000 ounces last 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 Last week In this week December Sale 2021 Sale 2022
$50 American Eagle 1 ounce gold coin 0 73,500 14,000 41,000 1,115,500 87,500
$25 American Eagle 1/2 Oz Gold Coin 0 26,000 18,000 1,000 95,000 44,000
$10 American Eagle 1/4 oz gold coin 0 38,000 14,000 2,000 162,000 52,000
$5 American Eagle 1/10 oz gold coin 0 115,000 35,000 0 490,000 150,000
American Buffalo $50 1 ounce gold coin 0 35,000 7,000 10,500 350,500 42,000
$1 American Eagle 1 ounce silver coin 0 3,001,000 500,000 0 28,275,000 3,501,000
$100 American Eagle 1 Oz Platinum Coin 0 0 0 0 75,000 0
$25 American Eagle 1 Oz Palladium Coin 0 0 0 0 8,700 0
Tuskegee Airmen 5 oz Silver Coin 0 0 0 0 52,900 0

Article Source : https://www.coinnews.net/2022/01/14/gold-silver-and-platinum-log-weekly-gains-despite-losses-on-friday/

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