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Precious metals have seen their first weekly declines in three weeks

Gold is down 0.9% this week

Precious metals gave way as a group for the second straight year on Friday, making up their losses on the week that was their first in three weeks.

gold for December delivery, $ 9.80 or 0.5% was returned to settle at $ 1,851.60 per ounce at the Comex division of the New York Mercantile Exchange. The closing price was the lowest gold price since November 10th.

Gold futures lost 0.9% this week, after rising 2.9% last week and 1.8% in the week ending November 5th. On Wednesday, gold posted its best value since June 11th year-to-date at $ 1,870.20 an ounce.

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

“This week, 17 Wall Street analysts took part in the Kitco News gold survey. Among the participants, eight analysts, or 47%, called for the price of gold to rise next week. At the same time, four analysts, or 24%, were pessimistic about gold in the short term, and five analysts or 29% were price-neutral …

A total of 1,057 votes have now been cast in online polls on Main Street. Of these, 747 respondents, or 71%, expected the price of gold to rise in the next week. Another 162, or 15%, said lower, while 148 voters, or 14%, were neutral. “

Elsewhere, Silver- for delivery in December you have to pay 11.9 cents or 0.5% to settle at $ 24,781 an ounce. Silver futures traded 2.2% lower this week after rising 4.9% last week – when they hit their highest level since August 4th at $ 25.346 an ounce – and 0.9% in the week Week of November 5th. They are 6.2% lower on the year.

In PGM futures on Friday and for the week:

  • January platinum declined $ 20.40, or 1.9%, and ended at $ 1,036 per ounce, for a 4.9% weekly decrease.

  • palladium for December, delivery dropped $ 64.20, or 3%, and ended at $ 2,073.20 per ounce, for a weekly decrease of 2.1%.

With losses of 4% for platinum and 15.5% for palladium, both metals are below the year-to-date level.

US Mint Bullion on sale in 2021

American Eagle gold and silver coin sales in the US Mint were stronger this week than last week. Conversely, mint sales slowed for America Gold Buffalo coins and stalled for American Palladium Eagles. In a weekly comparison:

  • American Gold Eagles sales rose 31,500 ounces after rising 29,500 ounces last week.

  • American Buffalo gold coin sales rose 11,000 ounces after rising 15,500 ounces last week.

  • American Silver Eagles sales rose 524,500 ounces after staying flat last week.

  • American Palladium Eagles sales were flat after rising 800 ounces last week.

The following is a breakdown of US Mint Bar Product sales, 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 September October November 2021 sale
$ 50 American Eagle 1 ounce gold coin 0 26,000 29,500 67,500 135,500 73,000 1,022,000
$ 25 American Eagle 1/2 Oz Gold Coin 0 2,000 2,000 4,000 7,000 6,000 94,000
$ 10 American Eagle 1/4 Oz Gold Coin 0 4,000 0 8,000 22,000 6,000 156,000
$ 5 American Eagle 1/10 Oz Gold Coin 0 15,000 10,000 35,000 85,000 35,000 485,000
$ 50 American Buffalo 1 oz gold coin 0 15,500 11,000 24,000 41,000 26,500 327,000
$ 1 American Eagle 1 ounce silver coin 0 0 524,500 2,735,000 1,076,000 999,000 27,750,500
$ 100 American Eagle 1 ounce platinum coin 0 0 0 0 0 0 75,000
$ 25 American Eagle 1 Oz Palladium Coin 0 800 0 0 0 8,700 * 8,700
Tuskegee Airmen 5 oz silver coin 0 0 0 0 0 0 52,900

* On Wednesday, the US Mint released a correction that moved previously reported sales from Platinum Eagles to Palladium Eagles in November.

Article Source : https://www.coinnews.net/2021/11/19/precious-metals-log-first-weekly-declines-in-three-weeks/

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