This Week in Gold
Precious metals futures changed little Friday, but they fell for the week. Gold logged a sixth straight loss, settling at a four-month low, and scored its worst week in over three years.
Last Friday gold scheduled for delivery in December dropped $1.10 or less than 0.1% to settle at $1,251.90 an ounce on the Comex division of the New York Mercantile Exchange. This is the weakest since June 7th. Gold advanced early Friday after the Labor Department said the U.S. economy added 156,000 jobs last month, down from 167,000 in August.
Gold prices are in a second week of declines–5% this week and 1.8% last week. The lost this week is the biggest since September 13, 2013. Still, gold is 18.1% higher than where it was in late 2015 at 1,060.20 an ounce.
In looking ahead to next week, Kitco News offers the following forecasts via their Wall Street vs. Main Street survey:
“Eighteen analysts and traders took part in a weekly Wall Street survey. Fourteen participants, or 78%, called for gold to rise next week. Three voters, or 17%, look for lower prices, while one, or 6%, sees gold sideways.
Meanwhile, 463 Main Street participants submitted votes in an online survey. A total of 264 respondents, or 57%, said they were bullish for the week ahead, while 137, or 30%, were bearish. The neutral votes totaled 62, or 13%.”
Coming in from a 3 ½-month low, silver for December delivery on Friday brought in 3.5 cents, or 0.2%, to settle at $17.38 an ounce. With that being said, silver sank 9.6% this week after a 3% fall last week. Despite two weeks of declines, silver is $3.58, or 25.9%, higher than its ending in 2015, which was 13.803 and ounce.
Both platinum and palladium remain high this year with gains of 7.8% and 18.8%, respectively.
London Precious Metals Prices
London precious metals prices were mixed. In comparing their levels from Thursday to Friday:
- Gold rose $4.25, or 0.3%, to $1,258.75 an ounce.
- Silver fell 43 cents, or 2.4%, to $17.33 an ounce.
- Platinum added $2, or 0.2%, to $975 an ounce.
- Palladium gained $7, or 1%, to $674 an ounce.
Their weekly losses equaled 4.8% for gold, 10.4% for silver, 5.7% for platinum and 6.6% for palladium.
US Mint Bullion Coin Sales in 2016
With lower prices, U.S. Mint distributors ordered a lot more bullion coins in the last week. Weekly sales of the Mint’s gold and silver coins were highest since as early as January, when new editions launched.
- Gold coins advanced 53,500 ounces from 32,500 ounces last week. This week’s splits include 45,500 ounces in American Gold Eagles compared to 28,000 ounces and 8,000 ounces in American Gold Buffalo compared to 4,500 ounces previously.
- Silver coin sales advanced 1.41 million ounces after climbing by 367,500 ounces previously. The weekly splits include 1,405,000 ounces in American Silver Eagles compared to 370,000 ounces previously and 5,000 ounces in America the Beautiful Five Ounce Silver Uncirculated Coins compared to negative adjustment 2,500 ounces.