Gold Up for 4th Week; 2013 vs. 2014 US Mint Bullion Sales Starts

New York (Jan 19) Gold and silver scooped up their fourth straight week of gains and gold notably closed at a five-week high.

In bullion coin news, this week the U.S. Mint introduced its 2014 American Eagle silver coin. Its opening sales and those of the 2014 American Eagle gold bullion coins follow further below.

On Friday, gold for February delivery advanced $11.70, or 0.9%, to settle at $1,251.90 an ounce on the Comex division of the New York Mercantile Exchange. The close was gold’s highest since ending at $1,257.10 an ounce on Dec. 11. Gold prices rose $5, or 0.4%, on the week.

Gains have come even as more analysts turn bearish. In a MarketWatch article on Friday entitled "Gold contrarians say it’s time to start buying," the piece quotes Dennis Gartman, editor and publisher of The Gartman Letter:

"The analyst landscape is uncommonly bearish. Even the ‘gold bugs’ are neutral of gold and that is stunning, really." His view: it’s "time to be quietly bullish."

This week, gold tended to rise as equities and the U.S. dollar fell. The yellow metal also got a boost on Thursday when a report on U.S. inflation showed consumer prices increased in December by the most in six months, though the annual inflation level was cited by economists as tame.

Gold Outlook

Most participants forecast higher gold prices next week. The survey has been on track with accurate majority predictions since missing the first weekly gain in gold’s current streak of four.

"In the Kitco News Gold Survey, out of 33 participants, 27 responded this week. Sixteen see prices up, while eight see prices down and three see prices trading sideways or are neutral," reports Kitco.

"Several survey participants who see higher prices said they expect improving technical charts may support the yellow metal… Those who see weaker prices next week think the current rally in gold won’t last…"

Gold prices on the year are up 4.8% after dropping 28.3% in 2013 for its worst annual loss in 32 years.

Silver, Platinum and Palladium Futures

Snapping a three-session losing streak, silver for March delivery rose a quarter, or 1.3%, to close at $20.30 an ounce. Silver hit its own nearly five-week high, but on Monday at $20.39 an ounce. Silver prices finished the week stronger by 8 cents, or 0.4%.

In other precious metals futures on Friday:

April platinum rose $22.60, or 1.6%, to end at $1,454.10 an ounce.
Palladium for March delivery added $4.65, or 0.6%, to finish at $748.55 an ounce.

For the week, platinum surged 1.2% while platinum added 0.3%.

Source : gold-eagle