by Frank Holmes
GoldSeek
Strengths
– The best performing precious metal for the week was palladium, up 0.60% as auto sales are expected to rise with the vaccination rollout. Silver ETFs caught a bid this week despite massive gold outflows. ETFs added 1.02 million troy ounces of silver on Thursday, bringing total net purchases to 66.7 million ounces.
– The Perth Mint reported gold coin and minted bar sales rose 441% year-over-year in February to 124,104 ounces as investors took advantage of lower gold prices. Spot gold fell 6.2% in February, and Perth Mint saw gold product sales 63% higher than in January. The U.S. Mint also reported strong sales in February. Sales of American Eagle silver coins totaled 3.19 million ounces last month and gold coin sales rose to 125,000 ounces.