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Metals Market Report Weekly Archive
 

The Mike Fuljenz Metals Market Report

September 2018 - Week 2 Edition

2018 Silver American Eagles are so “Hot, Hot, Hot,” They’ve Sold Out

Gold has remained near $1,200 since bottoming out at $1,160 in mid-August.  In the futures market, gold opened Monday September 10 just north of $1,200, up $2, based mostly on short covering in the futures market plus some bargain hunting in the spot market. Most traders now believe that the recent market bottom in gold is in place, so they feel safe accumulating gold near $1,200 and silver above $14. 

We reported last week that over 1.5 million Silver American Eagles were sold in August. This week, we learned that Silver American Eagle sales shot up so rapidly in the first week of September that the U.S. Mint had to temporarily halt sales due to a depletion of inventories. The Mint told dealers last Thursday, September 6 that their orders could not be accepted.  Orders in early September reached 1,037,500 ounces of silver in just four days – more than the sales in any full month of 2018 except January and August. 

Dealers already pay a premium over melt value for American Eagles, but this latest shortage of coins has already caused the retail premium to rise in the secondary market. I expect it will take a few weeks before sales resume and many dealers are already sold out. We have a limited supply of Silver American Eagles. If you are interested in purchasing the most popular silver bullion coin before the premiums rise further or the delays begin, contact one of our representatives soon, while supplies last.

Speaking of silver, classic American silver Commemorative half-dollar coins minted from 1892 to 1954 are also hot, and the top-graded (MS-67 and better) specimens with low population are “hot, hot, hot,” due to demand from the handful of billionaires and other wealthy collectors and investors seeking the best available specimens of each type. We have a good inventory of these wonderful silver lessons in American history available for immediate delivery. Please contact a representative for more information.

Honoring America’s Heroes on 9/11

On the 15th anniversary of the Attack on America on September 11, 2001, I was one of the invited guests to the 9-11 Memorial & Museum benefit dinner in New York, held at Cipriani Club 55 restaurant at 55 Wall Street near Ground Zero.  I was invited to represent our company due to our role in raising over $400,000 for the 9-11 Museum in 2002, marketing the 2001-dated Silver American Eagle coins (certified by PCGS) buried beneath the ruins of the World Trade Center.  It took almost two months, until November or 2001, for workers to dig down to the depository level where these coins were safely buried. We were the first company to offer these coins that came from beneath the wreckage of the World Trade Center.

At the time, we were selected by a major financial entity to market this 9/11 coin, this helped give our company a level of credibility that most other dealers lacked. These coins have almost tripled in value since we sold 50,000 of them in 2002. We donated 12% of the purchase price of each 9-11 Silver Eagle coin to the World Trade Center Memorial Fund, which resulted in my invitation to 2016’s inspiring event, honoring the 2,983 people killed at the World Trade Center, the Pentagon and aboard Flight 93, plus those who died in the earlier (1993) attack on the World Trade Center.

While the tragedy of 9/11 brought great pain and sorrow, it was also a time of unprecedented national unity.  The 15th anniversary banquet helped recreate that sense of unity.  The day began with a tour of the below-ground museum, the above-ground memorials and testimonials of the heroes of that day. Our host at the banquet was the former New York mayor and financial publisher Michael Bloomberg, who also served as chairman of the September 11 Memorial & Museum.  He and others recalled many stories of great heroism, including the 343 firefighters and 60 officers from the Port Authority and Police Departments of New York and New Jersey who died on the scene, rushing into the flames and danger.  

The following year, the heroic firefighters of New York returned the favor to Houston when Hurricane Harvey struck. After Beaumont Texas got 20 inches of rain in one day – double our previous record – we were overwhelmed with armies of warm-hearted volunteers helping us “de-muck” our homes and those of our neighbors. For instance, my wife and I hosted eight retired New York firemen in our home while they worked full time in flood relief. They are part of the “Tunnels to Towers” program inspired by the late firefighter Stephen Siller, who gave his life on 9-11.  Here’s the basic story of fire-fighter Stephen Siller:

On September 11, 2001, Stephen Gerard Siller was assigned to Brooklyn’s Squad 1. He had just finished his shift and was on his way to play golf with his brothers when he got word over his scanner of a plane hitting the North Tower of the World Trade Center. Upon hearing the news, Stephen called his wife Sally and asked her to tell his brothers he would catch up with them later. He returned to Squad 1 to get his gear. Stephen drove his truck to the entrance of the Brooklyn Battery Tunnel, but it had already been closed for security purposes. Determined to carry out his duty, he strapped 60 pounds of gear to his back, and raced on foot through the tunnel to the Twin Towers, where he gave up his life while saving others.

Stephen had everything to live for: a dear wife, five wonderful children and many great friends, but Stephen’s parents were lay Franciscans, so he grew up under the guiding philosophy of St. Francis of Assisi, whose core message was “while we have time, let us do good,” words Stephen lived and died by.

As we remember the victims and heroes of 9/11 on this 17th anniversary of that horrific day, let us remember that America remains “The Land of the Free … BECAUSE of the Brave.”

I am also proud of our staff, who donated so much of their free time to cleaning up homes in the area after Hurricane Harvey struck. Many of our staff cooked meals for those who had no access to food for their families. I am also proud of my wife, who joined up with local Catholic charities distributing water, cleaning materials and clothing to those in need. These storms are terrifying to endure, but they also bring out the best in the human spirit.  

Timely Investment Advice in Hurricane Season

As Hurricane Florence moves toward the Carolina coast this week, we are reminded of Hurricane Harvey moving through Texas last year, plus Hurricane Rita in September 2005 and the hurricane that sank the SS Central America September 12, 1857, causing a financial panic that year but providing America with a treasure trove of classic gold coins this year. (We still have some Central America coins available, but very few, so call now. Don’t wait.) In summary, September is a pivotal month: It’s usually good for gold and risky for the stock market.

Now that hurricane season is peaking, it’s timely to remind investors that rare coins and other valuables survived Hurricane Harvey and other disasters intact if they were stored in bank safe-deposit boxes, but some were lost if they were stored in private homes.  When you store coins and other valuables in bank safe-deposit boxes, try to select a box from the mid-point (waist level) to the top of the room so that your valuables can escape any water damage that might leak in. You should be aware that PCGS and NGC coin holders are not airtight or completely waterproof, so it pays to select as high a box as you can rent.

Another timely tip is that the final four months of the year are not a good time to sell your coins. Besides the fact that September to December tend to be the strongest months for gold, they are also the time when many dealers need to deplete their inventory in advance of year-end inventory taxes in many states, such as Texas.  The best time to sell is often in the Spring, and the best time to buy is often in the Fall, unless there is a specific rare coin your dealer needs. Then the dealer can make an attractive offer on your coin.

 

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Important Disclosure Notification
All statements, opinions, pricing, and ideas herein are believed to be reliable, truthful and accurate to the best of the Publisher's knowledge at this time. They are not guaranteed in any way by anybody and are subject to change over time. The Publisher disclaims and is not liable for any claims or losses which may be incurred by third parties while relying on information published herein. Individuals should not look at this publication as giving finance or investment advice or information for their individual suitability. All readers are advised to independently verify all representations made herein or by its representatives for your individual suitability before making your investment or collecting decisions. Arbitration: This company strives to handle customer complaint issues directly with customer in an expeditious manner. In the event an amicable resolution cannot be reached, you agree to accept binding arbitration. Any dispute, controversy, claim or disagreement arising out of or relating to transactions between you and this company shall be resolved by binding arbitration pursuant to the Federal Arbitration Act and conducted in Beaumont, Jefferson County, Texas. It is understood that the parties waive any right to a jury trial. Judgment upon the award rendered by the Arbitrator may be entered in any court having jurisdiction thereof. Reproduction or quotation of this newsletter is prohibited without written permission of the Publisher.

 

 

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