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Metal Market Report August 2021 - Week 4 Edition

August 2021 - Week 4 Edition

Gold Rose Back Above $1,800

Gold rose back above $1,800 early Monday as the dollar retreated over the weekend and concerns grew that the COVID delta variant could spread more widely, slowing the U.S. and global economic recovery. A slowing economy raises the odds that the Federal Reserve will leave interest rates near zero for a longer time, boosting gold’s outlook. We may learn more about the dollar and interest rates when the Fed holds a virtual meeting this weekend. Also, the dollar was up 4% year-to-date last Thursday before falling. Gold tends to move in a mirror image to the dollar with Gold rising as the dollar falls.

Our Monthly “Dollars & Deficits” Report Shows Both Rising

The U.S. Dollar Index (DXY) rose 1.86% (from 91.86 to 93.57) during the three weeks from July 29 to August 19, contributing to the 2.6% decline in gold’s price during that period.  DXY fell 0.5% since Thursday to 93.09 pushing gold’s recovery to $1,805 on Monday. Overall, the dollar is up 3.5% year-to-date.  The dollar is down 9.3% since March 15, 2020, when COVID-19 hit American markets hard.

The U.S. federal budget deficit increased by $302 billion in July – about $10 billion per day – a record increase for July, due mostly to increased COVID-19 relief spending. This compares to $63 billion in red ink last July. Government receipts for July 2021 totaled $262 billion, down 54% percent from July 2020, and outlays were $564 billion, down 10% from July 2020. The cumulative deficit for the first 10 months of fiscal year 2021 was $2.54 trillion, on pace to exceed $3 trillion for the second straight year despite a soaring GDP.

Meanwhile the Federal Reserve continues adding $120 billion per month in quantitative easing (QE). The central bankers will meet (virtually) later this week in their annual Jackson Hole convention, where they will likely disclose their intentions to keep adding more financial liquidity for the foreseeable future.

Many of Our Select Four Program Coins are Rising in Price

I’ve just returned from the “World’s Fair of Money,” held August 10-14 in Chicago, sponsored by the American Numismatic Association, where I was presented with the prestigious Dealer of the Year award. While there, I noticed the quality rare coins from our Project 2020 a subset of our Select Four programs were mostly priced higher with fewer coins available. This underlines the fact that you must get in line with your Account Representative for available coins from those series if you wish to acquire the best examples of those in-demand series. As I’ve said, you’re either a fast rabbit or a dead rabbit when it comes to high-demand coins since they are snapped up rapidly. 

As a reminder, our Select Four recommendations focus on four major gold coin series we believe are most likely to see ongoing collector and dealer demand with potential future price increases. They are: (1) Type II and Type III Liberty Head Double Eagles, minted 1866 to 1907; (2) Indian Head Gold Coins minted periodically from 1854 to 1933 in denominations of $2.50 Quarter Eagle, $5 Half Eagle, $10 Eagle and $3 Indian Princess; (3) Rare Gold Commemorative Quarter Eagles, namely the 1915-S Panama-Pacific Exposition Quarter Eagle and the 1926 Sesquicentennial Independence Quarter Eagle; and (4) The $10 and $25 American Gold Eagle:  Fewer $10 and $25 Eagles were minted than other denominations almost every year since the series began in 1986, creating a modern rarity.

Call your representative today to line up one or more of these gold rarities when they become available.

Dr. Mike Fuljenz Honored as 2021 Dealer of the Year at the World’s Fair of Money

Named as the 2021 Dealer of the Year, the American Numismatic Association honored Dr. Mike Fuljenz as a longtime volunteer and benefactor of the ANA, as well as a former ANA authenticator, grader and seminar instructor for the organization. Considered an outstanding numismatic educator and community leader, Fuljenz has helped many collectors and dealers who were victims of fraud. His primary focus is helping his clients with their numismatic needs and combating counterfeits in the marketplace by assisting law enforcement agencies in solving numismatic crimes. Fuljenz is a recipient of the ANA’s Presidential Service Award (1996) Glenn Smedley Memorial Award (2013) and the Medal of Merit (2014).

 

 

 

 

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