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Dr Mike Weekly Report

October 2021 - Week 3 Edition

New Iconic Morgan and Peace Dollars Celebrating 100th Anniversary

The 100th Anniversary of the Morgan dollar & Peace dollar transitional year of 1921 is being honored with newly minted legal tender issues of both series. These six new United States Mint 2021 coins are a beautiful rendition of the original designs using .999 fine silver, the same $1 face value and weight content, with an uncirculated finish. Graded by the Numismatic Guaranty Corporation (NGC) in perfect MS70 condition, these limited-number six-coin sets will sell out. Call now while these MS70 sets are still in stock. At our low price, they are going fast!

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October 2021 - Week 2 Edition

Gold is Making Gains

Gold has traded in a narrow range above $1,750 but this week it moved up to $1,794, despite the rising U.S. Dollar. I believe Gold is awaiting a clear resolution of several financial developments, such as the two massive spending bills in Congress and the Fed’s decision to taper their quantitative easing (QE) and perhaps raise interest rates.

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October 2021 - Week 1 Edition

Gold Trending Upward

Gold has been ratcheting its way higher over the past few days. First, last Thursday, September 30, gold shot up from $1,720 to $1,760 per ounce in four hours of morning trading before consolidating its gains over the weekend, slipping to $1,750.

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September 2021 - Week 5 Edition

Rare Gold Coins Have Risen in 2021, Despite Gold’s Lackluster Performance

Despite gold’s weak performance in 2021, a leading dealer price guide reflects rising bids for selected rare gold coins between March and September of this year. 

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September 2021 - Week 4 Edition

Bitcoin is Down $10,000 (-20%) in Two Weeks

Barron’s had an interesting cover article last weekend: “The Coming War Over Money.” The article also turned out to be prophetic. The magazine reached the news racks, mailboxes and websites Saturday morning, September 18, when Bitcoin traded for over $48,500.  Twelve days earlier, the popular crypto-currency peaked at $52,656 on Labor Day, September 6. Now, Bitcoin trades around $41,200, over 20% off in two weeks.

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September 2021 - Week 3 Edition

Inflation Continues to Soar – Gold Prices Will Follow in Time

Last Friday, the Labor Department announced that the Producer Price Index (PPI) surged another 0.7% in August, higher than the economists’ consensus estimate of a 0.6% increase. In the past 12 months, the PPI and core PPI have risen by 8.3% and 6.3%, respectively, the fastest pace in several years. The index for processed goods rose 1% in August and 23% year-over-year, the highest increase since February 1975.

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September 2021 - Week 2 Edition

Gold’s Track Record Shines

Despite the slow movement of precious metals this year, gold rose 22% last year and silver doubled that percentage with a 44% gain. Since 2000, gold is up over 500%, more than doubling the major stock market indexes. For the past 50 years – since the dollar was set free from gold’s backing in August 1971, gold has risen by an average of 10.8% per year. Gold exceeded the gains in the major stock market indexes and gaining over 50-fold to the dollar. That means the dollar has lost 98% of its purchasing power vs. gold.

Not a bad track record over two years, 20 years, 50 years, 100 years or more.

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September 2021 - Week 1 Edition

Month-End “Mint & Market Review” for August

Sales of American Silver Eagle and American Gold Eagle coins picked up in August with 3.93 million American Silver Eagles sold (vs. 3.1 million in July), and 136,000 ounces of American Gold Eagles sold in August vs. 58,500 in July.

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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.

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August 2021 - Week 3 Edition

Gold Rises Again

Gold corrected itself on Friday, August 6th with a strong jobs report, but then recovered even stronger in the following week. A strong jobs report led some nervous traders to fear the Federal Reserve might raise interest rates or stop Quantitative Easing (QE) sooner than expected. Over the weekend, from August 7-8, gold dipped to $1,680 per ounce at one point, a four-month low. Silver also fell and hit $22.30, but both precious metals recovered the following week. Gold added back about $110 or roughly 90 percent of its losses to $1,789 on Monday morning, August 16.

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August 2021 - Week 1 Edition

President Biden Believes the More We Spend, the Less Inflation We’ll See

Twice in one week, President Biden indicated the more we spend, the more prices go down! First, on Monday, July 19, he said that more government spending “will be a force for achieving lower prices for Americans.” Then, on Wednesday, June 21, he said during a live CNN town hall broadcast that his multi-trillion-dollar spending spree will “reduce inflation.”  We wonder on which planet the President lives. Perhaps it’s the same planet where the Fed Chairman Jerome Powell says inflation is transitory.

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July 2021 - Week 3 Edition

The New American Eagle Has Landed in our Offices! Call to Claim Yours

The promised delivery of new Gold and Silver American Eagles has just arrived in our vaults. The Eagles have landed!

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July 2021 - Week 2 Edition

Gold Roars in July

Gold Rose 1.54% Last Week and has remained over $1,800 since Monday morning, July 12.

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July 2021 - Week 1 Edition

Parent Companies of PCGS and NGC are Bought Out – a Sign of Rising Certified Rare Coin Demand

Now we see that Certified Collectibles Group (CCG), the parent company of NGC, has sold a majority stake in their firm to a major investment firm, Blackstone, whose assets under management in 2020 totaled $619 billion. CCG is a recognized authority in all forms of collectibles, including stamps, coins, comic books, sports memorabilia and paper money.

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June 2021 - Week 5 Edition

Gold Mining Supply Declines for the Second Year in a Row

Most markets are based on supply and demand. The supply of new gold is extremely limited, and finding new gold is getting harder each year, while the supply of new dollars is expanding by trillions each year. 

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June 2021 - Week 4 Edition

New U.S. American Eagles to Debut in July – Get Ready to Buy!

The new gold and silver American Eagles are coming in July with the first design changes since the series debuted in 1986. That means there will be two designs available in the year 2021, making it a “Transition Year,” and a very desirable collectible year for investors and collectors alike.

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June 2021 - Week 3 Edition

A Record-High $18.9 Million Paid for a One-of-a-Kind 1933 Gold Coin

Until last week, the most money any single rare coin fetched was $10 million. That was the 1794 Flowing Hair silver dollar, which sold for $10 million in 2013. Instead of rising by baby steps to $12 million or so, the highest price paid for a rare coin almost doubled last week to $18.9 million.

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June 2021 - Week 2 Edition

Most Commodities are Soaring as the U.S. Dollar Has Fallen Nearly 12% in the Last 15 Months

Despite a short, sharp rally late last week, the U.S. Dollar Index (DXY) is down 3.5% since March 31, 2021, and it is down almost 12% since the COVID-19 lockdown began on March 15, 2020, when the Federal Reserve and Congress began authorizing trillions of new dollars in relief and stimulus spending.

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June 2021 - Week 1 Edition

Gold Surpasses $1,900!  Get You Some!

Gold surpassed $1,900 last week and stayed above that new floor for the rest of the week, closing out May at $1,912 an ounce. Gold had not closed above $1,900 since the first week of January and silver surpassed $28 an ounce for only the second time since September 1, 2020, so the metals were on a strong surge going into Memorial Day. In the past 10 days, the 10-year Treasury yields have come down about 10 basis points, from 1.68% to 1.58%, giving gold an advantage while inflation is rising – pushing “real” interest rates further below zero. Meanwhile, the U.S. Dollar Index continues to meander lower, falling 1.5% during May, while the Biden Administration continues to over-spend and the Federal Reserve continues to be “accommodative” or more commonly known as, printing money.

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May 2021 - Week 4 Edition

Gold and Silver Soar

Gold reached its highest level since January 7 on Tuesday, May 25, as the dollar reached a three-month low.  The dollar is down 4% since April 1 – driven down by inflation fears and unprecedented deficit spending, as well as by new global threats erupting in the Middle East and Far East.

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May 2021 - Week 3 Edition

Global Uncertainty is Rising -- This Uncertainty (Like “Carter 2.0”) is Good for Gold

The first four months of the Biden Administration feel eerily similar to the four full YEARS of the Carter Presidency as foreign powers sense the new weakness in Washington.  So, they are flexing their muscles overseas, while the spendthrift Congress is creating record deficits and high inflation at home.  This may be bad for America but it is good for gold and rare coins!

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May 2021 - Week 2 Edition

The U.S. Dollar Has Fallen 3% in the Last 40 Days and 10% in the Last Year

The U.S. Dollar Index (DXY) is down 3% since March 31, 2021, and down 10% since May 10, 2020. The tremendous expansion of the U.S. money supply in the last year has resulted in the devaluation of the dollar and a rise in gold prices.

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May 2021 - Week 1 Edition

Month-End Summary: Precious Metals Edged Stocks in April

During April, Gold and Silver averaged over 6% gains, while the major stock market indexes averaged under 4% gains, so metals are finally coming alive this year, after a weak first quarter.

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April 2021 - Week 5 Edition

LBMA Sees an 11.5% Gold Rise and 38.7% Silver Increase in 2021

Every January, the experts at the London Bullion Metals Association (LBMA) predict the prices of the major metals for the year ahead. Their report was published in early February when gold was around $1,800 and silver was around $27 per ounce.

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April 2021 - Week 4 Edition

Rapid Inflation Surge Pushes the U.S. Dollar Lower & Gold Higher

As we indicated in last week’s Metals Market Report, gold rose on the previous Friday due to a robust increase in the Producer Price Index (PPI), released on Friday, April 9.

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April 2021 - Week 3 Edition

Gold Goes Up

Gold rose $50 (+3%) in the first 10 days of April, while silver gained $1.23 (+5%), as the U.S. Dollar Index sank 1.2%. 

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April 2021 - Week 2 Edition

2021 – The Year of the American Eagle

Last week, we showed how rapidly Gold and Silver American Eagle demand has increased during the first quarter of 2021 vs. the same quarter in 2020.  This is just the beginning of what may be the Year of the American Eagle, since both the Silver and Gold American Eagles will have new reverse eagle designs available by July.

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April 2021 - Week 1 Edition

Gold and Silver Finish First Quarter Strong 

Gold ended the first quarter by rallying strongly above $1,700. After spending most of Tuesday, March 30 at a three-week low in the $1,680s, gold rallied on a weakening dollar, due to the expected passage of another multi-trillion-dollar spending package by Congress. 

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March 2021 - Week 4 Edition

What Makes a Rare Coin Mega-Bull Market – and Is Another One Beginning?

This year marks the 50th anniversary of the uncoupling of gold and the U.S. dollar, which was finalized when President Richard Nixon closed the Gold Window on August 15, 1971.

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March 2021 - Week 3 Edition

Coins Are Selling Well – Despite a Flat Metals Market

Despite this year’s flat metals market (so far), rare and bullion coins are selling very well. Despite coin shortages from the U.S. Mint and other mints, and despite their sometimes-lofty premiums to the dealer community, bullion coin sales are brisk.  There are some reasons for that.

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March 2021 - Week 2 Edition

When Interest Rates Go Up, Gold Often Goes UP, Not Down

The pundits keep getting this wrong and saying (in press reports) that “gold goes down when interest rates go up” because “gold pays no interest and therefore it can’t compete with interest income,” but in nearly all the historical instances of rising interest rates, gold went UP, not down.

 

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March 2021 - Week 1 Edition

American Eagle Gold & Silver Bullion Coin Sales Continue to Soar in 2021

American Eagle Gold coin sales are up a phenomenal 416% in the first two months of 2021 vs. the same two months in 2020, while American Eagle Silver coin sales are up a respectable 77% in the same two months. In addition, the American Buffalo Gold bullion coins were up by a robust 252% so far in 2021.

 

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February 2021 - Week 4 Edition

Gold Increased

Gold Increased $30 (+1.7%) Monday morning, February 22, and Silver increased almost $1 (+3.5%), partly on a falling dollar, rising inflation and rising oil prices, but also due to the likely passage of an enormous stimulus $1.9 trillion stimulus package, which could push the 2021 budget deficit over $3 trillion again.

 

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February 2021 - Week 3 Edition

Silver Keeps Rising

Silver keeps rising, in part because the industrial metals are mostly stronger – including copper, platinum and palladium – in anticipation of a global recovery after the COVID pandemic winds down. Copper is up from $2.10 to $3.80 in the last year. Silver has more than doubled since last March. Meanwhile, gold is treading water while the U.S. debt bomb and a potential resurgence of inflation are providing the kindling fuel to push gold much higher later this year.  Take this opportunity to buy more silver and gold.

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February 2021 - Week 2 Edition

Gold Rallied

Gold rallied $30 from $1,808 to $1,838 on Monday morning, February 8, as investors focused on the chances for rapid passage of the $1.9 trillion stimulus package.

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February 2021 - Week 1 Edition

Silver Soars

Silver shot up $5 in the last three days of January, first rising from $25 to $27 on Friday, then leaping to $30 Sunday night for a January gain of over 13%. This “silver surge” started with ETF demand and then moved into physical silver.

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January 2021 - Week 4 Edition

Gold Rallies Again

Gold and silver were among the top-performing commodities last week, up 1.2% and 2.4%, respectively. Gold dropped below $1,840 on Friday but quickly recovered. Then it shot up to $1,867 Monday morning, January 25.

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January 2021 - Week 3 Edition

Gold Rallies

Gold dropped $5 last week on a temporarily stronger dollar, which is up about 1% so far in 2021. On Friday, January 15, gold fell from about $1,855 to $1,825, then reached a six-week low before rallying by Wednesday morning to $1,868.

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January 2021 - Week 2 Edition

2020 Update, Part 2: Silver Topped All Other Investments in 2020

On January 4, 2021, The Wall Street Journal printed its annual survey of 116 leading investment assets, divided into four categories – 46 U.S. and global stock market sectors and indexes, 42 global currencies, 18 commodities and 10 bond ETFs. The leading investment among all 116 of them was Silver, up 47.7%

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January 2021 - Week 1 Edition

Precious Metals Soar as 2021 Begins

Gold soared $50 (+2.6%) and silver surged $1 (+3.8%) Sunday night and Monday morning to begin the 2021 trading year, after enjoying their best year of the past decade in 2020.

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December 2020 - Week 4 Edition

The New Morgan & Peace Dollar Bill Passed Congress – Spurring Coin Interest in 2021

HR6192 passed the Senate last week, meaning that it will become law once the President signs the bill, marking the 100th anniversary of the Morgan dollar/Peace dollar transition year of 1921 with newly-minted editions of both series, sparking widespread new interest in both the new and old series of Morgan and Peace dollars in all their mintage years and Mint marks.

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December 2020 - Week 3 Edition

Our 2020 Gold and Silver Price Projections Were Too Conservative! How About 2021 – Could We Be “Too Conservative” Again?

Our 2020 predictions for gold and silver turned out to be conservative. Way back in July 2019, when silver was barely $15, we “boldly” predicted $18 silver by year’s end and $20 silver in 2020. Well, we reached $18 silver in three months and $20 silver by July 2020. Then silver rose to $29 in August 2020!

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December 2020 - Week 2 Edition

Mainstream Banks See Gold Rising to $2,200 to $2,400 and Silver Reaching $30 to $40 in 2021

Analysts at Citibank see gold rising to $2,200 in the short-term – on a three-month horizon – and then rising to $2,400 within six to 12 months. This marks an increase from their early July forecast of a 2021 high of $2,275, made shortly before gold ascended to its recent record high of $2,076.

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December 2020 - Week 1 Edition

Silver American Eagle Sales Soar 10-Fold in November 2020 Over November 2019

During November, the U.S. Mint sold 4,805,000 one-ounce Silver American Eagle coins, more than 10 times the 463,000 coins sold in November 2019, bringing the year-to-date totals to almost a 100% gain (29.3 million ounces vs. 14.8 million last year).

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November 2020 - Week 4 Edition

George H.W. Bush Coins Launch the “Roaring 20s” Coin Rush Next Week

We have been writing about the new “Roaring 20s” increase in new gold and silver coins to be designed and minted in the 2020s, including a new design on the reverse of the American Eagle gold and silver coins next year – the first change in 35 years, since their inauguration in 1986.

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November 2020 - Week 3 Edition

World Gold Council Shows Private Investment Gold Demand is Growing in 2020

The latest World Gold Council (WGC) report of third-quarter gold supply and demand showed that total holdings in gold-backed ETFs reached a record high 3,880 metric tons.

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November 2020 - Week 2 Edition

Gold is One of the Winners of the U.S. Election” – Barron’s, November 9, 2020

In the upcoming edition of Barron’s, going to press Friday night, the outlook for gold was strong, and nothing really changed over the weekend, except that Pfizer chose to announce its big vaccine news in the “Biden era” and drive gold down briefly. However, the principles in this pro-gold column still apply.

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November 2020 - Week 1 Edition

Gold Falls, Rises and Falls Again Based on Changing Election Expectations

Giant banks like Bank of America and Goldman Sachs say that silver could double to $50 per ounce if Joe Biden wins next week’s presidential election, primarily due to enactments of some elements of the New Green Deal, which could double silver’s industrial demand for solar panels and other applications.

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October 2020 - Week 4 Edition

Big Banks Say that Silver Could Double to $50 with a Biden Victory

Giant banks like Bank of America and Goldman Sachs say that silver could double to $50 per ounce if Joe Biden wins next week’s presidential election, primarily due to enactments of some elements of the New Green Deal, which could double silver’s industrial demand for solar panels and other applications.

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October 2020 - Week 3 Edition

Commerzbank Sees Higher Gold Prices

Last week’s New Orleans Investment Conference featured several speakers who predicted $3,000 to $5,000 gold prices within the next few years, but that would normally be expected in a gold-oriented conference.

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October 2020 - Week 2 Edition

We Are Entering a “Magical Five Years” of New Coin Creation in Advance of 2026

Do you remember the Bicentennial of 1976 and all the tall ships in New York harbor and the welcome celebration of America’s 200th birthday

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October 2020 - Week 1 Edition

New Reverse Design for American Eagles Now Approved for Mid-2021

Last Thursday, the U.S. Mint unveiled the new reverse design for the American Eagle Gold and Silver bullion and collectible coins for 2021, a year which marks the centennial of the first Peace Dollar and the final Morgan Dollar year as well as the 35th anniversary of the American Eagle Coin, which debuted in 1986.

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September 2020 - Week 5 Edition

Citicorp Still Sees New Gold Highs over $2,100 by Year’s End

Even as gold prices began falling last week, Citicorp was predicting record highs by year’s end.

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