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Metal Market Report October 2021 - Week 3 Edition

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.

In late 1921, the new Peace silver dollar was minted to commemorate peace between the United States and Germany in World War I. It replaced the Morgan silver dollar, designed by George T. Morgan, which was minted from 1878 to 1904 and in 1921.

From 1921-1935, the Peace dollar was minted in Philadelphia, Denver and San Francisco, but only in Philadelphia during 1921. The Morgan silver was minted in the same three cities plus New Orleans and Carson City. While only the Denver, Philadelphia, and San Francisco Mints are still in operation today, the new 2021 Morgan dollars also feature coins with “CC” and “O” privy marks to honor the former mints. The new High Relief Peace dollar is only being minted in Philadelphia.

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!” Dr. Mike Fuljenz 2021 ANA Dealer of the Year.

5 REASONS TO BUY NOW

  1. Sold Out in Minutes by the U.S. Mint
  2. Rising Prices and Extremely High Demand
  3. Historic 100-Year Anniversary Transitional Coins
  4. Low Mintages, High MS 70 Quality and Low Prices
  5. Most Popular and Desired Coin by Both Collectors and Investors in the World

 

Gold Will Rise Again

Gold shot up to $1,790 on Wednesday morning, October 13, with the release of the Consumer Price Index (CPI) at higher-than-expected levels. Gold maintained that higher price all day Thursday after the Producer Price Index came out at even loftier levels; but gold drifted back down under $1,770 at Friday’s close. Gold rose above $1,772 Monday morning.

Inflation is Soaring, but the Biden Team is “Deep in Denial”

Last week, I told you about the Consumer Price Index (CPI) coming in at a surprisingly high 0.4% for September and +5.4% for the last 12 months, the highest 12-month run rate since 1991. The next day, Thursday, the Producer Price Index (PPI) came out at a much higher rate – up 8.6% over the last 12 months, including +0.5% for September. Even subtracting energy and food costs, the PPI was up 6.8%.

In the midst of these announcements, the Social Security Administration stated that benefits would rise 5.9% next year, due to inflation, for “Cost of Living Allowances.” That is the highest increase in Social Security benefits in 40 years – since the days of double-digit inflation in the early 1980s.  While the Biden Administration will gladly take the praise for the pay increase for the elderly, Biden is also telling us that his tax-and-spend policies do not create inflation or more national debt. They do the opposite!

On inflation: “If we increase the availability of quality, affordable childcare, elder care, paid leave, more people will enter the workforce…. These steps will enhance our productivity—raising wages without raising prices. That won’t increase inflation. It will take the pressure off of inflation, give a boost to our workforce, which leads to lower prices in the years ahead,” – President Joe Biden, July 19, 2021.

On debt: “My Build Back Better Plan costs zero dollars… It adds zero dollars to the national debt,” –President Joe Biden in a tweet, September 25, 2021.

In what economic theory does adding trillions of dollars to the money supply make those dollars worth more?  And in what world does the spending of $3 to $5 trillion more dollars “cost nothing” and “add nothing to the national debt?” The U.S. Treasury closed the 2021 Fiscal Year on September 30, 2021, with a stunning announcement that the total red ink for the year was $2.8 trillion, the second-largest deficit ever. Is this President already living in la-la-land or is he speaking off script?

 

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