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On this Thursday edition of the Gold & Silver Central newsletter, the gray metal continues to get a ton of media attention as investors increasingly turn to silver as the safest haven with the biggest upside still in front of it. The U.S. Mint can’t even keep up with silver coin demand right now! (Gold coins are also getting bought up in droves.)
We also found a human-interest story that is a cross between Raider of the Lost Ark and The Mummy. Gold tongues are the lost treasure.
Let’s dig in…
Latest News
U.S. Mint Can’t Keep Up with Gold, Silver Coin Demand
The United States Mint said on Tuesday it was unable to meet surging demand for its gold and silver bullion coins in 2020 and through January, due partly to pandemic-driven demand and plant capacity issues. Sales of U.S. gold bullion coins rose 258% in 2020 while silver coin demand was up 28%, the U.S. Mint said Tuesday. Heavy buying has continued in 2021, it said, squeezing supplies, which had already been tight as the coronavirus affected production. A social media-driven buying spree lifted silver futures to an eight-year high on Monday, but dealers in the market for coins were already grappling with a supply shortage and shipping delays before that rally.
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Commentary
Let’s Stop and Look at the Silver and Gold Big Picture
Breaking Up is Hard to Do: In markets, as in love, it’s obviously hard to let go of something familiar yet clearly not working; but as all sober romantics eventually discover: Toxic relationships hurt. As for our toxic yet often enjoyable ride through the post-08 markets, it was easy to be seduced by the surface of things, as low rates, FAANG-driven tech seductions and a now unlimited money printer seem to make an otherwise ugly financial system appear attractive. But a bad love is still a bad love, and a bad market is still a bad market, no matter how much lipstick the central banks put on a securities pig. Nowhere is this truer than in the global and US credit markets.
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Latest News
Indiana Jones Finds Mummies Buried with Gold Tongues in Egypt
Okay, so it wasn’t specifically Indian Jones. But it was a team of researchers from the Dominican Republic and Egypt who made this discovery in the Taposisiris Magna temple complex in the Mediterranean port of Alexandria – one of the ancient world’s main cities. They discovered 16 mummies in rock-cut tombs thought to be at least 2,000 years old, dating back to the period when traditional ancient Egyptian society was mixed with Roman and Greek civilizations.
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Latest News
Gold Rises from U.S. Stimulus Progress. Meanwhile, Silver Cools Off
Investing.com – Gold was up on Wednesday morning in Asia, amid growing hopes of further U.S. stimulus measures. Gold futures were up 0.41% at $1,840.95 by 12:39 AM ET (5:39 AM GMT). Democrat lawmakers in the U.S. Senate began debate on a fiscal 2021 budget resolution with COVID-19 aid spending instructions. This is a first step towards passing the $1.9 trillion stimulus package proposed by President Joe Biden, and an indication that the Democrat-majority chamber will advance the bill without Republican support.
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Commentary
You Can Count on Gold When Central Banks Don’t Have Your Back
Two weeks ago, I interviewed over 50 finance experts and company CEOs at the VRIC to fine tune my investment strategy for the year. I’ve consolidated my learnings into a three-part newsletter series beginning today - including key takeaways from my conversion with Former Prime Minister Stephen Harper, who led the Country through the last great crisis in 2008. Since the event, everyone has been asking me about the sentiment on gold. So, we will start with that. Supply and Demand - Short Term - Since 2017, there have been no new gold discoveries with more than 2 million ounces of minable gold. Meanwhile, precious metals advocates like David Morgan and Alisdair Mcleod noted that there has been a “run” on physical metal on the COMEX exchange in 2020.
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Price
[VIDEO] Was the Silver Price Surge Premature? TD Securities Thinks So
In this video: Bart Melek, global head of commodity strategy at TD Securities, joins BNN Bloomberg to discuss the recent reddit driven surge in the price of silver and his long term outlook for the commodity.
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