Gold & Silver hit new 2021 lows – U.S. Mint Releasing New Products

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Last week Gold reached a new 2021 low of $1,683 per ounce on Friday, closing at $1,698, down $30 for the week. Gold is down $179 per ounce since the start of 2021, and March has started with a few negative indicators for the Gold price. Interest rates have spiked higher with the 10-Year Treasuries moving above 1.60%, a sizeable move higher in just the past couple months. The U.S. Dollar Index has moved above 92, which is the highest it has been in the past three months. And lastly, the February U.S. employment numbers released last Friday showed a strong increase. This selloff reminds me of last year, when Gold reached a high of $1,704 per ounce on March 9th then dropped $254 in just a week, reaching the 2020 low of $1,450 on March 16th, 2020. The good news about the sell-off was that Gold rallied back over $300 by April 9th, 2020, and kept on going until Gold hit the 2020 high of $2,070 on August 7th. I think we will look back at Gold under $1,700 as being the bargain of 2021.

We are approaching the Indian festival and wedding season, which is expected to have a heavy demand for Gold because purchases were crimped last year by India’s extensive lockdown to curb the spread of coronavirus. India is the world’s second-biggest Gold consumer and imports almost all the Gold it consumes. An import tax cut announced last month has also made the precious metal cheaper in the local markets.

Over the weekend, the U.S. Senate passed the $1.9 trillion Covid-19 relief legislation and it is on track for passage by the House of Representatives and the President’s signature this week. With this new law, we have added over $6 Trillion Dollars for Covid-19 relief in just one year.

These two events are extraordinarily bullish for the long-term Gold price, as they will continue to increase demand and devalue U.S. Dollars. I expect to see a sizeable increase in the Gold price by the end of March, due to Gold demand from Chinese & Indian buyers as well as many of the major central banks and institutional buyers.

This recent price correction in the Gold and Silver bullion price will only cause premiums to move higher. The best Gold value right now are the Pre-1933 bullion plus U.S. and European coins.

Today: This morning higher interest rates and U.S. Dollar index (92.36) has put pressure on the Gold price, reaching a new 2021 low of $1,678 per ounce. Gold found support at $1,680 this morning as the U.S. market opened.

Last week Silver sold-off with Gold, reaching a low of $24.81 on Friday, down $1.12 for the week. When Silver broke down below the key $26 support level, the trader’s short sold Silver all the way down to $25. Silver badly needs to quickly move back over the $25 level to keep the rally on track to move above the $26 level by month end. The Silver-to-Gold ratio moved up to a very attractive 67.17-to-1.

Today: The Silver price moved above the $25 level and has stayed there for most of today’s trading.
Demand for many of the popular physical Silver investment items has gotten stronger worldwide as the price dropped.

On Thursday March 11th, the U.S. Mint will be releasing the current design for the 2021 1oz Proof Gold Eagle. This is the current reverse design you’ve seen on previous years and will sadly be the final release of it! For those reasons, both NGC and PCGS appear to be calling it the Type 1 Design. The New Reverse Design of the Proof Gold Eagle (Type 2) should be coming out around July from what we understand from the U.S. Mint. YES, THERE WILL BE TWO RELEASES IN THE SAME YEAR! Considering all the continuing difficulties the U.S. Mint has endured during the pandemic, we expect the coin to be offered with the single household order limit for the first day.

Given all the issues regarding U.S. Mint delays with shipping the coins, we are not 100% certain at this point if we will have them available for pre-order. But, we should be able to update you in the March 15th weekly market report.

If we are able to purchase these coins, and the U.S. Mint confirms our allocations we will offer them for Pre-Sale with our Exclusive Lowest Price Guarantee (details will be provided in our Pre-Order Email). We will offer Pre-Orders as soon as we are able to secure the product and at and excellent price. We expect to have at least the following options available for pre-order in both 4pc sets and 1oz coins.

1. Ungraded in Original Mint Packaging (w/ a bonus Silver Eagle included free)

2. PCGS PR70DCAM First Strike & First Day of Issue (w/ Our Exclusive Lowest Price Guarantee!)

3. NGC PF70UCAM Early Release & First Day of Issue (w/ Our Exclusive Lowest Price Guarantee!)

We expect to be picking up our 2021 Platinum Eagles BU from the U.S. Mint TODAY! From there, we are sending many of them directly to PCGS/NGC. We expect to offer them for Pre-Sale in the very near future. If you are looking to purchase any of the following coins below, please let us know and we’ll contact you as soon as we have pricing available!

1. 2021 1oz Platinum Eagle PCGS MS70 First Strike

2. 2021 1oz Platinum Eagle PCGS MS70 First Day of Issue

3. 2021 1oz Platinum Eagle NGC MS70 Early Release

4. 2021 1oz Platinum Eagle NGC MS70 First Day of Issue

5. 2021 1oz Platinum Eagle Brilliant Uncirculated

If you have any questions about either the Proof 2021 Gold Eagle or the Platinum Eagle offering, just email David ([email protected]), Barry ([email protected]) or the Wholesale Trading department ([email protected]) with your request.