Gold/Silver In A Trading Range – 2020 Palladium Eagle News

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	States Where Gold and Silver Have Become Legal Tender
	An encouraging victory for sound money has just taken place in West Virginia where they have now. . . .Anthony Allen Anderson
	Is The Gold Price Worth $2500 An Ounce?
	The precious metal climbed above $2000 on Tuesday and looks capable finding support at that level after hitting.... Aaran Fronda
	Silver About To Move Higher Towards $30.72
	Early attempts of a range breakout can be observed in the white metal with resistance awaiting at $30.72. . . .FXStreet Team
	Gold Prices To Surge As Investors To Spend Another $2-3 Trillion
	Investors are poised to pump an additional $2-3 trillion into the gold market in the wake of the Covid-19 crisis. . . .Simon Constable
	Ohio Pension Fund Adds a 5% Gold Allocation to Hedge Risk, Inflation
	The $16 billion Ohio Police & Fire Pension Fund approved a 5% allocation to gold. . . .Yvonne Yue Li - Bloomberg Law

Last week, Gold traded from a low of $1,910 to a high of $1,990 per ounce, as it continued to consolidate recent gains. Last August, Gold reached an all-time high of $2,070 per ounce, and closed above $2,000 six times. I was wondering who the big Gold buyer was recently, and it appears to have been Russia, adding $1 billion in currency and Gold reserves last week and $36 billion since the beginning of the year. Gold closed last Friday at $1,924.30, down $40 per ounce. I look for Gold to move back above $2,000 later this month, but it wouldn’t surprise me to see Gold test the $1,900 support level before the rally starts. STAY BULLISH ON GOLD/SILVER AND ENJOY THE RIDE.

Last week, we saw the August nonfarm payroll jump by 1.37 million in August, and the unemployment rate dropped to 8.4%. The unemployment rate marks the lowest since March’s COVID-19 shutdown. Economists surveyed expected growth of 1.32 million and the jobless rate to decline to 9.8% from 10.2% in July. This news was short-term bullish for the U.S. Dollar Index and bearish for the price of Gold. Gold closed on the low of the week at $1,924 per ounce.

In addition to Fed Chairman Powell’s statement that the Fed has adopted an “average inflation target” and recognizes the benefits for a strong labor market, we saw the state of Ohio allocate 5% of its $16 billion pension fund to Gold. Plus, there is a move by many states to make Gold/Silver Legal Tender free from taxation.

Today: Over the long holiday weekend, the Gold price reached a low of $1,905 on a rally in the U.S. Dollar Index. Gold quickly rallied back above $1,920 on bargain buying as the U.S. market opened.

West Virginia, Utah, Louisiana, Texas, and Oklahoma have passed legislation to make U.S. minted Gold/Silver legal tender and in some states exempt of state taxation. Wyoming, Arizona, Kansas, Indiana, Missouri, Tennessee, and South Carolina have had legislation proposed and is pending or, has failed. Many of the legislation and laws allow Gold/Silver to be free from sales tax and in some cases free from state taxation. These states are concerned about the debasement of the U.S. dollar and want to give their citizens an option of owning REAL MONEY, Gold and Silver.

How would this work?

States are setting up depositories where citizens can deposit their Gold and Silver coins and bars. This would enable Gold/Silver owners to use credit or debit cards to make a purchase using their Gold or Silver holdings. Imagine going to a local grocery store to buy food and drinks. At the checkout register, you give them your Gold/Silver debit card, and it deducts, at the current market value, the cost of your groceries.

For more details on how Gold and Silver will become legal tender, please read the following. States Where Gold and Silver Have Become Legal Tender

Silver closed at $26.82 last Friday, down $0.80 for the week. Last week, Silver sold off with Gold, reaching a low of $26.20 before finding price support. It appears that Silver will stay in a $26 to $28 trading range until Gold makes its move to $2,000 per ounce. Considering that the price of Silver was $11.50 in March, this is very bullish for the short-and-long-term outlook for Silver. The Silver-to-Gold ratio continued to drop last week, closing last Friday at 71.34-to-1.

It appears that the U.S., Australian, and Canadian Mints have caught up with the backlog and are now offering distributors the ability to order a full allotment. Therefore, premiums on Silver Eagles, Kangaroos, and Maple Leaf’s have declined, giving investors the ability to add to their holdings at an attractive price.

Today: As the Gold price dropped, Silver got hammered, breaking below the key $26 support level and reaching a low of $25.77 per ounce. Then, Silver started to rally with Gold and quickly moved back above the key $26 level.

As of now, the U.S. Mint has plans to officially release the new 2020 1oz Palladium Eagle on September 24th with a mintage of 10,000. The coins will be produced in either Business Strike or Burnished (to be confirmed) with prices to be revealed a day or two prior to the launch. Mint State Gold has received several requests to pre-order this coin with a perfect grade of 70 PCGS and/or NGC. That all being said, we want to give our clients an overview of the best strategy to use to purchase this coin at the lowest price.

Two things to consider with this year's issue: the mintage of 10,000 and that for the first 24 hours the U.S. Mint is restricting sales to 1 per household. We estimate that about 5,000 coins will be sold to “High Margin Dealer Buying Groups” the first day. Those groups will be the first to market, offering exclusive labels at astronomical prices. This has been done numerous times in the past ten years with tremendous losses to the collectors.

We are strongly advising our customers to hold off buying the First Day of Issue at ridiculous prices. However, if the Buying Groups can purchase all 10,000 coins, history has shown the price will come back to reality in 3-6 months when their sizeable promotion and marketing periods end. At that point, we will be able to purchase their excess supply at a greatly discounted price. This will work to our clients' benefit in the end.

Assuming everything goes as expected, we plan on purchasing a few hundred coins on the second day directly from the U.S. Mint. The coins will then be graded First Strike by PCGS or Early Release by NGC and our customers will get the best price. We will be offering these, as always, at a realistic fair market price to our clients directly.

To pre-order the 2020 Palladium Eagle, please email us at [email protected] or [email protected] to let us know if you prefer the coin in either perfect 70 by PCGS in First Strike or NGC Early Release. We will also be offering the coins in the Original Mint Packaging at the same price the U.S. Mint offers the coins if you wish to purchase them as well! Once we confirm our purchases with the Mint after September 25th, we will be happy to contact you on a first requested basis.