Gold Alert
Thank you all for the great responses to the last alert. I am still catching up to answer all of the questions and thank people for their kind thoughts and feedback.
The new alert has to do with gold bullion and $20 gold pieces. Yesterday we noticed a switch in pricing by the mint distributors and large bullion supply businesses. They are now basing their sell prices on gold futures! Futures prices are usually about $50 above gold spot. Yet they are still buying based on gold spot. This puts about 3% more in their pockets, but keep in mind that supplies are dwindling rapidly! The Royal Candian Mint has closed down! No Maple Leaf Gold available. The U.S. Mint has run out of silver blanks for Eagles. I expect Gold Eagles and Buffalo pieces to be selling soon on delayed delivery or not at all. If they are, look for premiums to continue to escalate!
The virus has also had a tremendous effect on the European pipeline for early U.S. gold non-bullion issues, specifically $20 Libs and Saints. $5 and $10 gold pieces could be next! Expect premiums and supplies to rapidly dry up. For a long time now, these large size U.S. gold issues were trading very close to the gold content. No more, watch out for counterfeit pieces flooding the market. Stick with the certified coins and watch out for counterfeit slabs too!
We will continue to offer opinions and testing for our clients, free of charge. Please call or email if you have any questions. I’ll have a new alert next week.
Stay safe and God Bless,
Warren