Precious metals extend yesterday’s strong advance; U.S. Mint posts best year for bullion coin sales since 2016
(USAGOLD – 1/5/2021) – Gold and silver extended their advances this morning with the yellow metal pushing over the $1950 mark to trade at $1952 – up $6.50 on the day. Silver is up 16¢ at $27.47. “Demand for United States Mint bullion products,” reports CoinNet.com, “surged in 2020 to the highest points in several years – for both gold and silver coins…2020 American Eagle silver coins jumped to 30,089,500 ounces this year, more than doubling the amount of a year ago…2020 American Eagle silver coins jumped to 30,089,500 ounces this year, more than doubling the amount of a year ago.” In both the gold and silver bullion coin categories, 2020 sales were the best since 2016. The demand for modern bullion coins is, to a large extent, the mirror image of declining currencies against gold, as shown in our Chart of the Day.
Chart of the Day
Chart courtesy of TradingView.com • • • Click to enlarge
Chart note: Gold rose sharply in six of the world’s top currencies in 2020 – Indian rupee (+28.1%); Chinese yuan (+17.3%); British pound (+21.2%); U.S. dollar (+25.1%); Japanese yen (+18.9%) and European euro (+14.8%). Gold’s gain in those currencies reflects concern among the citizenry of present and future debasement as well as the attendant systemic risks.