Gold rose to over $2,074 per troy ounce in August 2020, and silver outpaced all other investments the last week in July (+6%), reaching nearly $25 per ounce. One of the main reasons is that the U.S. dollar fell sharply, making July the worst month for the dollar (-3.8%) since April 2011. The dollar also recently hit a two-year low.
During the first seven months of 2020, there were 494,500 Troy ounces of gold American Eagl agles sold at the U.S. Mint vs. only 119,000 ounces for the same seven months in 2019 despite periodic work shutdowns due to coronavirus, and a complete cessation of production of $5 tenth-ounce gold Eagles for a three-month period. During all of July 2020, the total gold American Eagle ounces sold reached 115,500 ounces, up 21-fold (+2,000%), vs. just 5,500 ounces sold in July 2019.
For the first seven months of 2020, 13,681,000 one-ounce silver American Eagles were sold by the U.S. Mint, a 21.5% increase over the 11,262,000 ounces sold in the same seven months of 2019. There were also several work stoppages at the Mint due to novel coronavirus concerns. Premiums to dealers and investors rose sharply on all gold and silver American Eagle coins, partly due to rising demand and partly due to supply shortages.
Market note: Choice uncirculated $20 gold Liberty Double Eagles selling for under $4,000 are currently hot and are moving up faster than gold bullion.
GOLDMAN SACHS RAISES ITS 12-MONTH FORECAST TO $2,300 GOLD AND $30 SILVER
Goldman Sachs recently upgraded its 12-month forecast for gold by 15%, from $2,000 to $2,300, and it pushed its silver forecast up 36%, from an already-outdated $22 to $30 per ounce.
This story is from the October - November 2020 edition of COINage Magazine.
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This story is from the October - November 2020 edition of COINage Magazine.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
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