The government’s reaction to the coronavirus has caused financial problems of monumental proportions. With the shutdown of businesses and massive layoffs, states and municipalities suffered huge losses in revenue. Two-thirds of state revenues come from income taxes or sales taxes.
Goldman Sachs forecasts a federal deficit of $3.6 trillion for the current fiscal year. Last year’s deficit was a mere $984 billion, for a 3.6- fold increase. Fedgov’s fiscal year ends September 30.
On our Specials Pages, we offer for sale—at really low prices–various forms of gold and silver. For example, on our Gold Specials Page you will often find small old European gold coins, old US gold coins, scratched or slightly dinged coins, and commemorative coins.
Investors who had never thought of buying precious metals are pouring into the metals, depleting inventories. Compounding the problem, the US Mint and the Royal Canadian Mint are closed, and they have not indicated when they will reopen.
Several reasons to buy pre-1965 US 90% silver coins. Note that this blog post is dated March 10, 2020. When posted, we were selling 90% at .39 over spot. Then came the coronavirus. One, we are selling them at .39 over spot (dimes and quarters). In hot markets, such as in 2011, they can pick
2019 was a solid year for precious metals, with gold up $231 (18.5%) and silver up $2.40 (16.4%) since this time last year. Still, not much attention has been paid to the metals on the financial networks.
Not only have central banks added to their gold holdings, so have gold-backed ETFs.
There are lots of reasons for owning gold and silver. The rising federal debt alone and a government that has abandoned fiscal responsibility could cause interest on the national debt to top $1 trillion in ten years.
For the 45 years that I’ve been a gold/silver dealer, I’ve never recommended numismatic or collectible coins. And, I’ve been proven right.
Record-breaking central bank and ETF buying boosted 2019’s first half demand to a three-year high, according to the World Gold Council. Also contributing to demand was a more positive environment for Indian consumers, which have always been big jewelry buyers.