October 2020 - Week 2 Edition
We Are Entering a “Magical Five Years” of New Coin Creation in Advance of 2026
Do you remember the Bicentennial of 1976 and all the tall ships in New York harbor and the welcome celebration of America’s 200th birthday? It came after Watergate, Vietnam and a very dark time in U.S. history, something like the Covid-19 pandemic, urban riots, racial tension, political divisions and recession we’ve suffered in 2020 and may see continuing next year, depending on the election outcome.
One looming light at the end of the tunnel is America’s 250th birthday on July 4, 2026. One encouraging note is that on this Columbus Day weekend, The New York Times has begun to back away from its destructive “1619 Project,” which purported to change America’s birth date to the arrival of the first slave, and thereby cast the entire national history as a slave-centered story. This helped lead to a summer of destroyed statues of George Washington and other Founding Fathers with “1619” painted on them in great disrespect.
The New York Times gave the green light to their reporter Bret Stephens to question the false facts in their 1619 story, which had begun to dominate the curriculum in many schools across America.
By the time 2026 rolls around, I’m confident that 1776 will still be considered our nation’s official birthday, so the coins coming out surrounding that event should enjoy tremendous popularity, just like the great array of 1976 coins, which helped lead to the greatest bull market in gold and silver rare coins in modern history. The Collectors Universe 3000 (coin) Index rose 1,195% from 1976 to 1980.
On September 22, the U.S. House of Representatives passed legislation authorizing massive changes to circulating coinage be implemented between 2022 and 2030. The bill, H.R. 1923, would authorize:
➤ Circulating quarter dollars honoring women to be issued from 2022 through 2025.
➤ Circulating coins in multiple denominations in 2026, celebrating America’s 250th birthday.
➤ Award medals for the 2028 Olympic Games in Los Angeles.
➤ Silver bullion coins with the same designs as all of the quarter dollars and half dollars authorized from 2022 through 2030, in the now standard 5-ounce size and in “fractional sizes.”
Separate legislation before Congress calls for a circulating quarter dollar program starting in 2021 with designs honoring the accomplishment of women, with designs selected to represent each state, territory and the District of Columbia (DC). H.R. 1923 seeks up to five quarter dollars a year from 2022 through 2025, each honoring a prominent American woman, without the need to represent each state, territory and DC.
In addition, we’re about to see a new change in the Silver and Gold American Eagle reverse designs in 2021, as well as a centennial celebration of the final year of the Morgan Silver Dollar and first year of the Peace Dollar in 1921. These years of new coin issues will create great interest in old and new collectors and investors and in precious metals in general, with a multitude of new ads posted in the media, generating new customers and new national interest in coins.
Gold Gained Last Week
Gold gained $20 last week (+1%) on a London closing basis, and silver rose $0.45 (+1.9%). The Monday opening on Columbus Day, October 12, was strong but prices dipped after hours. The U.S. Dollar index trended down last week (helping gold), but the dollar rallied late Monday, pushing gold prices down a bit. Longer-term, the Fed is fighting fiercely against any deflationary threat, so it has committed to keeping interest rates near zero until 2023, giving gold a clear advantage over cash.
A Baker’s Dozen of Presidential Debate Questions
After enduring the first two debates with challenged moderators, I’m tempted to say “we don’t need no stinking moderators” at these election-year debates. After all, Abraham Lincoln and Stephen Douglas simply got up and talked for a couple of hours and found a way to get to the core of the issues their audiences cared about. What’s wrong with the candidates just asking each other a series of questions?
Even more important, we certainly don’t need this type of “Commission on Presidential Debates.” This added bureaucracy was created in 1987, long after the Nixon-Kennedy debates or the magical Reagan debates of 1980 or 1984. In a tweet last week, former Presidential candidate Robert Dole said of the current debate commission, “The Commission on Presidential Debates is supposedly bipartisan with an equal number of Rs and Ds. I know all of the Republicans and most are friends of mine,” but he added that none of them supported Trump, concluding that “a biased Debate Commission is unfair.” It bears repeating that some Republicans remain firmly against President Trump. These Republicans are called the “Never Trumpers.”
I’m no great moderator, but I can tell you that the first two moderators never pressed Senator Joe Biden or Senator Kamala Harris in any serious way about their Party’s policies or their previous gaffes. So, I have a fantasy that if I were drafted to host the next Presidential debate, I would ask these 13 questions, a baker’s dozen, of both candidates.
The first is based on Joe Biden and Kamala Harris’s previous vows to ban fracking for natural gas, which reportedly reduces CO2 emissions. Living on the Gulf Coast, this clarification is very important to me.
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