November 2020 - Week 4 Edition
George H.W. Bush Coins Launch the “Roaring 20s” Coin Rush Next Week
We have been writing about the new “Roaring 20s” increase in new gold and silver coins to be designed and minted in the 2020s, including a new design on the reverse of the American Eagle gold and silver coins next year – the first change in 35 years, since their inauguration in 1986. We’ll probably also see silver dollar coins commemorating the centennial of the transition year for the two classic silver dollars produced in 1921, which was the final year of the Morgan silver dollar and the first year of the Peace silver dollar. That will surely excite the coin buying public!
And now there is one more reason to celebrate the Roaring 20s at the U.S. Mint. At noon EST on Friday, December 4, the Mint will release a George H.W. Bush Presidential $1 coin, produced at the Philadelphia and Denver mints. The obverse side (heads) features the face of President Bush with inscriptions: “GEORGE H.W. BUSH,” “IN GOD WE TRUST,” “41st PRESIDENT” and “1989-1993.” The reverse (tails) design features the Statue of Liberty, “$1” and UNITED STATES OF AMERICA. (Bear in mind that these coins will not contain gold but will have a gold-colored coating.)
George Herbert Walker Bush and Barbara Pierce Bush were married 73 years until they each died in 2018, Barbara in April and George in November. They were the longest-married presidential couple at her death, only exceeded by Jimmy and Rosalynn Carter last year. George H.W. Bush served in several layers of government service, first in the Navy, then he served in Congress, as well as as ambassador to the United Nations. He went on to become the director of Central Intelligence before serving as vice president and then elected president. He also promoted the “Points of Light” initiative to promote volunteerism and community service.
Gold and Silver Long-Term Fundamentals are Sound
Gold fell $30 Monday morning, November 23, to $1,835, based on promising COVID-19 vaccine news and stalled progress on more stimulus packages in Congress, but these are all temporary, knee-jerk reactions, which have no bearing on the long-term fundamentals for gold and silver. As we said last week, this may be an unrealistic “honeymoon” attitude toward Joe Biden, or temporary amnesia about all the deficit spending in 2020, since rising inflation, more deficits and social unrest likely await us next year.
Ten Reasons for Giving Thanks in a Very Rough Year
As we take a four-day break for Thanksgiving weekend this Thursday, we all have personal reasons for giving thanks, but we also have overriding reasons for giving thanks for national blessings in this particularly difficult year of 2020, which everyone has come to despise. Consider these opening thoughts:
#1 - We still have our families, our faith, our friends and our valued customers. We still live in the greatest nation on earth, and we are in the midst of a peaceful transfer of power, however controversial at times. We have the Bill of Rights, the Constitution and Declaration of Independence. Let’s be thankful for those pillars of strength.
#2 - In this difficult year, gold has had its best year in a decade, setting a new high over $2,000, and silver has performed even better. Stocks have also had a positive year, despite COVID-19, and the home real estate had a positive year, as well, setting sales records in October, so America has elevated its net wealth in 2020.
#3 - Thanks to “Operation Warp Speed,” we should have at least two effective vaccines by year’s end. One should produce enough doses for 25 million Americans in December and 1.3 billion doses in 2021, and another company may match that volume. Both vaccines are about 95% effective, so better times are ahead! By the way, Bill Gates also recently praised “Operation Warp Speed.”
#4 - The economy has fared a lot better than most feared, with peak unemployment at 14.7% in April, quickly falling back to 6.9% in October, vs. predictions of 30% to 40% unemployment by some pundits. Our economy is in much better shape than Europe, for instance. Our GDP fell the least of all G-7 nations. Also, our COVID deaths are about 250,000, but original predictions were 10 times higher, at 2.5 million.
#5 - We have learned new ways of working, shopping and learning from home. We have also learned to save more and pay off our credit cards, often by traveling less and cutting costs. What seemed like a sacrifice at first turned into a new way of discovering what is valuable in life, and what is expendable.
#6 - Thanks that America is the strongest nation on earth, by far, and we are a good nation. We do not seek an empire, nor do we seek to destroy others, but we promote peace and commerce among allies.
#7 – Thanks that competitive sports are back on television, especially college sports. You can only watch so many national cornhole championships on ESPN.
#8 - Thanks to our responsive Federal Reserve and Congress for delivering checks to needy families this year. No matter the consequences in future years, that was the necessary thing to do at the time.
#9 – Thanks to all those individuals who helped people in need, especially those in the medical profession and our first responders.
#10 – Thanks to teachers who help educate our children in these challenging times.
Songs About the Holidays
Irving Berlin had most American holidays cornered in his songs (White Christmas, Easter Parade, God Bless America), but his Thanksgiving song, nominated for an Academy Award as “Best Song,” didn’t contain the word thanks. It was Count your Blessings:
That’s what I’ve done today – I’ve counted my blessings in this otherwise challenging year of 2020.
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