Current State of Coins
Greetings from Original US Coins!
Its been years since I’ve blogged on my website. Life got in the way, a move to the desert of Arizona, 85+ Coin Shows, 2 grand babies and the list goes on.
But I’m back-and while I wont commit to daily blogging, I will try my best to keep you informed of the ever changing coin market conditions, the economy, some politics and some advice on where we are headed-and how to avoid some metals investment pitfalls that exist and how to navigate them.
So lets get started. If you go to my website regularly, you get live precious metals spot pricing. I’ll start there. FOR YEARS, I’ve been telling people to put 10% of your holdings into gold and silver. At $1380.00 per ounce gold and $13+ for silver, I was screaming from the rooftops to BUY GOLD AND SILVER!
Few listened. The stock market has been hot! Unemployment near -0-. If you wanted a job, you could have one. Companies were clamoring for employees-lowering the bar just to get help. Long term hiring needs were staggering. In fact, some predicted that there were NOT ENOUGH PEOPLE graduating high schools and colleges to meet demand. Seriously?
In order to feed the engine, we needed people, technology and financing to make it all happen. AND THEN something happened that few predicted. A virus shutdown the way we live work and play. And its gonna be like that for a while.
Now 50 MILLION people are out of work. That’s 1/6th of the US population. We’ve taken on NEW long term debt of 4 TRILLION dollars. In an election year. Essentially, we have minimized our economic engine to idle.
September, which is 45 days away. Will bring 1 of 2 things: Another multi Trillion dollar shot in the dead arm of America or 2-4 million more layoffs. Where you say? Manufacturing and aerospace to start.
Airlines and the jobs associated with that industry equal 4-5 million jobs. Airlines are nearly a million themselves. When we don’t fly, we don’t need airplanes. Boeing, Lockheed and others will layoff 60% of their staffs. Suppliers are next. Do I need to say more?
ITS GOING TO GET REALLY BAD!
At my last coin show, I was asked what I wanted for a 1/20 ounce gold coin. $110 of which gold value was about $90. Offer me $100, I’d probably sell. Then the guy said, “that’s too much” If I sold it back to you, You’d give me Spot at $90. I said, “maybe” but I asked him, “where were you when gold was $1380 per ounce? If you bought it then, you could sell to me at a profit today!”
So I’ll say it again today. BUY GOLD AND SILVER. Buy and hold. Bullion, 90%, foreign gold or whatever you can find! Gold will be $2000 an ounce soon. Silver will bust through $20 on its way to $25 per ounce.
People will be desperate. Don’t wait until those dark days. BUY TODAY!
One last point, if their was ever a time to not trust your bank, its today. US Banks are trying to figure out what to do with 800 BILLION in defaulted loans. You should keep in your possession $3-5000.00 CASH. It might be difficult to find soon.
Call me today to discuss buying gold and silver and other collectible rare coins.
Be safe- M