Here’s a look at the latest developments in the precious metals market for the week beginning 10/11/2021.
- 2021 Defined by Recovering Markets
- The $1 Trillion Dollar Coin and the Debt Ceiling: What You Need to Know about this Theoretical Currency
- Woman finds 4.38-carat diamond at Arkansas’ Diamonds Crater of Diamonds State Park
2021 Defined by Recovering Markets
The CIBJO commission’s special reports indicate that, in general, precious metal markets experienced robust sales, with prices rebounding from the lows they had experienced during the disruptive turmoil of 2020.
The report reviews the gold, platinum, palladium and silver markets for the year and looks at how they fared in a world economy in the shadow of a pandemic.
Because all four metals are considered safe haven investment assets, they experienced what appeared to be a temporary dip in value following a meeting in July of the Federal Open Market Committee, where the possibility of tapering, or a reduction in the pace of monthly bond purchases, was discussed.
A clear factor in creating robust market conditions was the strong recovery in jewellery demand and innovation in the development of new products and the savvy use of social media marketing.
To learn more: 2021 Defined by Recovering Markets
$1 Trillion Dollar Coin and the Debt Ceiling: What you need to know about this theoretical currency.
The U.S. government runs out of money to pay all of its bills on Oct. 18, according to the Treasury Department, and if Congress does not raise the debt limit — the amount of money the government is allowed to borrow — economists warn it could trigger a recession.
Lawmakers have not come to agreement on how to resolve the issue, but one potential remedy is to have the U.S. Mint strike a $1 trillion platinum coin.
The idea is that the president could order the treasury secretary to mint a $1 trillion coin out of platinum, then deposit it with the Federal Reserve. Then, just like that, the government would have an additional $1 trillion to pay off its obligations. The debt ceiling is no longer an issue.
To learn more: $1 Trillion Dollar Coin and the Debt Ceiling
Woman Finds 4.38-carat diamond at Arkansas’ Crater of Diamonds State Park
Noreen Wredberg and her husband, Michael, found a yellow diamond weighing 4.38 carats at Arkansas’ Crater of Diamonds State Park.
“I didn’t know it was a diamond then, but it was clean and shiny, so I picked it up,” Wredberg said.
The diamond is “about the size of a jellybean, with a pear shape and a lemonade color”.
The park allows visitors to keep what they find, and more than 75,000 diamonds have been discovered there since 1906, according to the park. It’s not clear what the diamond is worth. The park said it doesn’t do appraisals.
To Learn More: Woman Finds 4.38-carat diamond at Arkansas’ Crater of Diamonds State Park