Here’s a look at the latest developments in the precious metals market for the week beginning 12/6/2021.
- Gold rates surge; silver prices decline
- Morgan and Peace Dollars will be Back in 2022
- Cash is Still King at Christmas
Gold rates surge; silver prices decline
On Wednesday, December 8th, gold futures rose and silver futures dropped.
“We can see huge volatility in bullions in December. As per technical chart, gold and silver are trading at oversold zone and making bottom. Momentum indicator RSI also cited the same in hourly as well as daily charts. The current levels are the best prices for short term investors. So short term investors are advised to create fresh longs for small dips near given support levels. Traders should focus on important technical levels given for the day,” says Amit Khare, AVP – Research Commodities, Ganganagar Commodity Ltd.
On the Multi Commodity Exchange (MCX), gold futures due for a February 4 delivery, were last seen 0.31 per cent up at ₹ 48,210, compared to the previous close of ₹ 48,060. Silver futures due for a March 4 delivery were last seen 0.18 per cent lower at ₹ 61,719 against the previous close of ₹ 61,828.
Domestic spot gold with a purity of 24 carats opened at ₹ 48,129 per 10 grams on Wednesday, and silver at ₹ 61,523 per kilogram – both rates excluding GST (goods and services tax), according to Mumbai-based industry body India Bullion and Jewellers Association (IBJA).
To learn more: Gold Prices Today: Gold rates surge; silver prices decline
Morgan and Peace Dollars will be Back in 2022
The U.S. Mint’s 2022 numismatic products will include Morgan and Peace dollars, products likely to be offered through enrollment or subscription rather than in limited-edition pre-sales, according to Matthew Holben, the U.S. Mint’s chief sales and marketing officer.
Holben said the U.S. Mint plans to produce Morgan and Peace dollars in 2022 and in future calendar years in different finishes and at multiple Mint production facilities, as a recurring annual product.
In addition to different finishes, Holben said Mint officials will address the possibility of issuing a 2022 Peace dollar in high relief, like the Philadelphia Mint rendered the 1921 Peace dollar.
Each set will also include certificates of authenticity bearing the director’s hand-written signature.
To learn more: Morgan and Peace Dollars will be Back in 2022
Forget gold, Bitcoin, Premium Bonds, or Pensions – Cash is Still King at Christmas
Generous grandparents still think cash is a great way to give children a festive treat. Gold, Bitcoin, Premium Bonds and pensions just don’t match up.
Almost two thirds of grandparents will continue the old tradition of slipping cash into a grandchild’s Christmas card, double the rate for younger generations. Premium Bonds used to be a festive favorite but just two percent of parents and grandparents will gift them this year, put off by the low annual prize rate of just one percent.
Cryptocurrency Bitcoin is similarly out of favor, according to research from AJ Bell.
Head of personal finance Laura Suter said cash still cuts it. “Stuffing some cash in an envelope is one tradition that refuses to die out, even in today’s digital society.”
Precious metal gold is another popular festive gift, with the Royal Mint reporting a 510 per cent surge in sales during November and December last year. Gold and silver specialist Physical Gold is seeing an increase in older generations purchasing physical gold for children and grandchildren.
Chief executive Daniel Fisher said do not leave it to the last minute. “The gold price often climbs before Christmas due to gift buying.”
To learn more: Forget gold, Bitcoin, Premium Bonds, or Pensions – Cash is Still King at Christmas