Here’s a look at the latest developments in the precious metals market for the week beginning 7/12/21.
- Gold prices end higher for a third session in a row
- Metal detectorist unearths rare gold coins from Black Death period
- Can Reddit’s silver ‘apes’ beat the market?
Gold prices end higher for a third session in a row
Gold prices climbed on Thursday for a third session in a row, holding ground at their highest in nearly a month.
Central banks “still appear to be the main focus of markets,” and economic data seem significant “only if they can force Fed to anticipate tapering,” said Carlo Alberto De Casa analyst at Kinesis Money.
August gold rose .2% to settle at $1,829 an ounce. That was the highest most-active contract price settlement since June 16, FactSet data show.
To learn more: Gold prices end higher for a third session in a row
Metal detectorist unearths rare gold coins from Black Death period
In England, a metal detectorist unearthed two rare gold coins that date to the mid-14th century when Black Death was ravaging the country.
Both coins depict Edward III, who tried to introduce gold coinage to England starting in 1344. One of the coins – a leopard coin or half florin, was considered failed because the mint charges were too high and the value assigned to the leopard coins overvalued gold against silver.
The leopard is 23 karats, or 96% pure gold.
The metal detectorist found both gold coins near the town of Reepham in Norfolk County in October 2019, but PAS archaeologists have only now finished the assessment of the coins.
“It seems likely that both coins went into the ground at the same time, either as part of a purse loss or as part of a concealed hoard,” according to a statement from PAS.
The coins were folded in half but otherwise in good condition.
To learn more: Metal detectorist unearths rare gold coins from Black Death period
Can Reddit’s silver ‘apes’ beat the market?
Kerry Kraker, 56, is part of a growing social media movement who say they are buying bars and coins for protection from the coming age of inflation.
A community, called Wall Street Silver, of like-minded silver ‘stackers’ are gathering on social media platform, Reddit Inc. Some of the 122,000-strong community hope to corner the market and bring down what they say is an unjust banking system.
“There’s a bit of anger…If there’s a back door to wealth, I might take that door because the front door is closed,” said Kraker. “The bankers and others have basically shut that door for everyone who is not themselves.”
The community was formed in January at the time WallStreetBets was marshalling an uprising of ordinary people agains the financial elites, through coordinated buying of company shares.
The members call themselves “silverbacks” and “apes.
Silver costs around $26 an ounce. Stackers think the price will rise as inflation erodes the value of currencicies, demand for silver rises, and supplies run short. Some say buying up bars and coins, they can jack up prices by 100% or even 1000% to the point where they can call the shots against so-called bullion banks – the large financial insituttions which lead trade in precious metals.
To Learn More: Can Reddit’s silver ‘apes’ beat the market?