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Tags: silver | coins | reddit | precious metals

Silver Soared in February

Silver Soared in February
Volodymyr Pischchani/Dreamstime

Mike Fuljenz By Monday, 01 February 2021 04:43 PM EST Current | Bio | Archive

Silver soared to over $30 an ounce on February 1, 2021 — the highest level in eight years — early Monday on a “Reddit Rally” as investors surged into the market.

Since the previous Thursday, when Reddit and Twitter posts began urging small investors to buy silver mining stocks and exchange-traded funds (ETF) backed by physical silver bars, in a GameStop-style squeeze, Silver had gained 19%.

Chatter on the Reddit message board WallStreetBets, initially put silver ETFs in the crosshairs with a single post that was quickly removed. Twitter users then jumped on the idea and had the topic trending on the micro-blogging site. Multiple tweets called for a short squeeze on the silver market, which would send prices sharply higher and force investors, including major banks, who had bet on a price drop to take a loss.

Many larger coin dealers reported greatly increased bullion sales online and in person on Saturday, January 30, 2021. As a result, dealer to dealer 2021 Silver Eagle premiums rose from $3.50 over spot to $6.00 over spot as supplies dwindled.

Silver Topped All Investments in 2020

On January 4, 2021, The Wall Street Journal printed its annual survey of 116 leading investment assets, divided into four categories  — 46 U.S. and global stock market sectors and indexes, 42 global currencies, 18 commodities and 10 bond ETFs. The leading investment among all 116 of them was Silver, up 47.7%.


According to the Journal, copper gained 25.77% and gold gained 24.59% in 2020.

In the Coin Market, 2020 Silver American Eagle demand more than doubled, while demand for the Gold American Eagle grew 455%, and gold American Buffalo bullion coin demand grew nearly fourfold in 2020.


This superb year for gold, silver and Mint sales brought many new customers into the coin market.

The New Morgan & Peace Dollars Are Becoming a Reality

HR6192 passed the Senate on December 17 by unanimous consent. President Trump signed it into law on January 5, 2021. It marks the 100th anniversary of the Morgan dollar/Peace dollar transition year of 1921 with newly minted editions of both series, sparking widespread new interest in both the new and old series of Morgan and Peace. Mint officials have indicated options would include striking issues at the Denver, San Francisco, and Philadelphia Mints. Privy marks could be added to Morgan dollar issues to recognize the Carson City and New Orleans Mints.

These new 2021 coins will replicate the original designs of the Morgan and Peace dollars, with a face value of $1, containing not less than 90% silver with the same reeded edge, a diameter of 1.5 inches and a weight of 26.73 grams.  

Brasher Doubloon Sets All-Time Record

At the January 21, 2021 Heritage Auction sale in Dallas of the Donald G. Patrick Collection, a 1787 Brasher doubloon set a record for any U.S. gold coin when it realized $9.36 million. The privately struck gold issue, with Ephram Brasher’s EB punch on the eagle’s wing, was graded Mint State 65* by Numismatic Guaranty Corporation and had a green Certified Acceptance Corporation (CAC) sticker. This sale makes it the second most expensive U.S. coin ever to sell at auction.

Mike Fuljenz taught classes on grading and counterfeit coin detection for over 20 years. He has also assisted the Texas Attorney General with drafting consumer alerts on coins and on counterfeits. He has lectured and conducted training for law enforcement with the Numismatic Crime Information Center. He has been a member of the National Anti-Counterfeiting Task Force, as well as assisting the Federal Trade Commission with their consumer alerts on coins.

© 2023 Newsmax Finance. All rights reserved.

Silver soared to over $30 an ounce on February 1, 2021 - the highest level in eight years - early Monday on a "Reddit Rally" as investors surged into the market.Since the previous Thursday, when Reddit and Twitter posts began urging small investors to buy silver mining...
silver, coins, reddit, precious metals
Monday, 01 February 2021 04:43 PM
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