Presidential Election 2024: It’s the Economy, Stupid

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Back in 1992, the U.S. was mired in a recession. Bill Clinton was mounting a presidential campaign to take the White House. And, incumbent president George HW Bush was seen as out of touch with the needs of everyday2024 Presidential Election buttons Americans.

A Clinton advisor became famous for the phrase: “It’s the economy, stupid.” Indeed, the Clinton campaign highlighted the failing economy at every turn and won the White House, perhaps in part due to that strategy.

Fast forward to the 2024 presidential race. The election season is heating up fast, with an expected replay of the 2020 contenders: Joe Biden versus Donald Trump.

So, if it really is all about the economy, how is it doing today? Let’s take a look, explore the numbers, and what it could mean for gold.

Economic Growth

Despite widespread expectations for a recession in 2023, the U.S. economy is growing and Wall Street increasingly expects that the Fed could achieve a so-called “soft-landing” this year.

  • In 2024, the United States economy is forecast to grow at a 2.4% pace.
  • Compare that to 2024 economic growth forecasts of 0.7% for the Eurozone, 0.3% for the United Kingdom, 0.9% for Canada and 0.4% for Sweden.

Key takeaway: It may not feel like the economy is strong to some Americans. But our nation is leading the pack against other advanced economies in terms of economic growth. We are growing twice as fast or more than other advanced economies.

Job Market

The U.S. economy is creating new jobs at a fairly brisk pace. In February, employers created a total of 275,000 new jobs for Americans. The overall unemployment rate stood at 3.9%.

What kind of job creation did we see in February?

  • Health care: 67,000 new jobs.
  • Government: 52,000 new jobs.
  • Restaurants and bars: 42,000 new jobs.
  • Construction: 23,000 new jobs.
  • Transportation and warehousing: 20,000 new jobs.
  • Retail: 19,000 new jobs.

Key takeaway: U.S. employers have been creating a steady drumbeat of new jobs for Americans to fill. Over the last twelve months, new jobs have been created in every month ranging from 303,000 (May 2023) to as low as 146,000 (March 2023), according to the Bureau of Labor Statistics. If you want a new job, there’s a good chance you can find one.

Interest Rates

The Federal Reserve is holding its benchmark interest rate at a 23-year high in early 2024, as it maintains tighter monetary conditions in an attempt to battle back against inflation.

Key takeaway: The higher interest rates hurts American borrowers. This includes anyone who carries credit card debt, or wants to get a new car loan or mortgage. Would-be home buyers face a 6.9% 30-year fixed mortgage rate, according to Freddie Mac, which has priced some out of the housing market for now.

Inflation

The February core consumer price index (CPI) posted a hotter-than-expected reading, up 3.8% annually. The rising prices of rent, auto insurance, car repairs and airline tickets contributed to the stronger-than-expected inflation reading. Prices for used cars and clothing also climbed.

Inflation has fallen from its 2022 high at 9.1%. However, the February data shows that the Fed’s battle to rein in inflation is not over yet.

Prices are higher for everyday items and that sticks in Americans minds. Here’s a few price comparisons pre- and post-pandemic, from NielsenIQ.

Item prices compared from 2020 to 2024

Key takeaway: While inflation has dropped from over 9% to the latest 3.8% core reading, this still feels painful for many Americans. Prices on key everyday goods are sharply higher than before the pandemic and that “reference” point creates dissonance between the generally good economic data (strong labor market, growing economy) and what they pay for everyday items.

The Fed’s target rate of 2% inflation per year, means that prices would rise 2% every year. Instead we saw prices rise 9% on an annual rate in June 2022. That’s huge. Prices aren’t likely ever going to return to those levels, the Fed is just trying to keep annual price gains to a 2% pace.

What does this mean for gold?

These macroeconomic conditions created a perfect storm for gold. The price of gold has been climbing to a series of historic all-time new highs in recent months. Gold is up 30% over the past 16 months!

Inflation remains higher than the Fed’s target, which is supportive to gold. Yet the central bank is expected to cut interest rates three times in 2024, which will also boost gold even more and weaken the dollar. The stock market is climbing in bubble-like conditions that are being compared to the 2001 dot.com era. Only this time it is Artificial Intelligence stocks that are driving the stock market higher. This is creating new safe-haven buying in gold to diversify and protect portfolios.

Wall Street says gold can keep going higher. There are a series of gold price forecasts for 2024 that include $2,300 and $2,500 an ounce with a wildcard projection for $3,000 over the next 12 to 16 months.

The presidential election around the corner in November, will only increase economic, political and market uncertainty. While that political story has yet to unfold, one thing is certain, this historic run in gold is just getting started.

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The Most Valuable Australian Rare Coins List and Value

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While the United States stands as a pioneer in numismatics, boasting a treasure trove of incredibly diverse rare pieces, the global landscape of rare coin collecting extends far beyond its borders. Venturing into international numismatic territory, this piece aims to provide readers with a most valuable rare Australian coins list and value insights, highlighting:

  • Noteworthy high-value Australian coins.
  • The historical and cultural nuances of these iconic coins.
  • Prime online sources for the best quality rare coins.

Watch this insightful video to delve deeper into the world of valuable Australian coins:

Rare valuable Australian coins below $1

While Australian bullion coins often steal the spotlight in discussions about coin collecting, numismatists might be surprised at rare Australian coins’ values.

Rare Australian coins: half penny

Recognized as Australia’s rarest halfpenny and exemplifying the charm of rare old Australian coins, the 1923 halfpenny holds a revered status in Australian numismatics. Made of bronze, the coin’s obverse, designed by Bertram Mackennal, features the effigy of King George V, surrounded by the inscription “GEORGIVS V D.G. BRITT: OMN: REX F.D. IND: IMP:” denoting his titles. On the reverse, it bears the legend “COMMONWEALTH OF AUSTRALIA”, accompanied by the denomination “HALF PENNY” and the year of issue.

The elite numismatic status of the 1923 halfpenny stems from its limited mintage of approximately 15,000, making it one of the best rare Australian coins to look out for. A notable historical mix-up initially attributed the coin to the Sydney Mint due to an error in their Annual Report, which wrongly recorded the striking of 1,113,600 halfpennies in 1923. This led to the misconception that the 1923 Halfpenny was a common coin.

However, meticulous research by curator John Sharples, conducted decades later, clarified that the coin was actually struck at the Melbourne Mint. Sharples’ thorough analysis revealed that the 1,113,600 halfpennies produced at the Sydney Mint were dated 1922, not 1923. This correction solidifies the 1923 halfpenny as Australia’s rarest circulating halfpenny, adding an intriguing layer to its historical narrative.

1923 Halfpenny

  • Metal: Bronze
  • Year: 1923

1923 Halfpenny

Photo by PCGS

Rare Australian 1 cent coins

The 1968 one cent coin is a rare Australian coin that marks a significant chapter in the nation’s numismatic evolution, symbolizing Australia’s transition to a decimal currency system initiated on February 14, 1966. Before this, Australia used a pounds, shillings, and pence system inherited from its British colonial past. The intricate calculations required for everyday transactions were often cumbersome, leading to the decision to adopt a simplified decimal system that would align the nation’s currency with global standards.

Crafted by Stuart Devlin, this coin is a remarkable piece with a diameter of 17.65 millimeters and a weight of 2.6 grams. Showcasing a feathertail glider, an iconic marsupial, on the reverse and Queen Elizabeth II’s effigy sculpted by Arnold Machin on the obverse, it is renowned for having the lowest mintage in its series.

Adding to its exceptional rarity is the absence of a 1968 mint set release by the Royal Australian Mint, making it one of the most challenging dates to acquire, especially in uncirculated condition. Collectors often seek out this coin as part of their pursuit of rare Australian coins worth money.

1968 one cent coin

Photo by Drake Sterling

Rare Australian 2 cent coins

The Australian two-cent coin, introduced with the Currency Act 1965, holds a distinctive place in the nation’s coinage. Unlike other denominations, the two cents didn’t directly replace a pre-decimal coin but rather represented a rounded equivalent to 2.4 pence. Notably, the halfpenny, penny, and threepence had no direct equivalent in the new system, setting the two cents apart.

While two-cent coins were minted from 1966 to 1991, the 1981 “NO SD” edition stands out as an exceptional Australian rare coin. A striking piece in copper-nickel, created during a period known for its distinctive coin designs, it features a frilled-neck lizard, an emblematic representation of Australia’s rich biodiversity, on the reverse, designed by Stuart Devlin.

However, despite the coin’s design typically featuring the designer’s initials, “SD,” positioned behind the lizard’s front feet, some issues from 1981 notably lack this distinctive element. Mysteriously echoing anomalies observed in coins from 1968 and 1967, this intriguing deviation contributes to the coin’s allure, raising questions among collectors seeking rare expensive Australian coins about the intricacies of the minting process during that specific period.

1981 2 Cent NO SD

  • Metal: Copper
  • Year: 1981

1981 2 Cent NO SD

Photo by PCGS

Valuable rare Australian 5 cent coins

From its introduction with decimalization in 1966, replacing the pre-decimal sixpence while maintaining its size and mass, the five-cent coin has endured, today holding the status as the smallest denomination in Australian currency. One of the years that stands out the most in the coin’s long history, however, is 1972, a time when rare Australian coins’ value became particularly notable.

Crafted from nickel, this coin bears an echidna design on the reverse – a hallmark of Australian currency. On the obverse, it showcases Queen Elizabeth II’s effigy, known as the “Second Portrait.”

Though its design is beautiful and considered classic, what sets the 1972 edition apart from other rare 5c Australian coins is its low mintage and historical context. The year 1972 marked a pivotal moment in Australian coinage, due to a shift that occurred in the composition of the coin, transitioning from 75% copper and 25% nickel to pure nickel. Collectors cherish the 1972 edition for its connection to this transition and the evolving nature of Australian currency.

1972 Australian 5 Cent

 

Rare Australian 10 cent coins list

Since its introduction in 1966, the Australian 10-cent coin has generally been characterized by uniformity in design and composition. Its exquisite design featuring the intricate impression of a lyrebird sculpted by Stuart Devlin has endured, remaining a constant source of aesthetic appeal and capturing the essence of Australia’s wildlife throughout the years. For this reason, some collectors might say that rare 10c Australian coins do not offer a particularly lucrative avenue for exploration.

Nevertheless, this notion may not hold entirely true, as certain 10-cent coins, particularly the 2011 issue, deviate from the norm. With an exceptionally low mintage of 1.7 million, the 2011 10-cent coin stands out as a key date for collectors, especially considering its scarcity compared to the average mintage of 45.80 million coins per year for the denomination. Speculation abounds regarding the reasons behind this unusually low mintage, with some enthusiasts suggesting a limited production run or a deliberate effort to create Australian rare coins worth money.

2011 10 cent

 

Valuable rare Australian 20 cent coins list

Since its inception, the Australian 20 cent coin has played a significant role as a staple denomination in daily transactions across the country. Among its diverse releases, the 1966 coin carries special importance, signifying the inaugural year of decimalization.

Despite a substantial mintage of 58.2 million, the 1966 20 cent coin is relatively widespread in circulation. However, within this release lies a rare and distinctive variant – the 1966 wavy baseline 20 cent coin, distinguished as one of Australia’s rarest decimal coins issued for circulation, commanding noteworthy value in the domain of Australian rare coin values.

Characterized by a subtle yet discernible wave in the baseline of the “2” on the reverse side, this variant sets itself apart from the standard 20 cent coins of the same year. The wavy baseline anomaly, while seemingly minor, has significant implications for collectors, especially those seeking rare Australian 20c coins. It adds a layer of uniqueness to the coin, making it a sought-after rarity in numismatic circles.

The cause of this design difference remains a topic of debate among experts, adding an element of mystery to the coin’s origin story. The scarcity of well-preserved specimens further elevates the 1966 wavy baseline 20 cent coin’s status as a prized collectible, offering enthusiasts a fascinating glimpse into Australia’s numismatic history and the intriguing anomalies that occasionally emerge within it.

1966 20 Cent Wavy “2”

  • Metal: Copper Nickel
  • Year: 1966

1966 20 Cent Wavy “2”

Photo by PCGS

To learn more about this special piece, consult this article’s “Rare Australian coins to look out for” section.

Most wanted valuable rare Australian 50 cent coins

In 1977, the Royal Australian Mint marked the 25th anniversary of Queen Elizabeth II’s accession with a distinctive circulating 50 cent coin. This coin, produced in the millions as part of the silver jubilee celebration, featured a unique design showcasing the Australia coat of arms.

While the sheer quantity may not initially suggest rarity, the narrative takes an intriguing turn with the unanticipated discovery of a limited number of 1977 50 cent coins bearing the non-commemorative Australia coat of arms design from preceding and subsequent years. This unintentional creation, identified as a “mule”, i.e. a coin that is struck with mismatched dies resulting in a combination of obverse and reverse designs that were not originally intended to be paired together, introduces a captivating dimension to the numismatic story of this rare Australian 50 cent coin. Notably, this specific coin, considered a mint error with fewer than 10 known examples, stands as a prized discovery for collectors.

1977 50 Cent Mule

  • Metal: Copper Nickel
  • Year: 1977

1977 50 Cent Mule

Photo by PCGS

Rare Australian dollar coins

Rare Australian $1 dollar coins list

Introduced in 1984 to replace the $1 note, the Australian $1 coin has become a staple in the country’s currency. Among its various releases over the years, though, some stand out and regularly feature in pieces compiling a list of rare Australian coins. A 2005 $1 coin error coin is a case in point.

The 2005 Australian $1 coin, a part of the revered “Mob of Roos” series, has garnered significant attention due to a distinctive error, transforming it into a highly sought-after collectible. Among the 5.1 million coins minted that year, only a few exhibit a striking off-center design, caused by a misalignment during production. This error, resulting in a rare Australian 1 dollar coin with about 10% or 2-3mm off-center placement, has left a portion of the design truncated, creating a visually captivating variety.

Photo by Finance.Yahoo

Rare $2 Australian coins

The Australian two-dollar coin, introduced in 1988, has undergone various transformations over the years, becoming an integral part of the nation’s currency. In recent years, limited edition rare Australian 2 dollar coins have garnered widespread popularity, reflecting the growing interest in numismatics.

A great illustration of this point is the 2012 Remembrance Day Red Poppy $2 Coin. Issued in two versions – one without a mintmark and the other featuring a ‘C’ mintmark – it holds a special place in collectors’ hearts with its low mintage of just 500,000 units.

Furthermore, the poignant symbolism of the red poppy, a powerful reminder of the sacrifices made by servicemen and women, means this rare $2 Australian coin strongly resonates with both collectors and those appreciative of the historical narratives embedded in currency.

2012-C $2 Remembrance Day Red Poppy

  • Metal: Aluminum Bronze
  • Year: 2012

2012-C 2 dollars Remembrance Day Red Poppy

Photo by PCGS

Explore a selection of rarities that extends beyond the most rare Australian coins.

Where to find rare Australian coins for sale

The realm of Australian numismatics is a fascinating and diverse tapestry of rare coins spanning various denominations and historical periods. Collectors who embrace these rare coins often discover that not only do these treasures enhance the aesthetic appeal of their collection, but they also add significant historical and intrinsic value.

To embark on or elevate your numismatic journey, use Blanchard. Connect with Blanchard’s team of experts for valuable insights and guidance on rare and valuable Australian coins and more.

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Gold Hits New Record High in March. Here’s Why

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The price of gold climbed to a new all-time record high in March.Gold bars and gold coins

Voracious buying from Chinese citizens and expectations for Federal Reserve interest rate cuts in the back half of the year helped fuel the latest run-up in gold. Also, investors around the globe continue to pile into safe-haven assets like precious metals to protect themselves in a world increasingly filled with military turmoil, economic instability and political uncertainty.

Gold extends its record run.

Gold traded to a new all-time high at $2,222 on March 21. That extends a remarkable 16-month climb in the precious metal, which has surged 30% from just above $1,600 in late 2022.

Gold flows east.

While the U.S. may actually dodge an economic recession, the Chinese economy is turning south. Real estate and stock markets have tumbled in China, triggering concerns that a full-blown commercial real estate crisis could develop and weigh down the broader economy.

In January, about half of all gold shipments were delivered to Hong Kong and mainland China, according to UBS. Chinese citizens are pouring their money into gold as a safe haven investment amid the increasing economic uncertainty there.

Geopolitical instability creates another demand stream.

Here in the U.S., investors are piling into gold to help protect and grow their portfolios amid the ongoing geopolitical instability including the Russian war in Ukraine and the Israel-Hamas war.

Domestic politics are heating up as the upcoming U.S. presidential election looms large with likely Republican presidential nominee Donald Trump already stating that the voting contest will be rigged.

All these events create economic and political uncertainty and are boosting demand and desire to own precious metal, which has no counter-party or government risk.

Fed rate cuts expected to boost gold.

Peering into the second half of 2024, investors expect the Fed to cut interest rates in the second half of the year, which will boost gold further. As interest rates fall, it reduces competition for non-dividend paying assets like gold.

Wall Street says gold can keep going higher.

Gold, the world’s oldest form of money, just keeps gaining in value—and Wall Street predicts even higher prices are ahead. In an early March research note, Citi called themselves “medium term bullion bulls” and pegged 25% odds that gold will hit a record $2,300 an ounce later in 2024. They reiterated a recent “wildcard” forecast that says gold could hit $3,000 over the next 12 to 16 months.

What about you—do you own enough gold? Don’t get left behind during this historic gold run.

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5 Key Date Morgan Silver Dollars

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  • 1884-S Morgan dollar

  • 1889-CC Morgan dollar

  • 1893-S Morgan dollar

  • 1895 Proof Morgan dollar

  • 1903-O Morgan dollar

The Morgan silver dollar set is one of the most collected series of coins ever produced by the U.S. Mint. Yet, for serious collectors finding a key date coin to complete their Morgan dollar set can be an elusive and difficult challenge. Key date coins represent a date or a date and a mintmark in a certain series. Key date coins are typically lower mintage, harder to find and more expensive than other dates in the series.

Morgan dollars are named after its designer, George T. Morgan. Numismatics love its large size, vast supply in many dates and handsome appearance—all which make it an affordable and desirable series to collect.

Key date Morgan silver dollars are the most difficult to attain. However, when a collector does acquire the rarest and most expensive coin in a series, the feeling of accomplishment is indescribable.

The U.S. Mint produced Morgan dollars from 1878 through 1904 and then again in 1921. The Philadelphia, New Orleans, San Francisco, Denver, and Carson City branches all produced Morgan dollars. Looking for the mintmark on a Morgan silver dollar? You can find it for all mints except Philadelphia on the reverse of the silver coins below the ribbon bow of the wreath.

Here are five key dates for Morgan silver dollars. These 90% silver dollars are needed by every collector who seeks to build a complete date and mint mark collection.

1. 1884-S Morgan dollar

1884-S Morgan dollar

 

 

 

 

In 1884, the San Francisco Mint produced 3.2 million Morgan silver dollars. Out of those 3.2 million coins, there are only 20 known survivors. This is a one of the most memorable silver dollars with the S-mint and only the 1893-S would be considered more difficult to find and expensive to own.

2. 1889-CC Morgan dollar

1889-CC Morgan dollar

 

 

 

 

Most collectors can only dream of only an 1889-CC Morgan Dollar. In 1889, the Carson City Mint resumed coin production after being shut down for four years. In 1889, the Carson City Mint produced 350,000 Morgan silver dollars. However, most of these coins met their fate in the melting pot, which makes them even rarer than the low mintage would suggest. On the open market, an 1889 CC Silver Dollars in pristine, uncirculated condition could command a selling price as high as $1,200,000.

3. 1893-S Morgan dollar

1893-S Morgan dollar

 

 

 

 

The San Francisco Mint only produced 100,000 Morgan silver dollars in 1893. Today, it is the rarest of all Morgan dollars in mint state, with only 18 survivors estimated in grade 65 or better. However, the 1893-S could still be an attainable coin for determined collectors given the survival rate in all grades at 9,948. This key date is a showpiece and considered the most desirable Morgan ever struck at a branch mint.

4. 1895 Proof Morgan dollar

1895 Proof Morgan dollar

 

 

 

 

Many collectors consider the 1895 Proof Morgan dollar to be the “King” of the Morgan silver dollar series. The reason this coin is so rare and in such high demand is that not one single business-strike 1895-P Morgan dollar is known to exist. According to Philadelphia Mint records, 12,000 mint state dollars were produced in 1895, however, none of them have ever surfaced. Many believe they were all melted and never even left the Mint. Because there are no known business strikes of the 1895 Morgan dollar, there is huge demand for the proof. Total mintage for the proof stood at 880 in 1895. However, due to the keen interest in owning one, collectors may need to pay tens of thousands of dollars for a specimen in any grade.

5. 1903-O Morgan dollar

1903-0 Morgan dollar

 

 

 

 

In 1903, the New Orleans Mint produced a whopping 4.5 million circulation strike Morgan silver dollars. At that time, however, the coins were not needed in circulation, so most of the coins just sat in a vault! Only a few were released to the public. After the 1918 Pittman Act millions of Morgan silver dollars were melted down. In 1929, the few survivors that remained at the New Orleans Mint were shipped in a sealed vault to the Philadelphia Mint, where they were stored until October 1962.

In November 1962, the numismatic community was shocked and surprised by the announcement that a great Treasury hoard of Morgan silver dollars had been found in long-sealed federal vaults! From late 1962 into 1962, dozens of 1903-O Morgan silver dollars were released and sold to the general public. How many? No one knows for sure, but guesses range from 60,000 to over 1 million. Out of all the Morgan dollars, the 1903-O is the most famous of as it sat squarely in the middle of the great 1962-1964 Treasury release of silver dollars.

Get Started on Your Own Collection

Are you interested in starting a Morgan silver dollar collection? Popular collecting approaches include high-grade date sets or complete sets from low to high grade. A Blanchard portfolio manager can discuss other set building options with you as well. Explore our Morgan Dollar inventory here or call Blanchard if there’s a coin you see that you’d like us to help source for you. Get started today!

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Fed keeps rates at 23-year highs, gold surges

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Fed Sees Three Rate Cuts in 2024Fed

The Federal Reserve kept its key interest rate unchanged at Wednesday’s meeting, but signaled that three rate cuts are still expected in 2024. That leaves the Fed’s benchmark rate at a 23-year high of 5.25% to 5.5% for the fifth meeting in a row.

Deciphering the Fed’s “dot plot.”

The Fed released its latest rate cut projections, a chart known as the “dot plot.” Officials kept their forecasts in place signaling that they expect to lower the federal funds rates three times during 2024, dropping it to 4.5% to 4.75% by year’s end.

Markets react.

In the minutes immediately after the Fed meeting announcement stocks fell, gold surged higher, Treasury yields climbed, and the U.S. dollar headed south. Spot gold traded at $2,171.40 in afternoon action following the announcement.

Fed’s battle with inflation isn’t over yet.

While inflation has fallen from its 2022 high at 9.1%, recent date reveals that price increases are sticky and hard to eradicate. The latest consumer price index (CPI) data dashed hopes that the Fed had gotten price increases under control.

The February core CPI posted a hotter-than-expected reading, up 3.8% annually. The rising prices of rent, auto insurance, car repairs and airline tickets contributed to the stronger-than-expected inflation reading. Prices for used cars and clothing also climbed last month.

Inflation is still above the Fed’s stated 2% target.

At Wednesday’s Fed meeting, the central bank increased its 2024 core PCE inflation forecast to 2.6%, up from 2.4%. “Inflation has eased over the last year but remains elevated,” the Fed’s statement said. “The Committee remains highly attentive to risks.”

Gold in the midst of historic run higher.

Earlier this month, gold soared to a new all-time record high as voracious buying from Chinese investors, central banks and safe-haven investor buying keep the uptrend in the precious metal intact.

Gold has served as an asset to protect and preserve wealth for 5,000 year and investors today continue to pile into this asset, which has no counterparty or government risk.

Diversification is a prudent strategy, and those investing in gold have benefited handsomely, as gold has climbed 30% over the last 16 months. Looking ahead, Wall Street still expects more gold gains. With gold price forecasts at $2,300 and even $3,000 in the months ahead, investing in gold now could lock in significant price gains for you. Do you own enough gold? Don’t get left out during this historic gold run.

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1884 Indian Head Penny: A Tangible Piece of Early American History

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During the economic chaos of the Civil War, Americans hoarded any precious metal they could find. Even copper-nickel one-cent pieces virtually disappeared from circulation. The U.S. government came to the rescue with the Act of April 22 and authorized a new thin, bronze version of the Indian Head penny.1884 Indian Head Cent

Indian Head pennies are an iconic, classic early American coin coveted by collectors. Minted from 1859 through 1909, Indian Head cents surged in popularity in the post-war era and were produced in large numbers in most years.

The exception is 1877 when a weak American economy decreased demand for new coinage, and only 852,500 Indian Head cents were minted, making it one of the rarest dates in the series. However, as coin operated machines became popular in the late 19th and early 20th centuries, the need for even more for Indian head pennies jumped and production topped 100 million in 1907.

Curious about this stunning early American coin? Blanchard has one 1884 Indian Head cent proof on offer. See it here. The 1884 Indian Head cent proofs had a tiny mintage totaling 3,942. Survivors are extremely scarce and hard to find. Like most Indian Head pennies, this proof coin from 1884 has seen its value climb in recent years, due primarily to the innate scarcity for a coin minted 140 years ago.

James Barton Longacre the Chief Engraver at the Philadelphia Mint designed this arresting early American coin, minted in Philadelphia. Longacre made his case for the new design featuring Lady Liberty in a traditional Native American headdress in a passionate letter to the director of the U.S. Mint James Snowden:

“From the copper shores of Lake Superior, to the silver mountains of Potosi from the Ojibwa to the Aramanian, the feathered tiara is as characteristic of the primitive races of our hemisphere, as the turban is of the Asiatic. Nor is there anything in its decorative character, repulsive to the association of Liberty … It is more appropriate than the Phrygian cap, the emblem rather of the emancipated slave, than of the independent freeman, of those who are able to say “we were never in bondage to any man”. I regard then this emblem of America as a proper and well defined portion of our national inheritance; and having now the opportunity of consecrating it as a memorial of Liberty, ‘our Liberty’, American Liberty; why not use it? One more graceful can scarcely be devised. We have only to determine that it shall be appropriate, and all the world outside of us cannot wrest it from us.”

The Indian Head penny features Lady Liberty on the obverse wearing a traditional Native American headdress. The design generated controversy as it appears that Lady Liberty is a Caucasian woman wearing a Native American headdress. In fact, legends claim the model for the coin is actually James Longacre’s daughter, Sarah! The handsome coin’s reverse features a lovely oak wreath with arrows at bottom and a shield at top.

1884 was an exciting time in American history. Imagine the stories this 140-year old Indian Head penny could tell!

In that year, a proclamation for the eight-hour workday in the United States was demanded by the Federation of Organized Trades and Labor Unions. In May 1884, Alaska became a U.S. territory. In July of that year, Dow Jones published its first stock market index: The Dow Jones Transportation Average, which is the oldest stock index still in use today.

In August, the cornerstone for the Statue of Liberty was laid on Bedloe’s Island in New York Harbor. In November, Democratic Governor of New York Grover Cleveland beat Republican James G. Blaine in a very close presidential election contest. In December, the Washington Monument was completed in Washington, D.C., which was the tallest structure in the world at that time.

Last but not least, in December, Mark Twain’s classic Adventures of Huckleberry Finn was first published in 1884.

In 1909, the Indian Head cent was replaced by the Lincoln cent, designed by Victor D. Brenner, closing an important era in U.S. numismatic history.

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Carson City Morgan Dollars: A Favorite for Collectors across the Country

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For many numismatists, a Morgan silver dollar set is a must-have for their collection—and this is one of the most collected series of coins the U.S. Mint has ever produced.1878 Morgan Dollar CC obverse and reverse on transparent background

Within that series, the Morgan silver dollars minted at the legendary Carson City Mint in Nevada are highly sought after. And, there are only 13 coins in the Carson City Morgan dollar series. The exciting news? Building a Carson City Morgan dollar set is an attainable goal for most collectors.

History behind the Carson City Mint

Why are Morgan dollars with the famed “CC” mint mark so desirable? This storied western mint was in operation for a mere 21 years of remarkable Wild West history. Here’s how it all began…

In 1857, a miner named Henry Comstock laid claim to what became known as the Comstock Lode in Nevada. Prospectors struck it rich and earned massive fortunes. Word of the silver discovery spread quickly.

Nearby Carson City, Nevada grew fast as silver soon flowed out of the mine. The town was founded in 1858 and named after the iconic frontiersman: Kit Carson, a trapper, scout and guide. As more and more people flooded to the region, the need for coinage in everyday commerce skyrocketed. Demand for a second Mint in the West was strong.

At that time, Nevada was fairly isolated from the rest of the nation. And transporting raw precious metal to the San Francisco Mint was challenging. Railroads had not yet expanded to Nevada, which meant the only way to deliver gold and silver to San Francisco for processing was on horseback or a mule train. For many, that was a dangerous proposition in the rough and tumble Wild West, due to bandits and robbers on the open road.

So, only six years after Nevada became a state, the historic Carson City Mint began operations in 1870 order to process the huge amount of metal being mined in the area into sorely needed coinage.

Carson City Morgan Dollars

The Carson City Mint began producing Morgan dollars in 1878 and struck the silver dollars each year until 1885. Then, after a three year break, the Carson City Mint restarted production in 1889 and continued producing these coins until the Mint branch closed in 1893. There are a total of 13 issues highlighting the iconic “CC” Mintmark.

We list the Carson City Morgan Dollars below with their mintages.

Description Mintage

1878-CC     2,212,000

1879-CC     756,000

1880-CC     495,000

1881-CC     296,000

1882-CC     1,133,000

1883-CC     1,204,000

1884-CC     1,136,000

1885-CC     228,000

1889-CC     350,000

1890-CC     2,309,041

1891-CC     1,618,000

1892-CC     1,352,000

1893-CC     677,000

Generally speaking, Carson City Morgans were struck at low volumes. In total, the Carson City Mint produced only 13.7 million Morgan silver dollars.

To understand how truly low that number is, compare it to the amount of Morgans struck at the Denver Mint in 1921 alone – a whopping 20.3 million—in just one year!

If you want to build a Carson City Morgan dollar set, it’s worth knowing that the key date is the 1889-CC. The rarity of this coin stems from its incredibly low survivorship rather than its mintage.

Two other issues stand out in terms of mintage: the 1881-CC and 1885-CC, with low mintages of only 296,000 and 228,000 coins, respectively, which are the two lowest struck from Carson City.

The GSA Hoard

For collectors today, it is still possible to locate these coins as a large percentage survived in uncirculated condition through the “GSA Hoard.”

In case you aren’t familiar with this event, during the 1960s, the U.S. Treasury discovered bags of over 2.8 million Morgan Dollars, over 95% of which were minted at Carson City! In 1970, Congress directed the Treasury to transfer the coins to the General Services Administration in order to publicly sell the coins.

The GSA packaged the Carson City Morgan dollars in hard cover holders that said, “CARSON CITY UNCIRCULATED SILVER DOLLAR.” Each coin was sold with a certificate of authenticity that stated:

“This historic coin is a valuable memento of an era in American history when pioneers were challenging the West. The silver in this dollar was mined from the rich Comstock Lode, discovered in the mountains near Carson City, Nevada.”

Today, the surviving examples from the GSA Hoard that are still in their original hard cases are considered the most desirable of all.

George T. Morgan Designed the Beloved Silver Dollar

It’s easy to see why the Morgan dollar is beloved among numismatists. The large, nearly palm-sized heavy silver dollar is a joy to hold in your hand. George T. Morgan, an engraver at the Mint, designed the silver dollar.

The Carson City Morgan dollar features Lady Liberty’s head on the obverse. The reverse displays a stunning eagle. Morgan chose to depict Liberty as an American woman, rather than the typical Greek-style figures, and he used nature studies of the bald eagle to inspire him with his eagle design.

Carson City Morgan silver dollars represent a tantalizing combination of rarity and exciting Wild West history. Are you interested in building a Carson City Morgan silver dollar set? Even if you don’t see coins available for sale on our site, Blanchard has deep reach and connections within the numismatic community and are often able to source even hard to find coins. Give us a call and get started today!

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Top-5 Discoveries from the SS Gairsoppa: Silver Bars, Coins and More

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Throughout history, hidden gems often emerge in the aftermath of significant historical events. A prime example lies in shipwrecks, like the SS Gairsoppa. This ill-fated vessel became a testament to an intriguing chapter for coin and history enthusiasts alike. Investigating the findings following the ship’s sinking, this article explores the iconic SS Gairsoppa silver coins and bars born from the discoveries made, focusing on:

  • The SS Gairsoppa’s dramatic history.
  • A comprehensive catalog of the ship’s silver findings.
  • Where to source salvaged SS Gairsoppa silver.

Watch this incredible video for an in-depth look into the Gairsoppa wreck:

Still YouTube video image of SS Gairsoppa recovery

 

 

 

 

 

 

 

 

 

https://www.youtube.com/watch?v=g4vV9I21ib4

A brief history of the S S Gairsoppa shipwreck

The SS Gairsoppa was a British cargo steamship. Commissioned in 1919, it was initially operated by the British India Steam Navigation Company. Its construction, with a gross tonnage of approximately 5,237 tons, reflected the maritime standards of its era. The vessel, with a sleek length of 412 feet and a substantial breadth of 53 feet, embodied both elegance and functionality.

The Gairsoppa began its maritime journey serving as a merchant vessel. For over two decades, it traversed the seas, transporting cargo and passengers between ports, significantly contributing to the global commerce of its time.

As the clouds of World War II gathered, the Gairsoppa found itself conscripted into service under the British Ministry of War Transport. Its role evolved from that of a commercial vessel to a vital cog in the war effort, tasked with transporting essential supplies, including iron ore, from India to Britain.

In February 1941, the SS Gairsoppa set sail from Calcutta, India, as part of a convoy bound for Liverpool, England. Sailing as part of a group of vessels, navigating together for mutual protection, was a common wartime practice to ensure safe passage across the treacherous North Atlantic.

However, misfortune struck when adverse weather conditions forced the Gairsoppa to veer off course, inadvertently separating it from the convoy’s protective shield. Alone and vulnerable, the vessel fell victim to a German U-boat lurking beneath the turbulent waves, the U-101, commanded by Captain Ernst Mengersen. A torpedo fired by the U-boat found its mark, and the Gairsoppa succumbed to the icy depths of the Atlantic, approximately 300 miles southwest of Ireland.

The sinking claimed the lives of the majority of the crew, with only one survivor, Second Officer Richard Ayres, managing to endure the harsh conditions of the open sea and reach the Irish coast after days adrift on a lifeboat. Despite Ayres’ survival, the fate of the Gairsoppa remained shrouded in mystery for decades, lost in the vast expanse of the ocean. It wasn’t until the early 21st century that the ship’s story experienced a resurgence, sparking renewed interest and exploration, particularly in the realm of Gairsoppa salvage, as the wreckage was discovered and efforts were made to recover valuable cargo from the ocean depths.

In 2010, a team led by the American exploration company Odyssey Marine Exploration located the wreckage of the Gairsoppa at a depth of nearly 15,000 feet. The discovery reignited interest in the ship’s history, shedding light on the circumstances surrounding its demise and the valuable cargo it carried, namely an estimated 7 million ounces of SS Gairsoppa shipwreck silver. This revelation sparked a salvage operation, marking one of the deepest and most challenging recovery efforts in maritime history.

SS Gairsoppa

 

 

 

 

 

 

 

 

 

Photo Courtesy of Library of Contemporary History, Stuttgart

Gairsoppa silver recovery

The recovery of the SS Gairsoppa’s silver from the ocean bottom was a formidable undertaking that required cutting-edge technology and meticulous planning. The first step in the recovery process involved the utilization of remotely operated vehicles (ROVs) equipped with advanced sonar and imaging technology. These ROVs descended to the ocean floor, providing a detailed survey of the wreckage site. This crucial step allowed the salvage team to assess the condition of the ship and the distribution of the cargo, particularly the S.S. Gairsoppa shipwreck silver that held historical and monetary significance.

Upon completion of the survey, the salvage team employed specialized robotic arms attached to the ROVs for the delicate task of lifting the silver from the ocean bottom. The challenging underwater conditions, marked by extreme pressure and darkness, necessitated precision and expertise in maneuvering the robotic arms to handle the valuable metal.

To ensure the safe recovery of the vessel’s silver cargo, Odyssey Marine Exploration implemented state-of-the-art techniques for retrieval. The use of specialized equipment, such as specially designed baskets and containers, facilitated the careful lifting of the precious metal from the ocean floor. These containers were then secured to the ROVs and slowly hoisted to the surface, minimizing the risk of damage to the valuable cargo during ascent.

The recovered silver, totaling millions of ounces, marked a historic achievement in maritime salvage. Found in the form of large ingots rather than Gairsoppa coins, these substantial pieces of silver added to the complexity of the salvage operation. The Gairsoppa silver’s extraction from the ocean depths not only brought closure to the story of the iconic vessel but also showcased the capabilities of modern underwater exploration and recovery technology.

Gairsoppa coins

 

 

 

 

 

 

 

 

Photo by Postal Museum

SS Gairsoppa silver bar findings

The silver recovered from the Gairsoppa shipwreck took the form of large ingots. More specifically, a total of 2,792 silver bars, each containing nearly 1,100 ounces of .999 pure silver, were salvaged. Today, collectors and silver investors keen on possessing a tangible piece of maritime history can acquire the following SS Gairsoppa silver bars.

1. Original SS Gairsoppa 1000 oz bar

Remarkably, contemporary silver collectors have the unique opportunity to acquire original ingots salvaged from the SS Gairsoppa, forging a tangible link to the wartime era. Among the 2,792 silver ingots recovered by Odyssey Marine Exploration, a select 462 were made available to the public, transforming them into authentic and coveted rarities.

Minted at His Majesty’s Mint in Bombay, each original Gairsoppa silver bar is distinguished by a unique serial number and the official stamp “HM Mint Bombay,” echoing the craftsmanship of a bygone era. While the ingots do not feature a date on them, their estimated production date falls between 1829 and 1919, i.e. the dates of the HM Mint Bombay’s operation.

A particularly intriguing facet of these large bars is the discrepancy in their marked and actual weight. Although stamped as 1,041.1 ounces, the average “SS Gairsoppa silver ingot 1000 oz” has a slightly lesser recovered weight, resulting from the impact of corrosion during the silver bars’ prolonged submersion in the ocean. This natural consequence, common in shipwreck recoveries, contributes to their deeply toned condition, enhancing their authentic charm. Collectors appreciate this nuanced history, reinforcing the allure of these Gairsoppa ingots as genuine artifacts from a significant maritime chapter.

S.S. Gairsoppa Shipwreck 1,036.6 Ounce Ingot

  • Metal: Silver
  • Year: Between 1829 – 1919

S.S. Gairsoppa Shipwreck 1,036.6 Ounce Ingot

 

 

 

 

 

 

 

Photo by Great Collections

2. 10 oz Gairsoppa silver bar

Crafted as a tribute to the significance of the historic vessel, commemorative SS Gairsoppa 10 oz silver bars were made from the remaining 2,330 ingots that were not distributed to the public, offering a unique and affordable silver investment opportunity.

Meticulously produced by Sunshine Minting, a reputable private mint, each of these bars encapsulates approximately 10 ounces of .999 pure silver and bears distinctive markings attesting to its special origin. On one side, the “Gairsoppa silver bar 10 oz features an intricate engraving of the SS Gairsoppa along the date of the shipwreck. On the other, it bears a detailed stamp indicating its weight and certification as recovered GAIRSOPPA silver. Combining a unique fusion of historical context, craftsmanship and intrinsic value, these bars constitute a prized addition to any collector’s portfolio.

10 oz. S.S. Gairsoppa Commemorative Bar

  • Metal: Silver
  • Year: 2013

10 oz. S.S. Gairsoppa Commemorative Bar

 

 

 

 

 

 

 

 

To explore a broader array of silver options, beyond the offerings of Gairsoppa silver bars for sale, browse Blanchard’s extensive silver selection here.

SS Gairsoppa silver coin commemoratives

Unlike other famous shipwrecks, the Gairsoppa ship yielded no coins in its recovered cargo. However, following its legendary salvage operation, commemorative coins were produced to honor the historic vessel. These numismatic treasures stand as enduring tributes to the SS Gairsoppa’s unique legacy and are cherished by collectors looking for SS Gairsoppa shipwreck silver for sale.

1. 2013 50p Britannia – SS Gairsoppa silver coin

Shortly after Odyssey Marine Exploration’s salvage operation, the Royal Mint decided to issue commemorative SS Gairsoppa coins. The 2013 50p Britannia is a limited edition coin crafted with precision, featuring a quarter-ounce of pure .999 silver recovered from the sunken vessel. Its iconic obverse design by Philip Nathan showcases Britannia standing proudly with a shield, symbolizing the resilience of the British spirit. On the reverse, Ian Rank Broadley’s portrait of Her Majesty Queen Elizabeth II graces the coin.

Weighing 7.86 grams and measuring 22.00 mm in diameter, this SS Gairsoppa Royal Mint bullion coin bears a unique inscription, “S.S. Gairsoppa,” on its rim, paying homage to the ship and its crew. Limited in mintage and finished to the Royal Mint’s exacting standards, it serves as a tangible connection to the maritime history of the SS Gairsoppa, making it a prized addition to numismatic collections worldwide.

2013 50p Britannia – SS Gairsoppa

  • Metal: Silver
  • Year: 2013

2013 50p Britannia - SS Gairsoppa

 

 

 

 

 

 

Photo by PCGS

2. 2014 50p Britannia – SS Gairsoppa coin

Following the success of the 2013 Britannia 50p Gairsoppa coin, the Royal Mint continued this numismatic tribute in 2014. This limited edition coin, also weighing one quarter of an ounce of pure .999 silver recovered from the Gairsoppa shipwreck, features the iconic design of Britannia by Philip Nathan and Ian Rank Broadley’s portrait of Queen Elizabeth II as well.

When paired with the preceding year’s coin, Gairsoppa coins for sale offer collectors a compelling narrative of historical significance and artistic elegance, enhancing the completeness of a numismatic collection.

2014 50p Britannia – SS Gairsoppa

  • Metal: Silver
  • Year: 2014

2014 50p Britannia - SS Gairsoppa

 

 

 

 

 

 

 

 

 

Photo by PCGS

3. 1 oz S.S. Gairsoppa shipwreck silver round

First manufactured in 2014 by the Sunshine Mint in the United States, the Gairsoppa 1 oz silver round was also struck from silver salvaged from the Gairsoppa. A strikingly beautiful piece, it features a unique obverse design of the iconic ship cruising on calm waters, with a bright silver finish accentuating the scene and contrasting darker areas adding depth. Its reverse displays inscriptions for weight and purity, including “Certified Shipwreck Silver” around the central “Gairsoppa”, making it a prized collector’s item for those seeking an authentic Gairsoppa shipwreck silver round.

1 oz. S.S. Gairsoppa Shipwreck Round

  • Metal: Silver
  • Year: 2014

1 oz. S.S. Gairsoppa Shipwreck Round

 

 

 

 

 

 

Photo by Canadian Coin Blog

Read why securing your own Gairsoppa silver becomes a compelling investment, as silver trends upward according to experts.

Where to buy historically valuable silver coins and bars

The storied legacy of the S.S. Gairsoppa and the precious silver recovered from its depths offer not just historical value but a tangible investment in the enduring value of precious metals. To embark on this journey of acquiring a piece of SS Gairsoppa silver bars for sale, consider using Blanchard. The company’s unparalleled expertise, commitment to customer satisfaction, and comprehensive guidance make Blanchard a trusted and outstanding choice for navigating the intricate world of precious metals and rare coins. Contact Blanchard’s team of experts to explore the world of Gairsoppa shipwreck silver and other historic silver, where every piece tells a captivating tale and holds the potential for lasting investment value.

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The Connection between Risk Tolerance and Gold

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One of the most important questions for any investor is how much risk are you comfortable with? In investing, risk can be defined as:

risk tolerance

  • The permanent loss of your money or
  • Not having money when you need it.

Both outcomes are undesirable to say the least.

Stocks are considered one of the most risky asset classes. Stocks tend to be more volatile than bonds and can deliver a higher expected return. But in exchange, stock investors take on a greater risk of loss. So, if you have 80% of your portfolio invested in stocks that is considered to be a fairly aggressive or highly risky level.

Risk tolerance measures how much risk you are willing to take on. To consider your own risk tolerance level ask yourself these questions:

  1. What are your investing goals?
  2. How soon will you need your money?
  3. How comfortable are you with losses?

Considering your feelings around portfolio losses is an important consideration. There have been 28 bear markets since 1928, with an average stock market decline of 36%.

However, some bear markets in stocks have been much worse—for example, the 2008 financial crisis saw a 51.93% decline in the stock market. That means if you had a one million dollar portfolio you’d have lost roughly half of your total investments. You’d have watched your million dollar portfolio sink down to $500,000 during the 2008 stock market crash.

While you can’t control the stock market, you can mitigate some of your risk with an allocation to gold.

Gold serves investors well on three key fronts. Gold provides risk management, capital appreciation and wealth preservation. Indeed, gold doesn’t just diversify your portfolio and protect your wealth—it can also help you grow your wealth. Over the past twenty years, gold has returned an average of 8.34% annually.

How much gold should you own? This depends on your risk tolerance level, your investing goals and your time horizon. But, research shows that holding between 2% and 10% of your total portfolio in gold improves portfolio performance (better returns) and reduces total portfolio losses (lower drawdowns) compared to a portfolio that doesn’t hold any gold.

Best Returns for Portfolios with 10% Allocation to Gold

Portfolios containing a 10% allocation to gold saw the largest annualized and cumulative returns, with the lowest maximum drawdown, according to State Street Global Advisors.

Today, amid warnings of an overvalued and frothy stock market, it’s worth considering if you have enough wealth protection right now. If not, the research shows that adding more gold to your portfolio is a proven solution and can help you take some of the investing risk off the table.

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Could Gold Hit $3,000? Citi Analysts Say It’s Possible in 2025

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Gold at $3,000 an ounce? From current levels, that would mark a nearly 50% increase in price. While it’s not their base case, the global banking giant—Citi—highlighted economic scenarios which would support a massive increase in the price of gold to $3,000 in 2025.Gold prices rising

So what could push price gold to $3,000? Aggressive central bank purchases, stagflation, and a global recession are all triggers that could drive the price of the yellow metal to $3,000 an ounce, Aakash Doshi, Citi’s North America head of commodities research, told CNBC. What are the dynamics around these three potential triggers? Let’s explore.

Central bank purchases

It’s no secret that central banks have been on a gold buying spree, with gold purchases hitting record levels in the last two years.

Why are they buying? For central banks, gold is increasingly being considered an alternative to fiat reserve currencies like the U.S. dollar, euro, and Japanese yen—and central banks are stocking up. They also see gold as a way to diversify geopolitical risk and ensure access to liquidity without credit risk.

In the first nine months of 2023, central banks bought an astonishing net 800 tonnes of gold, 14% higher than the same period last year, according to the World Gold Council.

Citi weighs in on what how that trend could support gold prices ahead: “The most likely wildcard path to $3,000/oz. gold is a rapid acceleration of an existing but slow-moving trend: de-dollarization across Emerging Markets central banks that in turn leads to a crisis of confidence in the U.S. dollar,” Citi analysts wrote in a recent note.

Stagflation

Citi’s Doshi called a stagflation scenario a “low probability”— nonetheless, gold would benefit if this were to unfold.

What is stagflation? It’s a mix of high inflation and slow economic growth. The U.S. experienced this—painfully—in the 1970’s. It’s interesting to look at how gold performed in that period.

  • Between 1973 and 1979, gold produced an astonishing 35% annual return.
  • In six of the last eight recessions, gold outperformed the S&P 500 by 37% on average.

These numbers demonstrate the extraordinary diversification power that gold can generate for your portfolio—especially in uncertain macroeconomic times.

Global recession

Last but not least, the last trigger that could send gold to $3,000 according to Citi is a global recession. This scenario also seen as “low probability” would force the Federal Reserve to cut interest rates quickly to help support economic growth. Typically, gold reveals an inverse relationship with interest rates, meaning as interest rates fall—gold climbs. A rapid cut in rates would be very beneficial to gold.

The bottom line

While these scenarios may or may not come to pass, what is certain is that gold continues to provide investor’s a bedrock of safety. Gold is a safe haven and performs well during economic uncertainty, stock market declines, recessions and financial crises. Gold is a dependable insurance policy for your wealth. Do you own enough to protect and grow your wealth in the months and years ahead? Even if these three scenarios don’t come to pass, Citi still forecasts a new record high for gold by the end of 2024. That will make today’s gold prices seem like a bargain.

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