Gold struggled last week to hold above the $2,000 level and finished Friday slightly below it. Silver also lost a bit of ground, even as the platinum group metals powered higher.

Gold was expected to encounter some selling pressure in the futures markets as it approached record highs. So far, that pressure has produced only a mild pullback.

Further price consolidation is possible before gold gears up for its next big push.

Few people today would bother to pick up a penny laying on the ground. Back in 2018, Rep. Brad Sherman (D-CA) likened pennies to “litter” in a speech on the House floor:

Last week, Senators Joni Ernst (R-IA) and Maggie Hassan (D-NH) introduced legislation to formally debase the nickel. It would direct the U.S. Mint to produce nickels (which currently contain actual nickel, along with copper) out of cheaper materials.

Others, such as Art Carden of the American Institute for Economic Research, are calling for pennies and nickels to simply be retired as functionally useless. He writes:

Nickels even included silver between 1942 and 1945, when Congress authorized a temporary removal of nickel, a critical metal used in World War II production. Most war nickels contained 35% silver.

Pre-1965 silver coins, copper pennies, and war nickels are now valued based on their intrinsic metal content.

Bullion dealers including Money Metals Exchange sell bags of silver quarters and dimes, silver nickels, as well as copper pennies to sound money hoarders who want exposure to hard money as well as to have handy, small-denomination instruments for barter transactions.

• Tuesday, April 25th – Consumer Confidence.
• Wednesday, April 26th – Durable Goods Orders.
• Thursday, April 27th – GDP. Economic growth for the first quarter is expected to come in at 1.8%.
• Friday, April 28th – Personal Consumption Expenditures. The Federal Reserve’s preferred “core” PCE inflation indicator is forecast to come in elevated well above target again. But Fed officials hope it shows signs of softening following several months of rate hikes.

This week’s Market Update was authored by Money Metals President Stefan Gleason.

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