Despite a decrease in crude oil prices, New York precious metals surged higher Thursday as US economic news weakened the dollar. Gold recovered most of Wednesday’s losses by rising 1.1 percent rise.

And for the economic news… Real GDP fell 0.2% in the the fourth quarter of 2007, compared with the 0.6% increase previously reported, first-time jobless claims for the week ending July 26 rose 44,000 to 448,000, and real growth accelerated in the second quarter to a 1.9% annual rate, which was lower than forecasts.

Oil lost $3 to close to $124 a barrel.

Silver climbed 32 cents to close to $17.79 an ounce.

Platinum jumped $23.80 to end at $1,761.90 an ounce.

Gold gained $10.40 to finish the day at $922.70 an ounce. Its intraday high was $933.70 an ounce. For the month of July, it lost $11.

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(Baltimore, Maryland) — The brief comments below are in conjunction with the unveiling of a new U.S. gold coin, the 2009 Ultra High Relief Double Eagle, by United States Mint Director, Ed Moy, at the American Numismatic Association World’s Fair of Money® in the Baltimore Convention Center on July 30, 2008.

"This is one of the most creative products to come from the United States Mint.  I believe it will be one of the Mint’s most sought after coins," stated Gary Adkins of Edina, Minnesota, President of the Professional Numismatists Guild (www.PNGdealers.com), a nonprofit organization composed of many of the nation’s top rare coin experts. 

"Virtually every collector would like to own one of the Ultra High Relief gold pieces issued in 1907 because it’s one of the world’s most beautiful coins; however, because of scarcity and strong demand, prices can range from $10,000 and up.  The 2009-dated Ultra High Relief Double Eagle gold coins will give collectors a chance to obtain this artistic rendition at a price closer to its actual gold bullion value," Adkins said.

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A $5,000 finder’s fee reward is being offered by Kagin’s, Inc. of Tiburon, California for confirmation of the second known gold coin counter-stamped with the genuine hallmark of Baltimore silversmith, Standish Barry. 

The only coin now known with the hallmark is the unique 1735 imitation Lima 8 escudos that was found in the collection of legendary Baltimore banker, Louis E. Eliasberg Sr.

Announcement of the finder’s reward was made by Donald H. Kagin, Ph.D., President of Kagin’s, when he displayed the counter-stamped doubloon at the American Numismatic Association World’s Fair of Money convention.

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New York gold was driven lower during an earlier sell-off Wednesday, but recovered some of its losses to close above $900 an ounce after the US dollar showed weakness. A late oil rally and reduced inflation fears also lent support for the yellow metal.

Oil gained $4.58 to close at $126.77 a barrel.

Silver gained the 9 cents it lost yesterday to close to $17.47 an ounce.

Platinum lost $7.30 to end at $1,738.10 an ounce. Goldman Sachs and Standard Chartered cut their platinum price forecasts for this year and next, lowering their expectations by $200-300 from previous forecasts.

Gold recovered from an intraday low of $895.20, closing to $902.90 an ounce for a loss of $13.60.

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The 2008 Richmond First Day $2 Single Notes were gone within a few hours of their availability. "SOLD OUT" was the Bureau of Engraving and Printing (BEP) message sent to its customers in the middle of Wednesday afternoon.

The Richmond single banknote joins this year’s other $2 collector notes — Atlanta, New York, San Francisco, Chicago and Dallas — that were gone within hours.

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Just last week Zimbabwe released $100 billion notes in an attempt to fight inflation. But the new banknote on the day it hit the street wasn’t enough to buy a loaf of bread. Today, reports say it will take $200 billion to buy that loaf, and $600 billion to buy a can of Coke.

While Americans may be feeling an increased change in the value of its dollar due to inflation (see inflation calculator for examples), it’s nothing compared to the Zimbabwe 2,200,000% inflation rate.

It’s the world’s highest, and in an attempt to change that, Zimbabwe will now slash ten zeros from currency, making $10 billion a revalued one dollar.

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New $20 single collector notes are now available through the Bureau of Engraving and Printing (BEP). The offering is the third and final installment of the Series 2004 $20 Single Notes with each priced at $45.

Available banknotes include those issued from the following Federal Reserve Districts:

• Series 2004 $20 Single Cleveland Note
• Series 2004 $20 Single Richmond Note
• Series 2004 $20 Single Chicago Note
• Series 2004 $20 Single St. Louis Note

The issuance of the Series 2004 $20 note on October 9, 2003 was the first introduction to the subtle background colors for U.S. currency since the 1905 $20 Gold Certificate.

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Dallas, TX. Heritage Auction Galleries is excited to announce that Diedre Buchmoyer will direct Heritage’s new affiliated buying and auction consignment office in South Florida.

Heritage Galleries of Florida, LLC, is an exclusively tailored office bringing Florida residents state-of-the-art technology, a commitment to professional and friendly service, and knowledgeable collectibles experts.

The office, opening in September 2008, is located at 5295 Town Center Road, Suite 301, Boca Raton, FL 33486.

Under Managing Director Diedre Buchmoyer, Florida clients can obtain expert advice in the orderly and confidential liquidation of estates involving rare coins, fine jewelry, paper money, medals and tokens, rare stamps, and timepieces.  The range of services offered will include collection evaluation, consignments to upcoming Heritage auctions, or private treaty sales.

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The Bureau of Engraving and Printing (BEP) has announced the sale of 2008 $2 Richmond notes will begin today, July 30, at 7:30 A.M. EDT.

The Cleveland and Philadelphia $2 notes have been passed over, having been placed in a delay mode in May and June so the BEP could complete "system maintenance improvements."

Although these two notes are still not available, the Richmond banknote is with an exception. Online orders are not yet fully automated, like they were in the past.

Customers are directed to download a PDF order form, complete the purchase information, and then e-mail (moneyfactory.sales@bep.treas.gov) or fax (1-888-891-7585) the order to the BEP.

Orders may also be placed via their toll free number 1-800-456-3408.

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Treasury Secretary Henry Paulson, Jr., has selected Roger W. Burdette to serve a four-year term on the Citizens Coinage Advisory Committee (CCAC). Burdette fills the committee position requiring "special qualifications in numismatics."

According to a United States Mint statement, Burdette is:

A life-long numismatist who has written numerous articles and a series of three critically acclaimed books titled Renaissance of American Coinage. Mr. Burdette holds a Bachelors of Science degree and a Masters of Science degree, both in Education, from the University of Maryland.

The CCAC is tasked to review and advise the Treasury Secretary on themes and design proposals for circulating coinage, commemorative coins, bullion coinage, Congressional Gold Medals and other medals.

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