New York precious metals dropped sharply Tuesday while oil was driven lower and the US dollar gained strength following comments from Treasury Secretary Paulson and Philadelphia Fed President Charles Plosser.
Both reaffirmed support for a strong dollar, signaling potential interest rates hikes.
Silver dropped sharply, losing 43 cents to close at $18 an ounce.
Platinum plunged by $42.80 to stop at $1,808.20.
Gold lost $15.20 to end at $948.50 an ounce, and was as low as $944.50 per ounce.
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The United States Mint today announced the introduction of a new coin product named the 8-8-08 Double Prosperity Set. The set includes two, uncirculated one-half ounce gold coins — the 22-karat American Eagle and the 24-karat American Buffalo.
The two-coin set is priced at $1,298.95, and will go on sale at the Mint’s online website on August 1, 2008 at noon (ET).
The prosperity set is the second offering in the United States Mint Celebration Series, which is an experimental program to explore the viability of coins "that are packaged and positioned to celebrate special gift-giving occasions and celebratory events."
The Mint’s first product in the series was launched in February to celebrate the 2008 Lunar New Year with an American Buffalo 2008 Celebration Coin.
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President Bush made the American Veterans Disabled for Life Commemorative Coin Act law with his signature last week. With that, a small mention of its passage in the mainstream media would be expected. But not so. Articles are sparse.
The new law (Public Law No: 110-277) will have the U.S. Mint issue up to 350,000 silver dollar coins in 2010 commemorating disabled American Veterans. $10 surcharges for each coin are to help build an American Veterans’ Disabled for Life Memorial in Washington, D.C.
Those most involved with the coin bill, congressman Dennis Moore [D-KS] and Mark Kirk [R-IL] who introduced it in January of 2007, have offered public praise.
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