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Articles on September 17th, 2008

Gold Rallies to Largest Dollar Gain in More Than Two Decades

New York silver, gold and platinum futures were on fire Wednesday as the government’s takeover of American International Group (AIG) and financial uncertainty spurred investors away from Wall Street and toward precious metals and oil. Gold marked is biggest dollar gain in more than two decades with a $70 rise.

Bullion update ...October crude-oil jumped $2.35, or 2.6 percent, to $93.50 per barrel.

December silver climbed an impressive $1.16, or 11 percent, to end at $11.68 an ounce.

October platinum gained $17.80, or 1.7 percent, to close to $1,086.30 an ounce.

December gold rose sharply by 9 percent to close to $850.50 an ounce.

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Royal Australian Mint Gnomes at Floriade

Royal Australian Mint Gnomes at FloriadeThe Royal Australian Mint will feature in the 2008 Floriade corporate gnome competition with an entry called ‘Priscilla, Coin of the Desert’.

In the spirit of the theme Floriade 21 Films that Shaped our Nation, the Mint has entered 3 gnome characters from the Australian box office hit of 1994 Priscilla Queen of the Desert.

The Mint joins with other top attractions to offer Floriade 21 themed experiences throughout the 30 day festival on the Floriade Trail. Visitors to the Mint shop in Deakin will be able to test their knowledge of Australian films and coins. The special exhibition will run for the duration of the festival and if visitors correctly match movie titles with coin themes they will receive a 10% discount off their purchases.

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From Penny to Dollar, U.S. Coin Production Declines in 2008

Coin production chart collageU.S. Mint circulating coin production is down across the board based on a current pace that should see about 10.1 billion coins minted in 2008. That compares to 14.4 billion coins issued in 2007 and over 15 billion in years 2006 and 2005. In fact, at the current rate, 2008 coin output will end at its lowest level in at least the last ten years.

The Mint’s first release of production figures for 2008 reported 3.2 billion coins struck through April. The newest figures indicated 6.7 billion coins were minted through August, or about 842 million coins on average per month. The comparison charts shown below provide the best visual evidence of the declines at both Mint facilities in Denver and Philadelphia.

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