Investors concerned over the financial markets continued to seek solace on Tuesday with the traditional safety of precious metals over a volatile stock market. New York silver, gold and platinum futures climbed 0.8 percent, 1.8 percent and 4 percent, respectively.
As if to mark the latest surge, as of Monday, physical demand for the yellow metal has outstripped the U.S. Mint’s supply of several gold coins.
November crude moved above the $90 barrier after experiencing four previous day losses. It gained $2.25, or 2.6 percent, to end at $90.06 per barrel.
December silver gained 9 cents to close to $11.38 an ounce.
October platinum climbed $39 to end at $1012.20 an ounce.
December gold surged higher by $15.80 to close to $882 an ounce.
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(Santa Ana, California) – Rare coin dealer and veteran California business executive, Don Willis, has been named President of the Professional Coin Grading Service (PCGS), a division of Collectors Universe, Inc. (NASDAQ: CLCT), effective October 7, 2008.
"In addition to owning his own rare coin dealership the past six years, Don has over 20 years of executive experience in growing corporate businesses," said David Hall, PCGS Founder and President of Collectors Universe.
"Don is a rare combination of world class coin expertise and solid corporate business experience. He began his business career in the field of Information Technology over 30 years ago, and ratcheted up his responsibilities with each business opportunity.
Before his move into his own rare coin business in 2002, Don served 20 years as a senior IT officer in several growing companies. He founded his own Internet business, a supply chain software company, in 1996 and raised $58 million in venture capital funding. In 2002 he left the software company he founded and took his entrepreneurial skills into the rare coin business to start his own dealership, Premium Numismatics of Huntington Beach, California."
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Four numismatic articles are referenced on CoinNews every Tuesday and Thursday. These articles are not authored by us, but we recommend collectors read them for their unusual or interesting content. Have you written or know of an article that should be highlighted on CoinNews? Please let us know! Here are today’s articles:
Royal Canadian Mint under ’strain’ to meet demand for gold
By Eric Lam, FP Posted
The plunging stock market in Canada has led to a spike in gold purchases, and gold brokers may soon have trouble keeping up with demand. A teller at Scotiabank’s precious metals exchange desk in the Scotia Plaza said Thursday that nervous investors had already purchased all of Scotia’s one-ounce gold bullion bars, which are slightly cheaper than the Scotia one-ounce gold coins.
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Where will coins head?
By Mark Ferguson, Coin Values
Don’t panic! Take a deep breath and enjoy the moment. Then you can think about the economic turmoil we’re all trying to find our way through. These are unprecedented times, and there are no rules as to what the values of coins are going to do during the near future. A case can be made for overall coin values to fall with the rest of the economy.
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The United States Mint halted production and will no longer ship 2008 one-half ounce and one-quarter ounce American Eagle gold coins to authorized dealers, it was announced Monday. Additional gold and platinum coins will be halted when their blank inventories are depleted.
"Due to the extreme fluctuating market conditions for 2008, as well as current market conditions, gold and silver demand is unprecedented and the demand for platinum is unusually high," the U.S. Mint said in a memorandum.
"The U.S. Mint has worked diligently to attempt to meet demand, however, blank supplies are very limited and it is necessary for the U.S. Mint to focus remaining bullion production primarily on American Eagle Gold one-ounce and Silver one-ounce coins," the Mint said.
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Adna G. Wilde Jr. has stepped down from his role as Treasurer of the American Numismatic Association. Wilde informed the Board of Governors of his decision on Sept. 9, and his resignation was made official at the Board’s teleconference meeting on Sept. 11. Former Assistant Treasurer Gerome Walton will assume the role of Treasurer on an interim basis until a permanent replacement is named.
"It has been my honor and privilege to serve as the ANA treasurer since 1983," Wilde said. "My work with the ANA has been both challenging and rewarding, and after 25 years I believe it is time for me to step aside and turn this very important responsibility over to someone else. The physical challenges of coming into the ANA headquarters on a regular basis and attending conventions have become too difficult."
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Heritage Auction Galleries President Greg Rohan and Co-Chairmen Steve Ivy and Jim Halperin donated $15,000 in support of educational initiatives offered by the American Numismatic Association. Rohan, Ivy and Halperin each presented personal checks in the amount of $5,000 on behalf of Heritage to ANA Executive Director Larry Shepherd on Sept. 20 at the Long Beach (Calif.) Coin, Stamp & Collectible Expo.
"We are thrilled that the top officers at Heritage have once again come forward in support of our educational mission," Shepherd said. "This generous donation will help fund programs such as Summer Seminar, Coins in the Classroom, and classes offered across the country through our School of Numismatics."
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