Monthly Archives: July 2011

U.S. gold futures closed to a fresh record on Friday after falling for two straight sessions. Gold prices surged 1.9 percent higher on the week, supported by safe-haven buying as day after day unfolded without a resolution to the U.S. debt ceiling.

"The economy is weak, and these guys in Washington are playing chicken with the debt ceiling," Matt Zeman, a strategist at Kingsview Financial in Chicago, said in a telephone interview that was relayed on Bloomberg. "It's not a good mix, and gold may be one of the safe harbors that people find."

December gold prices advanced $15.00, or 0.9 percent, to a record close of $1,631.20 an ounce on the Comex in New York. Gold traded between $1,613.00 and $1,637.50 -- an intraday record as well [...]

Spot gold dealings opened with minor losses this morning, shedding $2.20 to start with a bid-side quote of $1,615.00 per ounce, Participants appear unwilling to give up much if any of the fear premium currently baked into the golden pie so long as the debt ceiling free-for-all rolls on in Washington.

Unlike the lawmakers, market-makers and investors do no have the luxury of 'voting' (with their pocketbooks) over the weekend; they must thus decide how to close the books later today and walk away with a sense of being safe for whatever comes on whatever day before Monday out of Capitol Hill. Thus, the tilt in the market will likely still point towards higher values, or maybe even new records, as the weekend begins [...]

U.S. gold futures edged lower for a second straight day on Thursday as investors booked profits and a rising U.S. dollar limited the yellow metal's appeal.

"Gold has moved $150 this month, so there are going to be some investors who are going to take profit," Frank Lesh, a trader at FuturePath Trading LLC in Chicago, was quoted on Bloomberg.

December gold prices retreated $1.10, or 0.1 percent, to settle at $1,616.20 an ounce on the Comex in New York. Gold traded between an intraday low of $1,605.00 and a high of $1,622.80 [...]

Collectors were extremely active but also selective in buying coins last week, new US Mint sales figures reveal. While fewer numismatic products outperformed their previous weekly gains -- 41 versus 72 from the time before -- several soared with incredibly rare weekly increases. Most of the Mint's American Eagle coins were on fire.

On the incredible side, 2011 Proof Silver American Eagles rallied with a weekly pick-up of 133,420. That is nearly one and one-half times the amount sold during the prior two weeks combined. And those were no slouchers, as they were the first two full weeks following the Eagle's June 30 release -- a time when sales are generally the hottest. 2011 Proof Silver American Eagles now sit with a total of 593,461 [...]

Albeit having run out of vigor to a certain extent, Wall Street gold specs did not loosen their bullish grip on the yellow metal too much; not when the consensus perception (and this applies to Mr. Smith on Main Street as well) is fast turning into conviction; the conviction that Rome is flaming out while several dozen Neros are still fiddling, instead of carrying water buckets.

Spot bullion dealings opened with a gain of $4.10 per ounce, quotes came in on the bid-side at $1,618.20, and the market remained as nervous as Don Knotts ever was in certain situations. Unsurprisingly, major gold producers Barrick and Goldcorp reported swimming in the warm waters of huge profits; the former's increased by 35% while the latter's adjusted earnings more than doubled. Ride'em (margins), cowboy [...]

U.S. gold futures on Wednesday ended lower for the first time in three sessions and broke a string of two-straight record highs. Profit-taking and a stronger U.S. dollar were the major factors analysts credited for yellow metal losses.

On the Comex in New York, August gold prices stepped back $1.70, or 0.1 percent, to settle at $1,615.10 an ounce. Gold touched an intraday low of $1,608.90 and reached as high as $1,628.80 [...]

Varieties and coin errors have been a hot topic of late when it comes to the United States Mint series of America the Beautiful 5 Oz Silver Uncirculated Coins. Discussions on various media outlets, coin forums and collector blogs have noted them. The Mint has now confirmed them as well.

The United States Mint statement, shown below, noted that it was "apparent that several varieties" of uncirculated coins existed which had "differing or missing vapor blast finishes."

The cause of the varieties was narrowed down to the equipment used in producing the coins. The Mint said it relies on retrofitted vapor blasting equipment which was originally designed for 3-inch medals. To address the problems and [...]