Monthly Archives: July 2011
In The Lead – A Plan B From DC?
Gold scaled fresh peaks and touched the $1,626,60 level on the offered side of spot overnight following yet another day of no resolution to the debt ceiling/ debt reduction political wrestling match taking place in the USA.
However, after the US dollar stabilized somewhat at levels above the 73.50 mark and US Treasuries hung on to the gains they had achieved on Tuesday, the yellow metal retreated a bit and dealings were taking place mainly in the $1,615 to $1,620 zone ahead of the opening of the market in New York this morning [...]
Another Round of US Mint Gold Coin Price Hikes Likely
For a second straight week, the United States Mint is expected to raise prices on its collector gold coins.
While the Mint's coin pricing policy can be somewhat confusing at first glance, after close study it enables buyers to predict when the bureau will raise or lower its gold coin prices. The pricing methodology relies on a weekly average of gold and how that fits within a predetermined range of prices [...]
Gold Maintains Record Streak, Gold Eagle Bullion Coins Surge
U.S. gold futures closed to another record for a second straight day and pushed its string of session advances to three.
On the Comex in New York, August gold prices advanced $4.60, or 0.3 percent, to $1,616.80 an ounce, lifting its gain this year to 13.7 percent. Gold prices ranged between $1,607.80 and $1,616.80.
Its been a booming several weeks for the yellow metal. Prior to a three-day slump last week, gold had rallied for ten consecutive sessions. It has already gained $114, or 7.6 percent, during the [...]
Album for America the Beautiful Quarters Released
The United States Mint on Tuesday at noon ET began selling albums for America the Beautiful Quarters®. The Mint price for one coin album is $9.95.
The America the Beautiful Quarters Program honors national parks and sites throughout the United States and its territories. The program debuted in 2010 with the first five quarters, and it will continue through to 2021 with a final release, bringing the total amount of coins issued to fifty-six. The album is designed to store each of the quarters [...]
In The Lead – Mind the Gap(s)
Tuesday morning trading in precious metals got underway while participants were still on active watch for any news from "Stalemate Central" in Washington DC. The trading tilt was towards lower values at the start of the daily session but the complex did not give too much up as debt-related nervousness kept bids relatively robust.
Options expire today and added/related volatility will likely be on tap for the rest of the market day. Spot gold opened at $1610.90 per ounce with a loss of $3.90 despite the notably softer US dollar (down 0.49 on the index at 73.65) and despite crude trading within 50 cents of the century mark per barrel [...]
Cardinal Collection of Large Cents Exhibit at Chicago’s ANA World’s Fair...
The number one-ranked collection of United States large cents in both the PGCS and NGC Set Registry listings will be publicly displayed in Chicago at the American Numismatic Association World's Fair of Money, August 16 - 20, 2011.
The historic coins from the Cardinal Collection Educational Foundation include some of the finest known examples of large cents struck from 1793 to 1857, as well as 18th century colonial coppers, and small cents struck from 1857 to the present day.
The foundation's exhibit is co-sponsored by Stack's Bowers Galleries and Collateral Finance Corporation, and will be displayed at the Stack's Bowers booths, #805 & #906, during the five-day show [...]
Gold Closes to Another Record, Silver Prices Advance
U.S. gold futures ended at a fresh record on Monday, supported by safe-haven demand that was driven by ongoing debt fears in the U.S. and Europe.
"Gold is feeding off the uncertainty of the debt negotiations," Matthew Zeman, a strategist at Kingsview Financial in Chicago, said in a telephone interview that was cited on Bloomberg. "Gold is in a 'can't lose' situation with the debt negotiations because regardless of the outcome, the dollar is going to suffer."
August gold prices rose $10.70, or 0.7 percent, to close at a new record of $1,612.20 an ounce on the Comex in New York [...]
Yellowstone 5 Oz Silver Coin Error Discovered by NGC
NGC has discovered what may be the first error in the America the Beautiful five ounce series. The coin, a 2010-P Yellowstone, has a matte Specimen finish on the Washington side and a brilliant, lustrous finish on the other. This error appears to be unique at present, but it is possible that others await discovery.
There are two types of America the Beautiful five ounce coins issued by the Mint: a lustrous bullion version and a matte collector version. The collector version, designated Specimen by NGC, is produced by the same method as the bullion edition except that it is vapor-blasted in the final stage. These Specimens are also distinguished by a "P" mintmark [...]
In The Lead – You Go Your Way, I’ll Go Mine…
Spot gold prices hit a fresh overnight all-time high above $1,622 the ounce as the overseas trading action reflected the continuing nervousness surrounding the US debt limit impasse. If there is one thing that markets want, it is clarity; this was made fairly clear ahead of last week's EU summit on the issue of Greek debt. If there is one thing that markets abhor, it is uncertainty; that is being made amply clear right about now.
Conflicting talk, half-baked plans of short-term debt limit extensions, continuing warnings from ratings agencies, none of these sit well with those who normally make a buck on betting on a defined trend. Thus, the one beneficiary that thrives on ambiguity --gold -- was the one in prominence among players over the past several days and hours. The only other thing in heavy 'rotation' was the number of [...]
Gold Reclaims $1,600 to End Week, Silver Prices Rally in Return...
U.S. gold futures reclaimed $1,600 an ounce on Friday after falling from the level on Wednesday -- the middle point of three straight daily losses. Gold ended 90 cents shy of its record close hit on Monday, yet still drove in with a weekly gain of 0.7 percent.
"There's a clamor for gold as the printing presses go off around the world," Adam Klopfenstein, a strategist at Lind- Waldock, a broker in Chicago, said in a telephone interview that was cited on Bloomberg. "The U.S. and Europe have structural problems, and there's a camp of investors that are willing to buy until these problems are fixed."
Other precious metals improved on the week as well. Palladium led with an advance of 3.3 percent, followed by a 2.7 percent pick-up in silver and a 2.4 percent increase in platinum [...]