Monthly Archives: July 2011

The Presidential $1 Coin Program would not run its full course if several members of the Senate and House get their way. Two separate pieces of legislation have been introduced in the U.S. Congress which would ultimately end the dollar coins series dedicated to the former Presidents of the United States.

This new legislation comes in response to recent media attention to a reported $1 billion plus worth of dollar coins held in storage by Federal Reserve Banks. The massive stash of coins has been building up over the years with a marked increase occurring since the introduction of Presidential dollars four years ago.

Most attribute the inventory of dollar coins to two major factors. First, the public's resistance to the use of dollar coins for everyday circulation. Second, requirements pertaining to [...]

Spot gold dealings started their New York chapter on Friday with a $7.90 gain and the bid quoted at $1,598.10 per ounce. Silver advanced 56 cents to open at the $39.88 mark per ounce. Platinum also gained, opening at the $1,792.00 per ounce level with a rise of $10.00. Palladium was slightly lower, losing $2.00 to start at the $804.00 per ounce bid level.

Once again, no change was reported in rhodium, still bid at $1,950.00 the troy ounce. There has been a noticeable tightening in physical/allocated rhodium bid/offer spreads; they are now only $100-wide on Kitco's trading pages, and, at that level, the differential is rather competitive with the average gold coin bid [...]

The Bureau of Engraving and Printing (BEP) announced that on August 22, 2011 it will raise the prices for several Uncut Currency Sheets. These BEP products include crisp, uncirculated notes from designated Federal Reserve Banks.

For years the BEP has been offering them in values of $1, $2, $5, $10, $20 and $50. On Wednesday, the bureau provided updated pricing for the three smallest notes in the four to thirty-two subject sizes [...]

U.S. gold futures fell for a third straight day Thursday as the possibility of debt deals in the U.S. and Greece tarnished safe-haven demand, opined analysts.

August gold prices declined $9.90, or 0.6 percent, to $1,587.00 an ounce on the Comex in New York. Prices ranged between $1,585.50 and $1,605.00 [...]

The United States Mint enjoyed several days of robust sales. 72 of its collector products outperformed their previous weekly gains, according to the latest US Mint sales figures.

Gold prices registered a series of four straight daily records last week, and that apparently directed buyers' attention toward US Mint gold coins. Of the bureau's 16 collector coins that are composed of the yellow metal, each and every one of them shined brighter than the previous week. The standout in gold coins was the one-ounce 2011 Proof American Gold Eagle, soaring 2,362 against the previous week's 401 [...]

Gold prices opened with a near-$8 loss in New York as details began to emerge from Brussels that some sort of resolution to the Greek problem might be in the offing. One source signaled that the ECB might be ready to accept a technical Greek default and create a fresh financial package for Greece if in fact the EU governments will guarantee Greek bonds. Any de facto default would be kept at a minimum duration in order to keep markets calm. Up to this point, the ECB has not been in a position to accept defaulted Greek bonds as collateral in market operations.

Spot gold was quoted at $1,594.00 on the bid-side and the pitched battle for the $1,600 mark kept going as aggressive spec funds kept the bids coming and countervailed most of their profit-taking brethren overnight [...]

Results of the election have been announced for the new Board of Directors of the Professional Numismatists Guild.

"Under PNG Bylaws, member-dealers of the organization elect the board members at large, and then the elected board members select the officers from within their group. During their upcoming August 12 meeting, the nine-member Board will choose the President, Vice President, Secretary and Treasurer," explained Robert Brueggeman, PNG Executive Director [...]

U.S. gold futures on Wednesday closed slightly lower and below the psychological $1,600 an ounce level. Profit-taking and optimism towards U.S. debt talks were again cited catalysts for the second straight day of losses.

August gold prices declined $4.20, or 0.3 percent, to settle at $1,596.90 an ounce on the Comex in New York. Gold finished closer to its intraday high, which was $1,600.80, than its low at $1,581.10 an ounce [...]

Yosemite National Park Five Ounce Silver Uncirculated Coins are back with a waiting list notice, the United States Mint online catalog page for the coin reveals again. The collector .999 fine silver coin was placed there once before, but in error.

The Mint's waiting list indicates the bureau has received the maximum 27,000 orders for the coin, and that new orders may still be placed. Those, however, will not be processed unless [...]

Most members of the precious metals team started the midweek session a tad higher this morning; however their initial gains did not endure and the complex soon slipped into the red (except in the case of palladium, as of this writing).

Spot gold opened with a feeble gain of 70 cents per ounce and was quoted at $1,589.50 in New York. Within the first 20 minutes of trading the yellow metal approached its overnight lows near the $1,582.00 mark however.

Silver started the day on the downside, showing a 29-cent loss at the $38.72 level per ounce. The near [...]