Monthly Archives: September 2011
David Madge Appointed President of A-Mark Precious Metals
A-Mark Precious Metals, Inc. ("A-Mark"), a subsidiary of Spectrum Group International, Inc. (SPGZ.PK) ("SGI"), announced today that David Madge has joined SGI's Trading Segment as the President of A-Mark. Mr. Madge comes to A-Mark after 17 years with the Royal Canadian Mint as the head of marketing for bullion products.
Greg Roberts, CEO of A-Mark and SGI, noted, "We are very pleased to add David to our senior executive team at A-Mark. We believe that David's bullion market knowledge and experience will be instrumental in the continued expansion of our global trading operations."
Rand LeShay, senior vice president of A-Mark, commented [...]
Gold Edges Higher, but Declines on Week; Silver Prices Fall
U.S. gold prices edged higher Friday, extending gains for a second straight session. But earlier losses after the three-day weekend guided gold 0.9 percent lower this week in volatile trading. Prices pitched from an all-time high of $1,923.70 an ounce on Tuesday to a weekly low of $1,793.80 an ounce on Wednesday.
"The weakness in stocks and the drop in bond yields to new lows have helped gold come back today, but I doubt people are building new long positions ahead of the weekend," Reuters quoted James Steel, metals analyst at HSBC in New York. "Everyone's cautious after this wild week."
On Friday, gold prices rose $2.00, or 0.1 percent, to settle at $1,859.50 an ounce in the December futures contract [...]
US Mint Removes Order Limits on Mount Hood Silver Uncirculated Coin
The collector five ounce silver uncirculated coin honoring Mount Hood National Forest went on sale July 28, 2011 with an order limit of one per household. The United States Mint pulled the limit this week, giving buyers an opportunity to order as many as they want.
Still priced at $279.95, the Mount Hood silver uncirculated coin is not available in unlimited quantities, however. With a 27,000 mintage limit and 20,994 of those already purchased as of September 5, less than 6,000 now remain [...]
In The Lead – Pedestrian Safety
Volatility continued in unabated fashion in the precious metals markets overnight as gold and silver each gave up more than 2% in value on the heels of a firming US dollar.
Thursday's gains in gold largely evaporated and the yellow metal stuck closely to its week-long see-saw pattern while it further disoriented short-term traders and small retail investors. Marketwatch's Myra P. Saefong has been following gold's recent "performance" and has come away concluding that the "ultimate safe haven" has begun to lose not only the superlative that precedes it, but some of the "safe" part of its label as well [...]
US Mint August 2011 Coin Production Figures Reveal Vicksburg Quarter, Hayes...
While United States Mint coin production figures for August reveal mintages for the newly released Vicksburg quarter and Hayes $1 coin, they also mark a second straight monthly decline in circulating coin totals.
Published on Thursday by the Mint, the August 2011 production figures combined to a total of 604.54 million coins. The pace is 26.5 percent slower than July and down 18.7 percent from August 2010. The month ranks ninth best since a year ago, which is a stark contrast to the first, second and third rankings reached in the previous three months [...]
Gold and Silver Prices Rebound 2.2%
U.S. gold and silver prices rebounded 2.2 percent Thursday following two straight days of losses.
December gold prices rose $39.90 to close at $1,857.50 an ounce on the Comex in New York. Prices ranged from $1,816.20 to $1,868.70.
"There's zero growth in U.S. jobs and a lot of apprehension about what Bernanke and Obama can do with their speech," Reuters earlier quoted Michael Daly, precious metals analyst at PFG Best in Chicago.
"The grim outlook on Europe isn't helping either, and that's why stocks are down today and gold's back to looking as a safe bet."
President Obama is set to address Congress and the nation Thursday at 7:00 p.m. ET and [...]
September 11 National Medals Gets Special NGC Label
Grading service company Numismatic Guaranty Corporation (NGC) has announced that it has created a special label designed specifically for September 11 National Medals which debuted earlier this summer from the United States Mint.
The two silver September 11 Medals were released on June 20, 2011 in commemoration of the 10th anniversary of the 9/11 terrorist attacks on the U.S. and will raise money and awareness for the National September 11 Memorial & Museum at the World Trade Center [...]
US Mint Sales: Vicksburg Quarters, Lucy Hayes First Spouse Gold Coins...
Vicksburg quarters and Lucy Hayes First Spouse Gold coins make their debut appearance in the latest United States Mint sales figures. The newest Mint report also shows wider demand across collector products, although the impact of suspending gold coins is evident.
Lucy Hayes First Spouse Gold Coins launched Thursday, September 1. Their debut sales were weaker than most previous releases, but then the gold coins were also only available for just over 24 hours in this reporting period since the United States Mint suspended their sale and that of other gold coins and silver sets on Friday, September 2. The gold coins returned to availability Wednesday at higher prices, which will provide about a half of the normal week of sales in the Mint's next reporting period [...]
In The Lead – The Waiting Game
Gold regained nearly half of Wednesday's $60 loss in value overnight as overseas traders tentatively entered the market in the hope that short-term gains were in the cards. The overall mood developing in the markets -- as well as among central bankers apparently -- is one where waiting is taking precedence over aggressive action.
Spot New York dealings opened with a rise of $32 in gold and with a 70-cent gain in silver. The former was bid at the $1,850.00 level while the latter was quoted at $42.25 the ounce [...]
US Mint Ends Numismatic Gold Coins Suspensions, Coins Re-Priced Higher
The United States Mint is again selling its range of numismatic gold coins, but at higher prices.
The bureau had taken more than a dozen products off sale Friday when volatility rocked the precious metals market and gold traded above $1,880 an ounce.
If it needs to, the United States Mint normally and briefly halts the sale of collector gold coins each Wednesday in order to re-price them lower or higher [...]