Monthly Archives: November 2011

Gold rallied 1.8 percent Wednesday, advancing the most in its third straight day of gains, as central banks around the world coordinated to make it cheaper for European banks to borrow U.S. dollars.

"You are seeing an enhancement of the loose monetary situation around the world and continued currency devaluation, and that's what causing the rise in gold today," Reuters quoted Michael Cuggino, portfolio manager of the Permanent Portfolio Funds.

Gold prices gained $31.40 to $1,750.30 an ounce in the February futures contract on the Comex in New York. Gold traded between [...]

Buyers keyed on annual sets, the uncirculated Silver Eagle and commemorative coins in the absence of new product releases, the latest sales figures from the United States Mint revealed.

With the popular proof Silver Eagle sold out -- its individual sales total remained at 850,000, the companion uncirculated Silver Eagle received a bit of a bump. Collectors ordered 5,142 versus the previous 2,784. That brought sales of the uncirculated Silver Eagle to 199,848 since its September 15 launch. The collectible was not the Mint's best-seller, but it did rank fourth [...]

As gold has been trading along the lines of what a risk asset normally displays as opposed to what a safe-haven one does, the spike seen today is unsurprising.

Spot gold opened with a $15 sprint to the $1,730 per ounce level, while silver lagged significantly but still opened four cents higher and was quoted at the $31.96 bid.

Ironically, the reading of the CFTC market positioning reports had shown that specs had substantially reduced their net-long bets in gold and silver just before this (CCBA) gift was sent to the commodities' markets today. Confidence in the ability of most metals and oil had shown signs of being absent in the latest reporting period [...]

Gold advanced modestly Tuesday for a second straight day of gains as the yellow metal was supported by a drop in the U.S. dollar and a rise in other commodities.

"The strength in other commodities is helping gold," Sterling Smith, an analyst at Country Hedging Inc. in St. Paul, Minnesota, said in a telephone interview that was cited on Bloomberg. "The weaker dollar is also lending support."

Gold prices edged up $4.40, or 0.3 percent, to $1,718.90 an ounce in the February futures [...]

Gold rebounded Monday to rise $25.10 above last week's close and break a two-session losing streak. A weaker U.S. dollar and bargain-hunting were among factors supporting higher prices.

"Gold today has to do largely with the dollar pullback," Businessweek quoted Andrey Kryuchenkov, an analyst at VTB Capital in London, by phone. "Support for gold is well intact."

Gold prices gained 1.5 percent to settle at $1,710.80 an ounce in the December futures contract on the [...]

Precious metals were definitely in the 'thick' of the aforementioned 'buy everything!' storm of sentiment and short-covering panic this morning and obviously benefited from it as well.

Gold traded above the $1,700 mark as early as last night and touched highs near $1,722 earlier in the Monday session. Silver recaptured the $32 level with a $1.20+ leap to higher ground. Platinum and palladium each bounced more than $20 higher and reached the $1,550 and the $583 levels respectively. Trend followers, rejoice; the 30-day loss in the yellow metal has fallen to under 2% [...]

The Professional Numismatists Guild (www.PNGdealers.com) will provide a scholarship to a deserving young numismatist (YN) to attend the 2012 American Numismatic Association (ANA) Summer Seminar in Colorado Springs, Colorado. This is the eighth consecutive year of PNG YN scholarships for the popular, annual ANA educational programs.

"The scholarship will cover airfare, tuition for one of the two week-long Summer Seminar sessions in June or July, meals and six nights of dormitory accommodations on the campus of Colorado College, site of the [...]