Monthly Archives: November 2011
Gold Prices Decline 2.3% on Week, Silver Erases Most of 2011...
Gold prices declined in three of four days during the abbreviated trading week, extending a string of weekly losses to two. Gold this week fell $39.40, or 2.3 percent, after having given up $63, or 3.5 percent, last week.
In closing Friday, gold prices shed $10.20, or 0.6 percent, to $1,685.70 an ounce in the December futures contract on the Comex in New York. The yellow metal traded between $1,672.60 and $1,702.70. Strength in the U.S. dollar was a predominating factor in the bearish attitude toward bullion for much of the week [...]
2012 Native American $1 Dollar Design Revealed
"Trade Routes in the 17th Century" is the new design theme for the 2012 Native American $1 coin, the United States Mint said today during an unveiling of the dollar design. The new coin is expected to be issued early next year and minted throughout 2012 to meet demand.
Native American $1s must feature annually changing reverse designs that contain "images celebrating the important contributions made by Indian tribes and individual Native Americans to the development of the United States and the history of the United States." The design requirement is mandated by the Native American $1 Coin Act (Public Law 110-82).
The 2012 design portrays a Native American and horse in the foreground with running horses in the background. Designed by [...]
In The Lead – Leftovers
Gold was seen heading for its second weekly decline this morning as the European crisis rolled on and showed no mercy to certain countries' ratings (Portugal, Hungary both cut to 'junk' status) or to the common currency (it fell to under $1.33). The US dollar received a fresh influx of scared money and it vaulted towards the 79.50 mark on the trade-weighted index. Investors remained fixated on Europe in the wake of a poor debt auction by Germany the other day and a 'disastrous' one by Italy.
Thus far, no one has come up with the "seven percent (warning yield level) solution" and Chancellor Merkel was once again heard coming out against the floated idea of a eurobond. "Team Merkozy" plus newly-installed Italian PM Mario Monti [...]
Gold Prices Dip $6, Silver Gives Back $1
Gold prices once again closed below $1,700 an ounce Wednesday -- the second time this week, although losses were significantly pared from earlier session lows.
"It's still all about Europe. The deteriorating situation has been affecting all of the markets, but the failure of the super-committee to reach a compromise on U.S. debt is now weighing in too," wrote Mary Anne & Pamela Aden, well-known analysts and editors of The Aden Forecast.
Gold prices ended down $6.50, or 0.4 percent, to $1,695.90 an ounce in the December [...]
US Mint Sales: Chickasaw Quarters, Garfield $1 Coin Rolls Debut
Throw away the sold out 2011-W Proof American Silver Eagle from the latest U.S. Mint sales figures and there are still several points of interest worth discussing.
To name the major ones... collectors were more active, Chickasaw National Recreation Area Quarters debuted, James Garfield Presidential $1 Coin rolls debuted, Zachary Taylor Presidential $1 Coin rolls came off sale and the 2011 Silver Proof Set passed a fresh milestone of 500,000 in sales.
James Garfield $1 coin rolls went on sale Thursday, November 17, marking the final dollar coin release of the year. Buyers ordered [...]
In The Lead – Knock, Knock, Knockin’ On Berlin’s Door…
Tuesday's hard-fought gains in the precious metals complex evaporated overnight in the wake of a heavy surge in French and Belgian bond yields and the news that China's 'flash' manufacturing survey for November shows a degree of contraction not witnessed in nearly three years.
Gold prices promptly fell to lows near $1,679 and silver more than wiped out its gains from the previous session with a $1.60+ drop per ounce in the wee hours. Add options expiry and pre-holiday weekend book-squaring to the above and we might be looking at an 'active' market over the next few hours, to say the least [...]
2011 Proof American Silver Eagle Sold Out
Catching most collectors off-guard, the United States Mint on Tuesday indicated that the 2011 Proof American Silver Eagle is no longer available. Visitors to the proof Silver Eagle page on the Mint's website are greeted with a red "Sold Out" announcement informing them of its new status.
According to a United States Mint report with updated sales as of Monday, 850,000 have been sold individually. (The report also shows the coins as no longer available.) Another 100,000 were struck and sold as part of the American Silver Eagle 25th Anniversary Set which was released last month and quickly sold out [...]
Gold Reclaims $1,700; Silver Prices Soar 5.9%
Gold snapped back above $1,700 an ounce Tuesday as a weaker U.S. dollar and bargain-hunting attracted investors following the previous day selloff which drove prices to a four-week low.
"Bargain-hunting buying has come back into the market, providing a nice rebound that bodes well for gold’s near- and longer-term prospects," MarketWatch quoted Brien Lundin, editor of Gold Newsletter.
Gold prices settled to $1,702.40 an ounce in the December futures contract on the [...]
US Mint Likely to Lower Collector Gold Coin Prices
Collectors should expect the United States Mint on Wednesday to lower prices on its range of numismatic gold coins.
Gold prices plunged last week and dropped further to below $1,700 an ounce on Monday but, while rising Tuesday, have not recovered above the key physiological level as of this writing.
Two weeks ago, the United States Mint raised collector gold coin prices when the weekly London Fix average moved [...]
In The Lead – Silver’s Cloudy Lining
Monday's near-$50 loss in gold elicited some modest physical buying in the Asian markets but the evening hours were still showing plenty of nervousness in the market with occasional dips to levels as low as $1,665 per ounce.
Attempts to patch some of the price damage with a corrective rebound were manifest in the early morning hours as well as at the opening of trading action in New York. The precious metals complex exhibited mixed prices however, as gold and platinum advanced, and as silver and palladium did not initially join the gainers' club [...]