Monthly Archives: November 2011
Gold Prices Drop Below $1,700; Silver Falls Toward $31
Gold prices closed well below $1,700 an ounce Monday as commodities, stocks and everything else considered even semi-risky were sold in favor of the U.S. dollar.
"We have a firmer dollar, and that is negative for gold," Peter Fertig, the owner of Quantitative Commodity Research Ltd. in Hainburg, Germany, said by telephone that was cited on Bloomberg. "There might be some small bargain-hunting at these levels, but I'm looking more for the downside in gold than the upside."
Gold prices tumbled $46.50, or 2.7 percent, to $1,678.60 an ounce in the December futures contract on the [...]
2012 National Coin Week Theme Selected
The theme for next year's 89th annual National Coin Week is "Change In Money: Cowries to Credit Cards," the American Numismatic Association (ANA) has announced. The theme focuses on the many changes in money throughout the years, ranging from objects to coins to electronic implementations.
Each year during the third full week of April, collectors celebrate National Coin Week with numismatic exhibits, treasure hunts, fun educational activities and [...]
In The Lead – Raining Pain in Spain
New York precious metals dealings opened the abbreviated trading week with losses across the boards as Europe-centric angst continued to dominate the psyche of global investors. Near-term gold price prospects have taken a more decidedly bearish tilt and market watchers are now eyeing the $1,680 value zone as a potential first-stop sortie with potential for a visit to the $1,580-$1,600 area still in the cards.
Auerbach Grayson global technical strategist Richard Ross on the other hand, feels (on CNBC last Friday) that given the "double-top" near $1,900 he sees as having been put into place earlier this summer, the premium in gold [...]
Panda Coins Commemorate Xiamen Special Economic Zone 30th Anniversary
The People's Bank of China (PBOC) has released two new commemorative Panda coins to mark the thirtieth anniversary of the Xiamen Special Economic Zone. These two new Panda coins are struck from 99.9% pure gold or silver and were authorized for release beginning on November 21, 2011.
According to the release from the People's Bank, the commemorative Xiamen Gold Panda Coins will be struck to a maximum mintage of only 5,000. The commemorative Xiamen Silver Panda Coins will see a larger maximum mintage of 20,000. Both are legal tender of the People's Republic with face values of 100 Yuan and 10 Yuan, respectively [...]
Gold Prices Rise to Trim Weekly Loss, Silver Recoups 92 Cents
Gold advanced for the first time in three days Friday, recouping a small portion of a weekly loss that totaled $63, or 3.5 percent -- the biggest five-day drop since September 23. Gold prices edged up $4.90, or 0.3 percent, to $1,725.10 an ounce in the December futures contract on the Comex in New York, trading between $1,711.40 and $1,738.50.
Most market-watchers had exhibited a bullish outlook for the yellow metal when closing up shop last week. Reality missed expectations, as the safe-haven this week turned out to be not golden in color, but green -- as in the U.S. dollar [...]
New Frontier Gold Medal Awarded to Astronauts, Bronze Medals for Public
Recognizing the important contributions they made to the history of the United States, the New Frontier Congressional Gold Medal was awarded earlier this week to four former NASA astronauts during a ceremony held in the U.S. Capitol Rotunda. The Congressional Gold Medals were presented to John Herschel Glenn, Jr.; Neil A. Armstrong; Edwin E. "Buzz" Aldrin, Jr.; and Michael Collins at the ceremony held on Wednesday, November 16, 2011.
Bronze medal replicas of the awarded New Frontier Congressional Gold Medal are available from the United States Mint in both 3 inch and 1.5 inch sizes. The 3 inch bronze medal sells for $44.95 while the 1.5 inch bronze medal is offered for $7.95. Both may be purchased by calling the Mint at 1-800-USA-MINT (872-6468) or by going to the Mint's website at http://catalog.usmint.gov. [...]
Last Mary Todd Lincoln First Spouse Gold Coin Sells Out
Last week the United States Mint stopped selling the 24-karat proof version of the Mary Todd Lincoln First Spouse Gold Coin. Sales were scheduled to continue until December 1, 2011, but the Mint apparently sold the entire inventory. The coin's information page, similar to the uncirculated version some time ago, is now located on the "No Longer Available'" area of the bureau's website.
The United States Mint began selling both the proof and the uncirculated versions on December 2, 2010. Their original published mintage limit was set at 20,000 across both options, with the ratio determined on buying trends of customers [...]
In The Lead – The Euro Pit and the Chinese Pendulum
Gold staged an attempted recovery this morning following Thursday's washout in prices that brought it to within striking distance of the pivotal $1,700 level. As things stood early this morning, the yellow metal was on course to record its largest weekly decline in circa two months' time. Ironically, the vast majority of participants in various weekly price surveys were bullish on bullion's prospects for this week last Friday.
However, this week's near total eurozone meltdown and erosion in the common currency derailed the bullish track for precious metals and ended up bolstering the dollar instead. The greenback [...]
Gold Falls 3%, Silver Prices Tumble 6.9%
Gold tumbled 3.0 percent Thursday, its biggest single day loss in nearly two months. Other metals dived further, however, as silver prices sank 6.9 percent and palladium plummeted 7.8 percent. Platinum's percentage loss was near gold at 3.1
"Apparent liquidation from fear of possible contagion from the European crisis has commodities, including gold, under continued pressure," Miguel Perez-Santalla, a sales vice president at Heraeus Precious Metals Management in New York, said in telephone interview that was cited on Bloomberg. "This is a big collapse."
Gold prices fell $54.10 to $1,720.20 an ounce in the December futures contract on the Comex in [...]
James Garfield Presidential $1 Coin Released, Rolls on Sale
Another new $1 coin was released into circulation today, November 17, 2011. This one honors James A. Garfield, the 20th President. In addition, the United States Mint's launch of the James Garfield Presidential dollar rolls began at noon Eastern Time.
U.S. Mint-wrapped $25 Garfield Presidential rolls are $39.95 each, plus $4.95 for shipping and handling. Buyers have the choice of dollars struck at either Denver or Philadelphia. Information for each is available at the Mint's online store located at http://www.usmint.gov/catalog [...]