Tenke – Slumbering giant renders first copper
March 31, 2009 by goldguru · Leave a Comment
Freeport-McMoRan quietly produces its first copper cathode at the USD 1.8bn Tenke Fungurume mine, Katanga Province, Democratic Republic of the Congo.
Walmart Says No to $20 Gold Double Eagles, Bank Teller Says Yes
March 31, 2009 by goldguru · Leave a Comment
A Utah woman who tried paying for Walmart groceries with $20 Gold Double Eagles was apparently turned away, and then exchanged 14 of them at a nearby bank for face value, according to one of the most unusual coin stories ever relayed in the media.
In a further twist, the bank’s teller apparently realized the uniqueness of the coins, bought them for what he paid the lady, and later learned of their value from a coin dealer.
As the story continues, we discover the teller was fired and a search for the woman is in progress.
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Numismatic News Headlines – Mar 31
March 31, 2009 by goldguru · Leave a Comment
Four numismatic news or coin blog articles are referenced on CoinNews every Tuesday and Thursday. These articles are not authored by us, but we recommend coin collectors read them for their unusual or interesting content. Here are today’s articles:
Mints coin it as consumers scramble for gold
Reuters
In the heart of Vienna in a Biedermeier building commissioned by Emperor Franz I, a man wearing a khaki uniform and beret exchanges a wad of euro notes across the counter for a few sparkling gold coins…
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National Political Leader, Economic Crusader, Wayne Allyn Root, Joins Rare Coin Wholesalers
March 31, 2009 by goldguru · Leave a Comment
(Dana Point, California) — Nationally-known political leader, author and economic crusader, Wayne Allyn Root, the 2008 Libertarian Party Vice Presidential nominee, has been named National Spokesman and Chief Economic and Political Strategist for Rare Coin Wholesalers of Dana Point, California (www.RCW1.com), one of America’s premiere rare coin and gold bullion companies.
Root advocates a free market economy, dramatically smaller government, lower spending, lower taxes and reduced government regulation.
"Every investor looking at today’s economy needs to know about the importance of tangible assets in any diversified portfolio, particularly gold and investment-quality rare coins. We are proud to announce the dynamic Wayne Allyn Root as our National Spokesperson to spread the word," said Steven L. Contursi, President of Rare Coin Wholesalers.
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Coinweek March 30 – April 5, 2009
March 31, 2009 by goldguru · Leave a Comment
What’s New on CoinLink ……..
Headline News
The Adams-Carter 1804 Class III Silver Dollar will be offered for sale next month at Heritage’s Cincinnati (CSNS) US Coin Auction April 28- May 3. CoinLink and heritage provides a brief history and additional background on the 1804 Dollar and the Adams-Carter specimen specifically. Incredible reference material included.
Mike Byers in association with publisher Zyrus Press will be releasing a New book on May 15th. World’s Greatest Mint Errors is an enjoyable resource packed full of some of the most dramatic, rare and extraordinary mint errors and die trials ever assembled in one publication.
Last week, Stack’s concluded its three-day sale of the Entlich, White Oak, Gross, and St. Andre Collections in Baltimore. This extensive, almost 4,000 lot sale took place over March 23-25, and touched on many aspects of the numismatic field
Laura Sperber of Legend Numismatics provides another excellent Market Report on the Baltimore Show that just concluded this past weekend.
Tim Shuck has added 3 new coin profiles in the Coin Guide Section of Coinlink as follows:
- Liberty Seated Quarter, Arrows and Rays, 1853
- Liberty Seated Quarter, Arrows, 1854-1855
- Liberty Seated Quarter, Arrows, 1873-1874
Continuing with News across the web, we have a new posting of – Coin News Daily – providing short excerpts and links to other news across the web that we have found, and which you may find of interest. We also provide Daily Updates on Precious Metals in The Bullion Report, with Charts, Video Headlines and News.
You can access ALL the News Here
Friends in Silver Valley reprint GATA’s Wall St. Journal ad
March 31, 2009 by goldguru · Leave a Comment
11p ET Monday, March 30, 2009
Dear Friend of GATA and Gold:
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Mints coin it as consumers scramble for gold
March 31, 2009 by goldguru · Leave a Comment
By Sarah Marsh and Jan Harvey, Reuters
VIENNA/LONDON (Reuters) – In the heart of Vienna in a Biedermeier building commissioned by Emperor Franz I, a man wearing a khaki uniform and beret exchanges a wad of euro notes across the counter for a few sparkling gold coins.
Guenther Fuchssteiner, 59, is a military doctor who for over 20 years has been coming to the Austrian Mint and exchanging whatever spare money he has for gold, following a habit established by his parents.
“I have always tried to put a little bit of gold aside, as an investment, and I have been doing so more since the crisis,” said Fuchssteiner.
A few years ago his visits to the Mint, which was founded more than 800 years ago, might have seemed eccentric.
No longer. From the Georgy Pobedonosets to the American Eagle, gold coin production is being cranked up in mints around the world to satisfy customers believing the assets may be immune to the global financial crisis.
Russia’s state-controlled Sberbank says it has never seen such strong demand for investment coins, while the U.S. Mint says sales of its one-ounce American Eagle gold bullion coins rocketed over 400 percent to 710,000 ounces in 2008.
“The demand for gold and silver has been unprecedented,” said Carla Coolman, a spokeswoman at the United States Mint.
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China, Argentina to conduct trade in Chinese currency
March 31, 2009 by goldguru · Leave a Comment
By Jude Webber, Financial Times, London
China, which is pushing to end the dominance of the dollar as a worldwide reserve, has agreed a Rmb70bn ($10.24bn, £7.18bn, €7.76bn) currency swap with Argentina that will allow it to receive renminbi instead of dollars for its exports to the Latin American country.
Xinhua, the official Chinese news agency, said the deal was signed on Sunday by Zhou Xiaochuan, governor of the People’s Bank of China, and Martín Redrado, Argentine central bank president, in Medellín, Colombia, where they are attending a meeting of the Inter-American Development Bank.
An Argentine official confirmed a deal had been discussed and said the fine print was being worked out and negotiations were “very advanced”.
Beijing has signed Rmb650bn ($95bn, €72bn, £67bn) of deals since December with Malaysia, South Korea, Hong Kong, Belarus, Indonesia and, now, Argentina in an attempt to unblock trade financing that has been severely curtailed by the crisis.
Gordon Brown, UK prime minister, told a summit in Chile at the weekend that this week’s Group of 20 meeting in London, which both China and Argentina will attend, needed to ensure vast trade credits were unlocked to help get the world economy back on its feet. The World Bank estimates as much as $300bn (€227bn, £210bn) could be needed.
Read more….
Precious Metals: The Only Sector with a Shot at Success
March 31, 2009 by goldguru · Leave a Comment
Gary Tanashian submits:
Excerpted from the March 28th edition of Notes From the Rabbit Hole
As promised on the blog yesterday, NFTRH26 jumps right into the only sector that stands a reasonable chance of success during the current and ongoing economic contraction to end all contractions. That sector is of course the precious metals and in particular, gold.
The bounce in human spirits that NFTRH has dubbed ‘Hope ‘09’ appears to be nicely in progress. But this is actually a resetting of unsustainable negativity as the Obama administration initiates its change; they have changed the Bush/Paulson half measures and mixed messages to the Geithner/Bernanke ‘all in’ approach. Exponentially more of the same poison (debt) that killed the economy disguised as popular policy, will not work and therefore, as investors and traders our focus on the countercyclical gold miners continues. So too does the focus on gold itself, keeper of the stability of value that it is.
Before moving into technical and fundamental analysis of the gold miners and some of the all important gold-to-asset ratios, why don’t we take an objective look at the entire bull market thus far? On the weekly chart we find that the price of gold, in nominal USD did exactly what it is supposed to do in a time of crisis. It protected its owners’ wealth by appearing to rise strongly against other assets (really, this was those other assets crashing vs. gold’s stability) while maintaining its footing in the face of an impulsively strong USD that benefited, literally from a world full of de-leveraging referred to during the event as ‘Armageddon ‘08’ here at NFTRH.
Still, many gold bugs wonder why gold is not going ‘to da moon’ amidst the horrifying monetary policies being promoted by desperate authorities. With all the ‘rah rah sis boom bah!’ and flat out promotion that goes on in this sector, that is understandable.
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Gold Falls, But Still Outperforming
March 31, 2009 by goldguru · Leave a Comment
Mark O’Byrne submits:
Gold fell yesterday (both gold and silver were down some 1%) in volatile trade which saw some very determined selling each time gold looked set to break out above $930/oz. There appears to be support at $890/oz to $910/oz and resistance between $930/oz and $960/oz.
As usual gold’s safe haven properties were seen yesterday as most international equity indices were down some 3% to 5% while gold fell only marginally. This has been the pattern in recent months and years when gold can be somewhat correlated to equity markets in the very short term (often falls but falls by less than stock markets) but is inversely correlated over the medium to long term (as seen in tables below).
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