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US Silver Coin Sales Stats – Apr 30

April 30, 2009 by · Leave a Comment 

US Mint silver coin sales statsBraille Bicentennial Silver Dollar sales skyrocketed and interest in other silver coins remained relatively strong, the latest United States Mint sales statistics reveal.

 

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Numismatic News Headlines – Apr 30

April 30, 2009 by · 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:

Mint says law won’t allow Niagara Falls on new quarter series
Maki Becker | The Buffalo News

Niagara Falls is one of the world’s most iconic natural landmarks. Gov. David A. Paterson and Sen. Charles E. Schumer think the cascading falls would make an ideal pick to grace New York’s quarter in the upcoming America’s Beautiful National Parks quarters series…

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World Gold Council Throws Water on COMEX Rumors

April 30, 2009 by · Leave a Comment 

Tim Iacono submits:

Always a sucker for a good chart, particularly when it involves precious metals, the one below in the most recent Gold Investment Digest from the World Gold Council is a doozy.
IMAGE The trade group’s first quarter report on gold has some rather interesting statistics related to the quickly changing supply and demand situation.

As shown above, inflows to the many gold ETFs around the world have been brisk:

Investors bought 469 tonnes of gold via this channel, dwarfing the previous record, of 145 tonnes, set in the third quarter of last year. SPDR®Gold Shares (“GLD”) enjoyed the bulk of the inflows. The total amount of London Good Delivery bars held by the Trust increased to 1127 tonnes at the end of Q1 09, from 780 tonnes at the end of last year. The two Swiss listed gold ETFs (the ZKB Gold ETF and the Julius Baer Physical Gold Fund) enjoyed the next strongest inflows, rising by 37 tonnes and 32 tonnes respectively. Inflows into the gold ETFs continued to grow throughout the quarter, despite the downward correction in the gold price, indicating that, as in past price corrections, ETF holdings tend to be “sticky”.

 

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Centerra finally has Kumtor approval, sees progress in Mongolia

April 30, 2009 by · Leave a Comment 

After battling frustrating delays over investment agreements in the Kyrgyz Republic and Mongolia, Toronto-based Centerra Gold now plans to speed up growth-focused development that had been on hold pending negotiations, CEO Stephen Lang said on Thursday.

Not only has the Kyrgyz Parliament approved a deal for Centerra’s Kumtor mine, but discussions over an agreement to govern the firm’s Gatsuurt project, in Mongolia, have progressed far enough that the miner has decided to start building the road to the project, Lang reported.

With the uncertainty over Kumtor now eliminated, Centerra plans to “aggressively” advance exploration and development work at the mine, including plans for underground development, said COO Ron Colquhoun.

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Grupo Mexico mines operate in the face of swine flu

April 30, 2009 by · Leave a Comment 

Grupo Mexico said all its operating Mexico mines would remain open with workers following strict sanitary guidelines to avoid contagion of a deadly swine flu virus.

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The Limits of Economic Garbage

April 30, 2009 by · Leave a Comment 

I was pretty sloshed as I put another shot of tequila to my now-benumbed lips, but the same thought kept going through my whirling head: Total Fed Credit (also referred to as Federal Reserve Credit), zoomed $70.3 billion last week! Yikes! $70.3 billion of new credit appeared, as if by magic, in the accounts of banks in One Freaking Week (OFW)!

And this is not, of course, new money. Instead, this is Fed credit, which the Federal Reserve admittedly creates out of thin air at their whim and gives to the banks, but which BECOMES money when somebody borrows money from a bank.

And how much money can be created out of this Fed credit? Almost unlimited amounts, since the amounts of money that the banks must keep on hand as reserves against this new “unlimited amounts” of new money and loans is, apparently, zero! Hahaha! “Fractional banking” indeed! Hahaha! What as fraud!

And so I look around and wonder many things, such as, “Who the hell is borrowing money? And for what? And why is my butt numb?” As I try to focus my bleary eyes to scan the barroom, all I can see is a bunch of no-account, slovenly, lowlife, bad-tempered, low-IQ losers like me, drinking our lives away in some dingy, cheap bar that is far enough away from the family and co-workers so that I don’t have to put up with any more of their silly crap, and if one of them does stumble in here, I am buzzed enough that I can use inebriation as an excuse to beat the hell out of them for being so stupid that, for instance, they don’t buy gold when their moronic government is committing economic sin after economic sin! Any one of which is more than enough to guarantee economic collapse and total ruination!!

And if you don’t believe me, then go to Mises.org and do a little reading, and then after you have your Moment Of Economic Enlightenment (MOME), get back to me, saying, “Although they never come right out and say it, ‘We’re freaking doomed!’ about sums it up! Now I am buying gold and guns since I have been shown True Mogambo Enlightenment (TME), and now – thus filled with paranoia, panic and screaming outrage – I worship at your feet as a Junior Mogambo Ranger (JMR), where I can but hope that they are not as smelly as I have heard!”

While we wait for you to finish your reading assignment, I did a complete 360-degree turn on that barstool, but I never did see anybody that was borrowing money, since none of them had any, which I surmise from asking each of them to loan me some money, but all of them said they didn’t have any.

But I did notice that all that spinning around made me dizzy! Whew!

Downing another shot to steady my nerves and make “the spins” go away, I happened to notice that the Federal Reserve bought up, for itself, a whopping $94.5 billion of worthless, toxic crap last week! In One Freaking Week (OFW)!

That is $3,000 for every non-government worker in America! What a blatant fraud!

I don’t know exactly what they bought, but I am sure that it is not only the usual fraud of amassing a clot of U.S. government and agency debt, but also worthless bank securities that they have promised to buy as part of the Fed’s efforts to socialize losses by sticking everybody with inflation in prices as a result of such an inflation in the money supply, which is (to use the correct “professional economist” jargon) Off The Freaking Charts (OTFC)!

And speaking of economists, the famous John Mauldin, in his Frontline Weekly Newsletter, has unwittingly agreed with me about something other than that we both agree that I am a know-nothing loudmouth weirdo. Now, he has said just enough so that now I can say, “John Mauldin and I say that” the majority of the halfwits who have been teaching economics, infesting schools with their loathsome ilk, are morons, as all of this economic calamity around the world, spawning unimaginable suffering and losses with much worse to come for a long time yet, took them all completely by surprise, while it was the classical, Austrian school of economics that had long predicted everything.

And now, John Mauldin and I laugh at them all, and we shall wax rich as Croesus, and gluttonously hedonistic so as to outshine Caligula as gold soars, soars, soars to the top of the moon as the dollar falls, falls, falls to the bottom of the toilet as a result of this huge, monstrous final debasement of the dollar of the satanic Federal Reserve creating the avalanche of credit, that creates the tsunami of money, to buy over $2 trillion in new federal government debt this year alone! Hahaha!

We’ll be rich while everybody else is screwed! “It’s an ill wind that doesn’t blow somebody some good!”

Well, I admit that he did not actually say any of that, but he did mention my name once in a telephone conversation that I treasure to this day (“Hi, John! This is the Mogambo!” and he said, “What in the hell is a Mogambo?” before he hung up).

And he did say almost the same thing, if you kind of read between the lines, when he writes, “We have been teaching generations of MBA students economic garbage. Gaussian curves and things you could model. The classic line is from Ibbitson, is a brilliant professor and a brilliant mind, who said economics is a science. No it’s not. It’s barely an art form. It’s voodoo. That’s what we practice.” Exactly!

Ty Andros of TraderView.com explains that “neither the Chicago School nor Keynes can explain what is unfolding, and in the Austrian School everything is and has been predictable. Why are the first two considered mainstream? Because in both schools of thought, government is the answer rather than the problem. For the mainstream, the problems can always be solved by borrow, print, lend and spend.”

And since we are talking about the abject failure, ridiculous theoretical underpinnings and laughable incompetence of the Federal Reserve, I admit that their performance is not as bad as those laughable institutions that have “School of Government” in their names, when they are, beyond a doubt, the most incompetent, traitorous bunch of fifth-columnist morons that this country has ever seen.

I mean, for crying out loud, government (federal, state and local) now spends half of GDP! Hell, the federal government alone spends a third of GDP!

And governments now directly support half the population of the Whole Freaking Country (WFC), and employs 1 out of every 7 workers in that selfsame WFC! “School of Government”? Hahaha!

Mr. Mauldin sums it up as, “As we trained a generation to believe they could model, and they did it. They modeled garbage, and now we’ve wiped out a generation of retirement income.”

Well, I would like to amend that to say that people who bought gold have not been wiped out, and if those people are as smart as they seem, then I am sure that they are hanging onto that gold since this is surely the beginning of Something Really Big (SRB)!

Whee! This investing stuff is easy!

This article originally appeared in the Daily Reckoning. The Daily Reckoning, a FREE daily e-letter, offers a “uniquely refreshing” perspective on the global economy, investing, and today’s markets.

The Limits of Economic Garbage

UHR & Louis Braille Soaring Sales Figures – April 30

April 30, 2009 by · Leave a Comment 

US Mint Sales Figures ImageUltra High Relief (UHR) $20 gold coins break a new threshold and Braille Commemorative Silver Dollar sales soar, according to the latest US Mint sales report.

Ultra High Relief (UHR) $20 gold coin sales cooled off compared to the last figures, but rose above the magic 60,000 barrier. With an average price of around $1200 each, the total is quite impressive.

In a surprise for the second straight week, sales of Louis Braille Silver Dollars shot up… really shot up. Proofs jumped by 38.1 percent over the prior numbers, with 21,636 additional sold. The uncirculated options rose by nearly 30 percent, with 10,200 more purchased by collectors.

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US Mint Halts 2009 Nickels and Dimes Production

April 30, 2009 by · Leave a Comment 

US Mint Halts 2009 Nickels and Dimes ProductionThe United States Mint has halted production of circulating 2009 Jefferson nickels and 2009 Roosevelt dimes for the rest of this year, according to the latest issue of Coin World. As the show, the stoppage creates historic, staggering low mintages for the two coins — levels not seen since the 50s.

Coin Word’s Paul Gilkes reports the US Mint made the announcement on April 23, and included details of a scale back in producing for other circulating coins, like the three remaining 2009 Lincoln Pennies.

It’s not that the public or collectors dislike the new coins. Quite the opposite, in fact. Collector demand for 2009 circulating coinage is exceptionally high. It’s all about the recession. It has, by itself, significantly eroded demand for new coins in every day transactions.

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GATA to participate in Vancouver conference in June

April 30, 2009 by · Leave a Comment 

10:40p ET Wednesday, April 29, 2009

Dear Friend of GATA and Gold:

GATA will participate in the World Resource Investment Conference at the new Vancouver Convention Centre in Vancouver, British Columbia, on Sunday and Monday, June 7 and 8.

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Change you can believe in — if you’re an investment bank

April 30, 2009 by · Leave a Comment 

The accursed power which stands on Privilege
(And goes with Women, and Champagne, and Bridge)
Broke — and Democracy resumed her reign
(Which goes with Bridge, and Women, and Champagne).

– Hilaire Belloc, “On a General Election.”

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Goldman Sachs Hires Former Frank Aide to Run Washington Office

By Chris Frates, Politico.com

Goldman Sachs is finalizing a deal to hire Michael Paese to head its Washington office, according to lobbying and company insiders.

Paese, now the executive vice president of global advocacy for the Securities Industry and Financial Markets Association, is viewed as “the capstone in an effort to reformulate the Washington office,” said a company insider.

Paese is a big-name Democrat with deep industry ties and an inside Washington game who had worked for House Financial Services Committee Chairman Barney Frank, D-Mass.

Paese would replace Ann Costello, a Republican who recently announced she’s leaving Goldman to run Bank of New York Mellon Corp.’s global government relations. Mark Patterson, who partnered with Costello to run the office before leaving last year to advise Barack Obama’s presidential campaign, is now Treasury Secretary Timothy Geithner’s chief of staff.

Paese would join Goldman after a career that has spanned government and the financial services industry. He was executive vice president of Mercantile Bankshares Corp. and worked in various roles at JPMorgan Chase and the House Financial Services Committee.

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