IRVINE, Calif. — Spectrum Group International, Inc., a consolidated global collectibles network, is a leading auctioneer of stamps, coins, arms, armor and militaria, and other memorabilia, targeting both collectors and dealers, announced that the American Numismatic Association (ANA) has renewed Spectrum’s Collateral Finance Corporation (CFC) contract as the exclusive official numismatic lender of the ANA until 2011.
The ANA is a Congressionally-chartered, 32,000-member nonprofit association, and is the world’s largest organization dedicated to educating and encouraging people to study and collect money and related items.
CFC, a wholly-owned subsidiary of A-Mark Precious Metals, Inc., which conducts Spectrum Group International’s trading operations, provides loans to dealers, collectors and traders in the rare coin and bullion market.
Read the rest of Spectrum’s CFC Renewed as "Official Numismatic Lender" of ANA (914 words)
© Spectrum Group International for Coin News, 2009. |
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A stronger U.S. dollar, retreating oil prices, and weakened consumer confidence and home price data weighed heavily on gold. Silver and platinum declined as well while U.S. stocks dipped lower.
In New York trading futures for bullion:
Silver for July delivery dropped 37.3 cents, or 2.7 percent, to 13.574 an ounce.
Gold for August delivery fell $13.30, or 1.4 percent, to $927.40 an ounce.
- July platinum declined $7.50, or 0.6 percent, to $1,176.70 an ounce.
Read the rest of Gold, Silver Fall as Oil Retreats and Dollar Rallies (372 words)
1795 half eagle, 1856-O double eagle and 1880 Coiled Hair stella among the offerings from Heritage, July 31-Aug. 2, in Beverly Hills
DALLAS, TX – Legends of TV and film will surrender the Hollywood spotlight for a night when a different kind of American star takes to the podium at the Hyatt Regency Century Plaza in Beverly Hills: A historic 1854-S quarter eagle, graded VF35 NGC, will lead the Platinum Night offerings of Heritage Auction Galleries’ August 2009 Los Angeles U.S. Coin Auction, July 31-Aug. 2.
"This coin is truly a legendary rarity," said Greg Rohan, President of Heritage, "and one of just a dozen known survivors from the first quarter eagle issue produced by the San Francisco Mint. In Heritage’s in-house condition census of the surviving 12, this example is rated fifth overall."
Just 246 examples of the 1854-S quarter eagle were struck since the San Francisco Mint focused on making larger denominations such as the eagle and double eagle, and the relative "small change" denomination of the gold dollar, leaving the quarter eagle and half eagle relatively neglected.
Read the rest of Historic 1854-S Quarter Eagle Highlights Heritage August LA Rare Coins Auction (691 words)
© Heritage Auctions for Coin News, 2009. |
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June 30: 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 coin articles:
10 Budget Picks
Mike Thorne | Coins Magazine
When faced with the assignment to pick 10 (or more) great coins that retail for $100 or less, I have at least two big problems: First, how do I limit my list to just 10 coins? Second, and this is often the bigger problem, how do I keep myself from trying to buy all the coins I’ve talked about?…
Read the rest of Numismatic News: Budget Coin Picks, Roosevelt Dimes, Coin Price Guides (292 words)
6:40p ET Tuesday, June 30, 2009
Dear Friend of GATA and Gold:
For five minutes Monday morning CNBC market analysts discussed how obvious U.S. government manipulation of the financial markets has become. If manipulation is obvious to CNBC analysts now, soon even some mainstream gold market analysts may have trouble denying it. You can watch the CNBC segment here:
By Judson Berger, FOX News
All of a sudden, Congress is paying close attention to Ron Paul.
The feisty congressman from Texas, whose insurgent “Ron Paul Revolution” presidential campaign rankled Republican leaders last year, now has the GOP House leadership on his side — backing a measure that generated paltry support when he first introduced it 26 years ago.
Paul, as of Tuesday, has won 245 co-sponsors to a bill that would require a full-fledged audit of the Federal Reserve by the end of 2010.
Paul attracted just 18 co-sponsors when he authored a similar bill, which died, in 1983. While the impact Fed policies have on inflation is once again a concern, fears about loose monetary policy and excessive federal spending appear even more widespread in 2009.
“In the past, I never got much support, but I think it’s the financial crisis obviously that’s drawing so much attention to it, and people want to know more about the Federal Reserve,” Paul told FOXNews.com.
With the Federal Reserve holding interest rates at rock-bottom levels, pumping trillions into the economy and now poised to have new powers to oversee the financial system under President Obama’s proposed regulatory overhaul, Paul said lawmakers want transparency.
“If they give them a lot more power and there’s no more transparency, that’ll be a disaster,” he said.
The bill would call for the comptroller general in the Government Accountability Office to audit the Fed and report those findings to Congress. The GAO’s ability to conduct such audits now is severely restricted.
A slew of top Republicans are backing the bill, as are many Democrats.
“Ron Paul has the right idea on this,” said Sen. Jim DeMint, R-S.C., who supports similar legislation in the Senate. “I’m just hoping we can get a clear audit. … We need to know what they’re up to.”
House Republican Leader John Boehner, who signed on as a co-sponsor this month, wrote in a recent blog post that the “lack of transparency and accountability” regarding federal dollars committed by the Fed and Treasury Department raise “serious concerns” and make an audit critical.
“The Federal Reserve Transparency Act would remove all of these restrictions, and allow GAO to get real answers from the Federal Reserve to protect American taxpayers,” Boehner wrote.
Unfortunately for Paul, the bill appears to be idling in the House Financial Services Committee, which is chaired by Barney Frank, D-Mass. The bill has been sitting there, gathering co-sponsors, since Paul introduced it in late February.
“You’ve kind of got to rely on the Democratic leadership (to move the bill along),” a Boehner aide said. “I haven’t heard a lot of support from Chairman Frank.”
Calls to Frank’s office were not returned.
6p ET Tuesday, June 30, 2009
Dear Friend of GATA and Gold:
Video of GATA’s presentation to the Vancouver Resource Investment Conference on Sunday, June 7 — moderated by Peter Grandich, market analyst for Agoracom.com, and featuring Al Korelin of the Korelin Economics Report, financial newsletter writer Jay Taylor, GATA Chairman Bill Murphy, GATA board member Ed Steer, and your secretary/treasurer — has been posted in three parts at YouTube. You can watch it here:
Gold saw slight gains in Asia and traded near unchanged in London before it fell in early New York trade to as low as $923.45 by about 11AM EST, but it then bounced back higher into the close and ended with a loss of just 1.51%. Silver saw over 1% gains in Asia before it also fell back near unchanged in London and dropped in early New York trade to as low as $13.458 by late morning, but it also rallied back higher in the last couple of hours of trade and ended nearly 1% off that low with a loss of 2.8%.
Let the punishment fit the crime! Poor Bernie. The man has been ordered to spend 150 years in the hoosegow. What for? Who did he kill? A century and a half seems a little excessive for a financial crime. You could hold up three liquor stores and rape a whole convent and still not get 150 years. With a little bit of good lawyer-ing, a history of child abuse in the family, and good behavior in the big house, you’d be back on the street in 18 months.
But all the papers seem delighted. “Locked up for Life!” says one of today’s headlines. The judge “threw the book at him,” says another. His victims wanted him to get no mercy. The judge gave him none, imposing the maximum sentence. He is “extraordinarily evil,” said the man on the bench.
Justice has been done. Right?
Here in the building with the gold balls on the roof, we’re not so sure. We stand up for lost causes…die hards…and scalawags. Besides, we’re not convinced that Bernie is extraordinarily evil at all. He seems much more like an ordinary evil to us.
They say he defrauded investors out of $65 billion. The amount is unusual, but the crime is as common as income tax evasion. Who gets 150 years for evading income taxes? Heck, in civilized countries it’s not a crime at all – but a civil misdemeanor, subject to fine and retribution, not punishment.
But didn’t he lie to investors? Well, yes…he exaggerated the returns investors were likely to get from his fund. But if you put every fellow on Wall Street who does that in jail, you wouldn’t have any room for stick-up men and wife beaters.
Isn’t he the biggest financial scammer of all time? Well…he’s the title-holder now. But he has a lot of competition close on his heels. Bernie’s crime was taking money from people under false pretenses…and then being unable to give it back to them. How is that different from the financing activities of the US government?
This year alone, the feds will borrow 50 times as much money as Bernie managed to take in during his whole 20-year career. They can only pay it back by borrowing even more money from more lenders. This is not very different from the typical “Ponzi” scheme, except that it’s the government doing it. Eventually, the suckers are going to lose a lot of money.
By: Thomas Hartmann, GoldSeek
For the tenth time in twelve sessions, the August gold contract failed to decisively close above the $940 level, setting a hard resistance level. Due to the firm resistance and the failure of the market today, from a purely technical perspective a move down to $894 cannot be ruled out. Though the US dollar index appears to be ready to roll over on the charts and take out the June 2 lows, weakness in the stock markets today and falling consumer confidence helped sour prices today, as the confidence reading fell to 49.3 from 54.8.
Again, today, traders saw a tight correction between the US dollar and gold. It will be interesting to see how the US dollar moves compared to the stock markets as we head into the 2nd quarter earning reports soon.