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Silver Prices Sink 8.3% in NY, 6.1% and London

October 31, 2009 by · Leave a Comment 

Weekly Silver UpdateOctober has been a month of seesaw silver prices, with the latest weekly silver numbers plunging in both New York and London. Last week the metals overcame the previous week’s decline. This week those gains were given back, and more.

New York silver futures for December delivery closed to $16.255 an ounce on Friday, and finished the week lower by $1.468, or 8.3 percent.

London silver was set to $16.65 an ounce, plunging $1.08, or 6.1 percent, on the week. The loss bites into the metal’s yearly performance, which is still up an impressive $5.78, or 53.6 percent from the $10.79 fixes price on Dec. 31, 2008. However, the gain was 63.6 percent just last Friday.

"A less-euphoric outlook to global growth may help explain why the price declines in silver and platinum have been more severe than gold over the past week," analysts at Deutsche Bank said on Bloomberg.com

London precious metal weekly prices follow:

 

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Coin Chat Radio: Preventing Numismatic Crime, 2009 Lincoln Cents

October 31, 2009 by · Leave a Comment 

Coin Chat Radio Web site Host Bob Van Ryzin discusses the Lincoln Coin and Chronicles Set during his segment of ‘What’s In the News’ for the October 29th episode of Coin Chat Radio.

Ryzin talks about the issues the US Mint had with their ordering systems during initial hours of the Lincoln Chronicles release and an apology that the Mint issued over the matter. According to Ryzin, the Mint is searching for a new Chief Information Officer to oversee an upgrade to their online systems.

Doug Davis, Founder and President of the Numismatic Crime Information Center (NCIC), is interviewed by Editorial Director Debbie Bradley on the ‘Industry Insider’ segment. The recent theft of coin dealer Julian Leidman’s collection from his car after the Coinfest show in Connecticut has the two discussing ways to prevent such things from happening to other coin dealers and collectors.

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Bullion & Business Weekend Report – Oct. 31

October 31, 2009 by · Leave a Comment 

Precious metals retreated on the week as prices fell following a stronger US dollar. New York crude oil dropped the most in a month on Friday, yet still managed an October rise of 9 percent. US stocks also declined sharply Friday to mark their worst one-day slide since April. The Dow, S&P and Nasdaq registered respective weekly losses of 2.6 percent, 4.0 percent, and 5.1 percent. European stocks declined as well.

Weekend Recap: Silver, Gold and Platinum Prices; Business Week NewsIn London bullion weekly figures, gold fell 2.0 percent, silver shot down 6.1 percent and platinum retreated 3.8 percent. Friday precious metals prices follow:

London silver closed to $16.57 an ounce, plummeting $1.08 from last Friday’s close. New York December silver futures ended at $16.255 for a $1.47 weekly plunge.

London gold was fixed at $1,040.00 an ounce for a $21.75 loss on the week. New York gold for December delivery finished at $1,040.40 for a weekly decline of $16.00.

London platinum ended at $1,320.00 an ounce, falling $52.00 since last Friday’s close. New York platinum for January delivery ended at $1,326.30 for a $43.20 weekly retreat.

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Weekly Market Recap 10/30/09

October 31, 2009 by · Leave a Comment 

Early in the week, Reuters reported that China said it should increase its holdings of Euros and the Japanese Yen in its foreign reserves. This report had a negative effect on the already slumping U.S. Dollar and is further evidence that our currency’s stability is in question throughout the world. The U.S. Dollar fell to a 14-month low against the Euro and the Japanese Yen this week.

Consumers are still very concerned about whether we will have an economic recovery or not. The Consumer Confidence Index dropped to lower-than-expected levels this month, surprising some economists. Reuters reported that there are growing concerns that the job market conditions will worsen in the near term. The director of The Conference Board of Consumer Research Center reaffirmed this report by saying that the short-term outlook has grown more negative. Meanwhile, a greater proportion of consumers anticipate business and labor market conditions will worsen in the months ahead.

This week, more Americans who were surveyed said that jobs were “hard to get” in October and they remain quite pessimistic about their future earnings. This may have a negative impact on holiday spending. Economists watch consumer confidence because spending on goods and services by Americans accounts for about 70% of U.S. economic activity by federal measures. The upshot of all of this bleak economic news is that more investors than ever before are increasingly relying upon precious metals as the “defensive asset” component in their investment portfolios.

APMEX announced its Numismatic Closeout Event this week. APMEX will no longer be selling certain types of coins, currency, collectibles and supplies. This decision has been made to accommodate the growing requests from our customers for more precious metal and bullion-related items. If you are a collector, take advantage of this great opportunity to save big money on your favorite numismatic items. At these prices, many products are not going to last long. Visit www.APMEX.com to see all of our price-reduced products.

Gold:
Spot Gold prices opened this week at $1,054.00. The high during the week was on Monday, October 26th, at $1,070.50, while the low for the week was on Wednesday, October 28th at $1,026.10. Gold ended the week with a small loss of $8.00 at $1,046.00. This week, 2009 1 oz. Gold American Eagles, 2009 Fractional American Gold Eagle Coins, 2009 1 oz. Gold Buffalo Coins and 1 gram APMEX Gold Bars were the most popular items purchased.

Silver:
Spot Silver prices opened this week at $17.67. Silver reached a high of $17.70 on Monday, October 26th. The low for silver occurred on Thursday, October 29th at $16.12. Silver ended the week down $1.34 at $16.33. This week 2009 1 oz. Silver American Eagles, 2010 1 oz. Canadian Silver Maple Leafs and APMEX 1 oz. .999 Fine Silver Bars were the most popular silver bullion items purchased at APMEX.com.

Platinum:
Spot Platinum prices opened this week at $1,369.00, and ended the week down $37.10 at $1,331.90. Many collectors have noted the U.S. Mint’s decision not to strike any additional Platinum Eagle coins for the remainder of this year. Popular platinum products for this week included 1 oz. Pamp Suisse Platinum Bars, 2009 1 oz. Platinum Canadian Maple Leafs and 2009 1 oz. Platinum American Eagles.

Palladium:
Spot Palladium prices opened this week at $338.50, and ended the week down $16.00 at $322.50. 2009 1 oz. Palladium Maple Leafs, 1 oz. Pamp Suisse Palladium Bars and 10 oz. Pamp Suisse Palladium Bars were popular with investors.

Numismatics:
As we enter November and the days become shorter and colder, the pace of business at APMEX has been heating up! In recent weeks, Cull Silver Dollars have been a big seller, especially since the spot price of silver has dropped slightly, along with the temperature.

An important business note is that APMEX is officially limiting the types of numismatic items that it will offer in the future. To accommodate that fact, we are having a “Numismatic Closeout Event” on many different numismatic products. APMEX will continue to buy and sell Silver Dollars, Pre-1933 U.S. Gold, 40% and 90% Silver coins, and everything else that is bullion-related. We will be closing out Type Coins, Commemoratives, Proof Sets, Currency, Books, Supplies and many other categories. There are many fantastic closeout deals available. You should act fast before the coins you want disappear!

Continuing our analysis of Silver Dollars, we would like to discuss one of the “Most Common” and yet, “Most Beautiful” of all of the Morgan Silver Dollars – the 1881-S. This is a relatively common coin, but it is RARE to ever find one below Very Fine grade! With a mintage of 12,760,000 coins struck, the “81-S” is certainly available in grades up to and including MS-67. This date is typically very well-struck with booming luster and a cartwheel effect that sometimes requires sunglasses to view it! It is generally a very attractive coin that is always sure to please the most discriminating investor or collector. This coin, along with its other San Francisco brethren – the 1879-S, 1880-S, and 1882-S are some of the earliest and most beautiful coins in the Morgan Dollar series.

Silver market analyst Ted Butler interviewed by King World News

October 31, 2009 by · Leave a Comment 

4:10p ET Saturday, October 31, 2009

Dear Friend of GATA and Gold (and Silver):

Silver market analyst Ted Butler was interviewed for 11 minutes Friday by Eric King of King World News. Butler reviewed data suggesting that the silver exchange-traded fund, SLV, has been subject to a large amount of naked short selling and that the shorts had much trouble coming up with real metal to cover the shorting. Butler also reported that the commitment of traders data continues as overwhelmingly negative to silver. A selloff in silver now, Butler said, would create a spectacular buying opportunity. You can listen to the interview at the King World News Internet site here:

http://www.kingworldnews.com/kingworldnews/Broadcast_Gold+/Entries/2009/…

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

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Gold market reaching the breaking point

October 31, 2009 by · Leave a Comment 

By Eric deCarbonnel, Market Skeptics

Gold Market Reaching the Breaking point

Back in January, I wrote about the significance of gold breaking above $1000 again.

Gold

Rising demand for physical gold is a threat to the dollar because it signals a growing loss of confidence in the paper currency. It is also key to understand that gold prices aren’t rising because of the changing fundamentals of gold, but because of the changing fundamentals of the dollar. In other words, gold isn’t rallying, THE DOLLAR IS FALLING.

Gold is history’s oldest and most stable currency. Its utility is simply that it is rare, and for 5,000 years people have used it to store value for the future. All the gold that has ever been produced would fit in a solid cube of about 19 meters on each side, and this cube is only expanding by about 12 centimeters a year (2%). Since the value and supply of gold itself are fairly constant over long periods of time, the main driver of gold price fluctuations is the ebb and flow of confidence in paper currencies. Rising gold prices are, therefore, a signal of a weakening currency, which is why governments hate them and try to suppress them.

Right now, there is unprecedented worldwide demand for physical precious metals. As a result of this surging demand, gold futures have experiencing backwardation, a rare market condition where gold futures trade under spot prices. It is a signal that gold prices are headed higher and that confidence in our currency is fading quickly. When gold prices break above 1,000 again, the event should be recognized for what it is: the herald of a dollar collapse.

Gold is becoming money once again. The market for the standard gold one-ounce coin is no longer fragmented. Both the ugliest and the most beautiful gold coins are traded strictly by the quantity and quality of metal content, disregarding the outward appearance of the coin. Even Indian gold buyers, who, for years, considered buying jewellery to be the best investment option, are shifting from buying gold jewellery to gold coins.

It has been more than 40 years since governments and individuals concerned themselves about physically holding gold, but confidence in the dollar is falling and investors are being“dragged kicking and screaming into the bullish camp” as gold continues to break to the upside.

Gold demand is exploding as Investors turn to gold

Investors around the world are investing in gold bars for their safety. Big investors like David Einhorn are also turning to gold as an attractive alternative to cash, as falling interest rates on savings reduce the opportunity cost of holding gold, a non-interest bearing asset. As Mr. Einhorn put it, “Picking these currencies is like choosing my favorite dental procedure. And I decided holding gold is better than holding cash, especially now that both offer no yield.” Finally, a chaotic scramble to secure physical gold has also been unleashed by negative real interest rates (below inflation) which have upset the gold “leasing” machinery in the gold industry, creating a sustained market squeeze.

Surging demand is spurring a rush at Swiss gold refiners, who cannot work fast enough to meet demand. Mints are seeing a sharp rise in sales this year due to interest so strong that dealers are reported a shortage of products such as Krugerrands and one-ounce bullion coins. One German firm is even planning gold ATMs to meet growing demand, with 500 “Gold-to-Go” ATMs to be set up in Germany, Switzerland and Austria this year.

The rush to buy gold is also filling Swiss bank vaults. Swiss gold ETFs (ZKB Gold ETF – SWX and Julius Baer Physical Gold – SWX) are moving large quantities of gold out of London and into Zurich (70 tons as of last may), and they are running out of secure vaulting space (Why doesn’t GLD ever have any storage issues? Think about it). This shortage of secure storage extends across Swiss bank system with even gold clearing providers like SIS Clear (who only deals with banking counterparties) running out of space.

China is now the driving force in gold market

China is now the fastest growing market for gold, with Beijing’s gold markets reporting record sales. As the Chinese economy rebounds from the global recession this year, China is overtaking India to become the world’s top gold consumer. The Chinese authorities are reinforcing this strong demand for precious metals by pushing their citizens to buy gold.

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King World News interviews GATA’s Douglas on ‘imaginary’ gold

October 31, 2009 by · Leave a Comment 

8:35p ET Friday, October 30, 2009

Dear Friend of GATA and Gold:

GATA board member Adrian Douglas, publisher of the Market Force Analysis letter (www.MarketForceAnalysis.com), was interviewed for 11 minutes today by Eric King of King World News. Douglas described how the creation of “imaginary” gold — paper claims to gold that doesn’t exist but is never called for delivery — has prevented the gold price from catching up with inflation in recent years. But, Douglas added, as the fraud increasingly is discovered and people who have purchased “imaginary” gold get suspicious and ask for delivery, the gold price will explode quite without any help from inflation or deflation. You can listen to the interview with Douglas at the King World News Internet site here:

http://www.kingworldnews.com/kingworldnews/Broadcast_Gold+/Entries/2009/…

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

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Gold Stocks Slide as USD Index Strengthens – Should You Be Concerned?

October 31, 2009 by · Leave a Comment 

Przemyslaw Radomski submits:The precious metals market is correcting. In my previous essay, I summarized that it seems that gold, silver, and corresponding equities need to take a breather to correct their post-$1,000-breakout rally. This is what we’ve seen lately, so the question is how low can we go and what to look for as signs of a reversal.

Precious metals (PM) stocks have been hit particularly hard in the past several days, so this week I would like to cover the situation in this important sector.

The mining stocks sold off heavily in the past two weeks but have now reached significant support levels and the technical situation is now once again favorable. The GDX ETF (proxy for PM stocks) has just reached the 50% Fibonacci retracement level and bounced with a vengeance, which by itself makes it probable that the bottom is already in. GDX closed at $43.80 on Thursday, right at one of the support/resistance lines.

Two of the popular indicators suggest that a bottom is close or already in. The RSI Indicator has just bounced from the lowest levels since the October 2008 low. In other words, according to this tool, the precious metals stocks present a buying opportunity not seen since then.

Another indicator that has been useful in the past in timing bottoms in the PM stock sector is the Stochastic Indicator. It is clearly below the 20 level – at the blue horizontal line – which marked a great buying opportunities in the past.

Were that not enough of bullish signals, the more detailed analysis of the previous breakdowns provides us with one more confirmation. Please note that breaking below the previous support lines drawn from the October 2008 bottom (marked with dashed lines) means that the decline was more or less 50% complete. That is the case also today, which suggests that even if we were to move lower from here, the second bottom of the double-bottom formation would not be much lower.

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Gold Bullion Products

October 31, 2009 by · Leave a Comment 

Gold bullion products are investment-grade items that are used for wealth preservation and potential growth, and today’s global market trades with gold bullion products like one-ounce, and ten-ounce, 24-karat bars, or bullion coins that are minted in either 22, or 24-karat purity. Novice investors are initially more comfortable with gold bullion products, because their prices generally tend to hover just above the current gold spot price, which is the cost of one troy ounce of pure gold. 24-karat bullion bars’ prices are closest to the spot price, and these items are typically used for potential short-term gains, as less costly diversifications for rare coins like $20 Lady Liberty’s and $20 Saint Gaudens, or as long-term, government-approved, precious metal IRA contributions.

Bullion coins’ prices are only slightly higher than bar prices, but many people prefer their beauty and artistry to the uninspiring uniformity of lifeless, bullion bars. 22-karat South African Krugerrands, British Sovereigns, and American Eagles, are all globally popular short-term, and diversification investments, but American Eagles are the only 22-karat bullion coins that are permitted for gold-backed IRA storage. American investors can store 24-karat bullion bars in their IRA’s, and government-approved brand names include Engelhard, Johnson Matthey, Credit Suisse, and PAMP Suisse, for guarantied purity. Rare coins like the aforementioned Liberty, and Saint Gaudens are not permitted for IRA storage, so investors supplement their holdings with 24-karat bullion coins like American Buffalos, Canadian Maple Leafs, Chinese Pandas, Australian Kangaroos, Koalas, and Lunar coins, as well as Austrian Philharmonics. Investors are encouraged to complete their research, and then to contact one of our friendly specialists, who offer institutional discounts on bullion bars and coins.

Danny Burns

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Gold bullion ‘best for investors’

October 31, 2009 by · Leave a Comment 

Investing in gold has become increasingly popular in recent months as people look for a hedge against a possible surge in inflation and a store for their wealth amid uncertain economic conditions.
Speaking to Stylish magazine, economist Kent Ninomiya said gold bullion should be the investment of choice for those looking to put their money into the precious metal for the first time.
The news feeds on this site are independently provided by Adfero Limited © and do not represent the views or opinions of the World Gold Council.

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