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Silver Loses 7.5% on the Week, but Rises 5.6% in Feb.

February 28, 2009 by · Leave a Comment 

For the first week in six, London silver ended lower as it plunged below $14 an ounce on Wednesday and it continued to fall through Friday. Silver lost $1.07, or 7.49 percent, on the week to end at $13.21 an ounce.

In more cheerful news, silver ended the month of February on a high, rising 5.6 percent over its close of $12.51 on Jan. 30.

Silver did pick up steam in New York later Friday, as futures for March delivery climbed 13.5 cents, or 1%, to $13.085 an ounce. However, New York silver also ended the week down, falling $1.405, or 9.7 percent, from the $14.49 close on Friday, Feb. 20.

The following tables list precious metal prices from Friday PM to Friday PM:


Read the rest of Silver Loses 7.5% on the Week, but Rises 5.6% in Feb. (267 words)

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Bullion & Business Weekend Report – Feb 28

February 28, 2009 by · Leave a Comment 

Precious metals were battered as gold fell for five straight days and below the $1,000 mark it had just surged over last Friday. For the numbers, the London gold fixing fell 3.7 percent, silver lost 7.5 percent and platinum dropped 2.5 percent. The Dow lost 4.1 percent, the S&P declined 4.5 percent and the Nasdaq fell 4.4 percent. European stocks ended lower as well.

Weekend Recap: Silver, Gold and Platinum Prices; Business Week NewsNew York crude-oil for April delivery closed Friday to $44.76 a barrel, falling 46 cents, or 1 percent. However, oil surged 12 percent on the week.

AAA said the average price for unleaded gasoline on Saturday settled to $1.903 a gallon compared to $1.843 a month ago and $3.164 one year back.

London silver ended at $13.21 an ounce, tumbling $1.07 since last Friday’s close.

London gold closed to $952.00 an ounce, falling $37.00 for the week.

London platinum settled to $1059.00 an ounce, declining $27.00 on the week.

Read the rest of Bullion & Business Weekend Report – Feb 28 (967 words)

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Bank of England to put rates at zero, start buying everything

February 28, 2009 by · Leave a Comment 

By Edmund Conway, The Telegraph

The Bank of England is set to bring interest rates down to an effective zero level within days and to sound the starting pistol on quantitative easing, pumping extra cash into the economy.

The Government is putting the finishing touches to a letter to the Bank endorsing its proposal to embark on this radical policy.

The Bank’s governor, Mervyn King, will be granted approval by the Treasury within days to create up to L150 billion in new money in the coming months to buy up everything from corporate bonds to government debt. It will pave the way for the Bank’s Monetary Policy Committee effectively to “start the presses” at its interest rate setting meeting this Thursday.

The move is the latest stage in the Bank’s efforts to prevent the economy from sliding towards deflation.

The MPC is likely also to cut interest rates at its meeting to a new unprecedented low of 0.5 percent at its meeting this week, with some anticipating that it may reduce them to a nominal point just above zero.

The eventual level that rates will hit depends on whether Bank experts have calculated that at these kind of levels further cuts in borrowing costs would have any extra effect.

Many mortgage lenders are refusing to pass on further cuts in borrowing costs to their customers,

But most significant of all will be the MPC’s undertaking at the meeting this week to start buying government bonds in what many see as the “nuclear option” for monetary policy.

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Why Gold at $1,200/Ounce Is Likely

February 28, 2009 by · Leave a Comment 

Mark O’Byrne submits:

Gold’s correction continues and it has fallen for four days in a row now, but the long term fundamentals remain very sound.

Bargain hunters are likely to reemerge at these levels which should be supportive.

Gold remains up more than 7% so far this year (in dollar terms as per table and much more in euro and sterling) and continues to significantly outperform battered stock markets. With the global economy sinking into a deep recession and possibly even a depression this outperformance looks set to continue in the medium term.

Momentum and technical driven players with speculative short term horizons such as hedge funds are again pressurizing gold however the fundamentals of strong investment demand and anemic supply shall likely see gold well supported between $900/oz and $930/oz. A period of correction and consolidation was clearly needed and this will likely lead to gold targeting the $1,200/oz level in the coming weeks.

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Ultra High Relief Double Eagles- Not Shipping FIFO?

February 28, 2009 by · Leave a Comment 

There have been more reports of customers receiving their 2009 Ultra High Relief Double Eagle Coins. However, the collectors receiving coins are not necessarily the ones who placed their orders the earliest.

According to the US Mint’s email notification sent out earlier this week, orders should be shipping on a “first-come, first-served basis.” This means that customers who ordered their coins first, should be receiving their coins first. (i.e. “First in-First out” or FIFO)

Based on reports from Mint News Blog readers, and comments on other coin sites and forums, this is clearly not happening. Some customers who ordered on the second or third day are reporting that they have received their coins. Other customers who ordered within the first hour still have not received their coins. I placed my order at 12:17 PM ET on the first day of sales and have still not received my coin or any notification of shipping.

In an attempt to quantify what is happening. Please take a moment to answer a survey. The survey asks what date you ordered the Ultra High Relief Double Eagle, whether you have received it, and if you have, the date you received it. Results are tracked separately based on order date. You can respond to the survey more than once if you have ordered more than one coin. All responses are kept anonymous. Results will be posted on Mint News Blog next week. Please ask anyone else you know who ordered the UHR to complete the survey.

Click to launch survey

Some US Mint customers are justifiably upset with their experience ordering the Ultra High Relief Double Eagle. Problems have plagued nearly every aspect of the offering. This included initial difficulties obtaining sufficient blanks to manufacture coins, a series of miscommunications to customers on shipping dates, website security issues, shipping security issues, production problems with the companion book, and the latest non-FIFO shipping.

The US Mint began building enthusiasm for the Ultra High Relief Double Eagle as early as March 2008 calling it the recreation of the “nation’s most beautiful coin.” Later, US Mint Director Edmund Moy made even loftier statements about the coin. He said “One hundred years from now, I hope that people will reflect on this coin and say this was the beginning of the next renaissance of American coinage.” He has even called it “arguably one of the best coins ever made in the world throughout all of history.”

When you make claims of this nature, make sure you are able to deliver.

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Coin Values Magazine Review

February 28, 2009 by · Leave a Comment 

Coin Values Magazine is one of my favorite coin collecting magazines to read.  I thought that I would write a Coin Values magazine review to highlight some of my favorite monthly columns in Coin World’s Coin Values Magazine and to highlight some other great reasons to subscribe to this coin collecting magazine.

Coin Worlds Coin Values

Coin Values Coin Price Guide

Coin Values Magazine revolves around its coin price guide.  The Coin Values Coin Price Guide has been published since 1960 under its original name of Coin World Trends of U.S. Coins.  Since 2003, Coin World Trends of U.S. Coins was renamed as Coin World’s Coin Values coin price guide.  The coin prices for this guide are gathered from actual coin purchases from public auctions, fixed price lists and other research done by the Coin Values researchers.  If you subscribe to Coin Values Magazine, you can access the www.coinvaluesonline.com database of coin prices that are updated weekly.  This is a great benefit for subscribing to Coin Values.

Favorite Coin Values Columns

While the Coin Values Price Guide is the primary feature of this coin collecting magazine, I really love some of the monthly columns in Coin World’s Coin Values. If I wanted to purchase just a coin price guide, I would just purchase the Coin Dealer’s Newsletter, otherwise referred to as the Greysheet.  But, the monthly coin articles in Coin Values, certainly are worth the low subscription price.

My favorite column is the First Grade column.  This column teaches you how to grade coins.  Each month Coin Values picks a type of coin and walks through in great depth how to grade the coin series.  My most recent Coin Values featured the Capped Bust Half Dollar.  Michael Fahey walks you through exactly how to grade these Capped Bust Half Dollars.  Beginning coin collectors and advanced coin collectors will each learn new things about grading coins from this column.

My second favorite column is the What’s Hot – What’s Not column.  This column provides awesome insights into the coin market.  The coin market is very volatile and each coin series goes in and out of favor with coin collectors all the time.  In the April 2009 column, Mark Ferguson analyzed Lincoln cents prices.  2009 is expected to bring a large number of coin collector attention to the Lincoln cents series.  This increased attention is expected to bring higher Lincoln cent prices.  The What’ Hot – What’s Not column helps you to keep up with these coin collecting trends.

My third favorite Coin Values column is the Sleepers column.  The Sleepers column highlights coins that are underperforming.  These underperforming coins could represent good values.  These coins are like the value stocks for value stock investors.  In the April 2009 Sleeper coins article, Coin Values highlights the Prood 2-cent coins.  These proof 2-cent coins are very reasonably priced for coins over 150 years old.  Most of these proof 2 cent coins can be pruchased for around $600 in PF-64.  Not too many proof coins from the 19th Century can be purchased at these prices.

Do you subscribe to Coin Values Magazine?  Do you buy it in stores off the shelf?  If so, please tell us why you like Coin World’s Coin Value magazine.  If you don’t subscribe, I highly encourage you to use the following link to subscribe – .  In addition to helping out this site, you will be able to purchase Coin Values Magazine at a price of only $2.50 an issue.

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Central banks don’t want their leased gold back

February 28, 2009 by · Leave a Comment 

11:12p ET Friday, February 27, 2009

Dear Friend of GATA and Gold:

Tonight your secretary/treasurer had an exchange about gold leasing with a participant in the wonderful USAGold.com forum sponsored by Centennial Precious Metals in Denver (http://www.usagold.com/cpmforum/). Since gold leasing is at the center of the gold suppression scheme and is a bit complicated, the exchange might be worth sharing, so it’s appended.

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

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Gold Leasing by Government — A Question

“How long can the U.S. government protect the dollar’s value by leasing its gold to bullion dealers who sell it, thereby holding down the gold price?”

– Former Assistant U.S. Treasury Secretary Paul Craig Roberts in a recent essay (http://www.counterpunch.org/roberts02242009.html)

I am hoping someone can provide me with an explanation of how this machination works. The government leases gold to a dealer. This means, I presume, that the dealer gets to take physical possession of the gold for a period of time and pays a fee for the privilege. What happens when that time expires? The gold must be returned to the government, and unless the price of gold has fallen, the dealer takes a bath. What am I missing?

– Tahoma.


Tahoma, to reply to your question about gold leasing. …

It works this way.

While central banks traditionally have said they lease gold to earn a little money on a supposedly dead asset, in 1998 Federal Reserve Chairman Alan Greenspan told Congress that this was not true. Central banks lease gold, Greenspan admitted, to suppress its price:


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Cash4Gold empties Fort Knox for $85

February 28, 2009 by · Leave a Comment 

From Onion Radio News:


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Gold: Bull Market "Just Beginning"

February 28, 2009 by · Leave a Comment 

“I am absolutely convinced that we will not peak in 2009…”FORMER EDITOR-IN-CHIEF of the first German newsletter to cover the Neuer Markt, Sascha Opel brings a distinctive outlook to gold and the precious metals market.

Also co-chief editor of Der Aktionaer – one of the biggest German stockmarket magazines – and advisor to an investment fund that achieved 700% returns in three years, Opel now runs Orsus Consult GmbH, publishing one of the most popular German newsletters on commodities and junior mining and exploration, Rohstoffraketen.

Here Sascha Opel speaks to the Gold Report about his outlook for Gold Investment in 2009 and beyond.

The Gold Report: Sascha, we last interviewed you in May 2008. At that time you felt that we were beginning a period of re-establishing gold as currency. Would you review your thinking on this viewpoint for our readers?

Sascha Opel: In our last interview, I said, “Long-lasting gold bull markets take place when gold’s role as money is being re-established. In my opinion, we are just beginning this period of re-establishment. Those calling for the end of the precious metals bull market any time soon are sadly mistaken.”

Today, although nine months have passed, we are still in the beginning of that period. Look at Gold Prices in all currencies around the world – not only in US dollars. Look at the Gold Price in Euros, Canadian Dollars, South African Rand, Australian Dollars, the British Pound, Norwegian Krone, Russian Rubles, Swiss Francs…Gold is now starting to establish new all-time highs in all those currencies. The masses will slowly realize that no paper currency is safe in the near future.

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$50bn less cash will be spent in mining in 2009 – and perhaps in 2010 too

February 28, 2009 by · Leave a Comment 

The VM Group tells how less capex spend in the mining industry will impact on resource prices, mergers and acquisitions and China’s presence in resources.

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