Gold futures settled higher today as emerging-market crisis fears get worse
Park Avenue Numismatics, Miami Beach, FL – January 29, 2014 – Gold futures settled higher today as emerging-market crisis fears get worse and a sharp decline for the stock market buoyed the precious metal’s investment appeal. Investors once again turned to the safe-haven trade and that also was a factor for buying gold as the market place remains concerned. Before the Federal Reserve news of further tappering, gold rose $11.40 to settle at $1,262.20 an ounce. Silver got as high as $20.07 an ounce.
The International Monetary Fund (IMF) has issued warnings on the global economy in its latest report.
Park Avenue Numismatics, Miami Beach, FL – January 22, 2014 –The IMF called the international economic recovery “fragile” and warned that emerging markets in particular were vulnerable to capital flight, which could derail that recovery. One economy, considered “emerging” just a couple of decades ago, is now challenging the US economy for world supremacy. China’s economic growth figures released indicate the country is growing almost four times as fast as the United States in dollar terms, rapidly closing the gap between the two economies. This has long-term, negative implications for the US dollar; since the dollar is currently the world’s reserve currency of choice. But what is bad for the dollar, tends to be stellar for gold. Especially with China’s official and private sector appetite for gold. China is said to be increasing its official gold reserves and surpassed India in 2013 as the number one consumer of gold. So as China’s economy gains supremacy, the Chinese appetite for gold should continue to expand.
Gold up 0.4% for the week after a fall in U.S consumer sentiment
Park Avenue Numismatics, Miami Beach, FL – January 17, 2014 – Gold futures are higher today, up 0.4% for the week, as a fall in U.S. consumer sentiment in January helped lift precious metals prices to their highest close in more than five weeks. Gold was as high as 1,256.20 an ounce. Silver hit $20.50 an ounce. Prices closed at their highest since Dec. 11th.
Gold holds it ground and closes with three straight sessions of gains.
Park Avenue Numismatics, Miami Beach, FL – January 13, 2014 – Gold futures climbed on Monday, with precious metal’s prices holding ground at their highest close in a month and scoring a third straight session gain in the wake of last week’s disappointing monthly U.S. jobs data.
U.S Non Farm Payroll Report Disappoints – Precious Metal’s bounce on the News!
Park Avenue Numismatics, Miami Beach, FL – January 10, 2014 – December U.S. non farm payrolls came in much lower than expected on Friday, giving a boost to the investment appeal of precious metals such as Silver and Gold. This news sent prices to four week highs coming off a strong pull back in the metals when U.S Federal Reserve stated they would be slowing down the flow of monetary stimulus in 2014. Gold was up as high as $19.00 an ounce during the trading day. Silver gained as much as .67 cents to $20.32 an ounce.
The U.S. Mint is looking for some new artist to design common and collectible coins
Park Avenue Numismatics, Miami Beach, FL – January 9, 2014 – A coin is not just currency, it’s a very small work of art, or so goes the thinking at the U.S. Mint. Therefore the Department of the Treasury, is searching for some new designers to find some fresh images for U.S. coins both common and collective. This is due partly to the fact that there is so much work to do. It’s also because of the thought that the Mint, which turns 222 this year, might benefit from a broader range of artistic fancy. This is the Mint’s first call for new contract artists since 2009. There’s talk of perhaps making U.S. coin designs more symbolic, or more contemporary. The Mint’s program for contracting artists is called the Artistic Infusion Program. The process starts when the US Mint asks artists, both in-house and freelancers, to submit designs. Lots of designs might be inspiring but not “coinable” — for example, if one portion might outweigh the rest of the coin and prevent the metal from flowing correctly. It has to work well within defined borders, not like a watercolor that can ooze to the edges of a canvas. And it has to be recognizable on a very small surface.
Gold futures hold their ground after being halted due to a “fat finger” trade
Park Avenue Numismatics, Miami Beach, FL – January 6, 2014 - Gold futures held their ground above $1,240 an ounce on Monday after suffering from a sudden, large but brief drop in prices earlier on the Comex division of the New York Mercantile Exchange. A trade of about 4,200 contracts sent February gold tumbling by $30 on heavy volume at around 10:14 a.m. Eastern and triggered a 10-second trading halt. It fell from around $1,245 to around $1,215. The crash came about 14 minutes after the release of U.S. factory orders and ISM services index data. According to sources it looked like a “fat finger” trade and “looks to be shorts defending their substantial positions.
Today is the 50th Anniversary of the assisination of John F. Kennedy
Park Avenue Numismatics, Miami Beach, FL – November, 22, 2013 —Today is the Fifty year Anniversary to when John F. Kennedy fell victim to an assassin’s bullet while in Texas with his wife. The Kennedy Half Dollar was minted in 90% (.900) silver for only one year, in 1964. In his honor, more than 433,000,000 Kennedy silver coins were minted, BUT ONLY 3,950,762 WERE STRUCK IN PROOF CONDITION. That’s less than 1% of all 1964 silver JFK coins that were struck in proof. Although the proof 1964 Kennedy Half Dollar is 100 times as rare as its non-proof counterpart, the proof coin is presently only about twice the value of the non-proof coin, as listed in the Red Book. Citizens at home and the international community paused Friday to remember the 35th president of the United States.
Silver and Gold traded flat today
Park Avenue Numismatics, Miami Beach, FL – November, 18, 2013 — Silver and Gold traded flat today, finding technical support after a loss in the previous session. Investors continued to wait and hear from Federal Reserve officials and economic data on the timing of a pullback in the central bank’s bond-buying program. Gold and silver prices continue to stay steady due to strong demand for physical gold from Asian buyers. Gold got as high as $1279.70 an ounce and Silver $20.59 an ounce.
Gold future rise on Thursday due to disapointing economic data and comments from Janet Yellen
Park Avenue Numismatics, Miami Beach, FL – November, 14, 2013 — Gold futures on Thursday rallied for their first gain in several trading sessions due to disappointing US economic data and Senate testimony from Janet Yellen, the nominee to lead the Federal Reserve. Yellen’s comments, coupled with a decline in U.S. jobless claims that was smaller than expected, reinforced expectations the central bank won’t be in a rush to slow the flow of stimulus to the U.S. economy. Investors see the possibility of more stimulus as a reason to get back into the gold trade. Gold reached a high of $1,295.50 an ounce.