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.
WIth a possible stock market reversal, it may be time to play it safe
Park Avenue Numismatics, Miami Beach, FL – November, 2013 — Gold prices ended slightly lower Monday due to last week’s U.S. jobs report. The Government was closed Monday and no economic data was due for release. Market volume traded lightly as it continues to reach record levels. As the stock market pushes to new highs, analysts are starting to become slightly more bearish as well. The major factor moving the markets has been due to the Feds QE Policy and the loose monetary policy by world central banks. These factors tend to temporarily and artificially pump up equities. This devaluing of paper currencies will renew interest in precious metals such ans Silver and Gold. Also, because gold has shown very little correlation with other investment sectors over time, it is recognized as a safe haven and a strong hedge when stock markets get over bought.
Precious Metals rise after a disappointing jobs report
Park Avenue Numismatics, Miami Beach, FL – September 6, 2013 — Gold and other precious metals were up sharply in early morning trading on Friday, after a disappointing U.S. jobs report scaled back expectations of how the Federal Reserve may reduce its extraordinary economic stimulus. Gold midday was as high as $1,394.50 an ounce. Silver, copper and other precious metals also rallied in late morning trading. Silver traded as high as $24.05 an ounce. These gains came after a disappointing jobs growth report. Investors are thinking that with the weak jobs market, the Fed will not taper, or will taper and that is good for commodities.
Proof-70 Eagle Sells for Record $90,000
Park Avenue Numismatics, Miami Beach, FL – August 30, 2013 – Westminster Mint of Plymouth, Minn., reported Aug. 21 that it has sold a Professional Coin Grading Service Proof-70 Deep Cameo 1995-W American silver Eagle for a world record price of $90,000.
The previous record of $86,654.70 occurred on March 31 when a collector outbid 21 others in an online auction conducted by GreatCollections.
“To set a new record price so soon after the previous record shows the current strength of the market for high-end collector coins and the desirability of this coin,” said Stephen Pfeil, vice president of Westminster Mint, a nationwide supplier of rare coins and gold and silver bullion.
The sale was made through the Madison, Wis., branch office of Westminster Mint to a private collector seeking to complete his collection of PCGS certified American silver Eagles.
“Our buyer now has a world-class coin collection,” Pfeil said.
Former U.S. Mint Chief Engraver and creator of the reverse design of the American Silver Eagle bullion coins John Mercanti calls it “King of the Silver Eagles” in his book American Silver Eagles. The coin is ranked No. 4 in the 100 Greatest U.S. Modern Coins.
The 1995-W is the ultimate key to the series with the lowest mintage and is notorious for imperfections, explaining the low percentage graded at the perfect Proof-70 DCAM grade. Only 17 coins have been certified perfect Proof -70 DCAM by PCGS.
American silver Eagle coins have been issued annually since 1986. They are collected by date, mintmark, condition and rarity. The Proof 1995-W American silver Eagle is the key coin in the series because it was available only in a five-coin 10th Anniversary set. The set also included Proof 1995-W 1-ounce, half-ounce, quarter-ounce and tenth-ounce American Gold Eagles.
The 10th Anniversary five-piece set was offered toward the end of the year when many people had already made their American silver Eagle purchases for the year – 438,511 regular issue Proof coins struck at Philadelphia were sold in 1995 for $23 each. The five-piece sets were offered for $999.
The U.S. Mint had set a limit of 45,000 10th Anniversary sets, but the final number sold was 30,125 sets. These coins were the first American silver Eagle coins produced with a “W” for West Point mintmark. Their final mintage of just 31,125 coins dwarfs any other coins in the series. Despite their high offer price, many of the 30,125 coins produced were weakly struck or have other issues that prevent them from being certified in the highest numismatic grades of Proof-69 and Proof-70.
This is why only 17 coins have ever been certified in the highest numismatic grade of Proof-70 Deep Cameo by PCGS.