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U.S. Eagle Gold Coins Strongest Since 1999 – HNWs Taking Possession
U.S. Eagle Gold Coins Strongest Since 1999 – HNWs Taking Possession
Today’s AM fix was USD 1,718.00, EUR 1,317.59, and GBP 1,069.67 per ounce.
Friday’s AM fix was USD 1,728.25, EUR 1,329.53, and GBP 1,077.87 per ounce.
Silver is trading at $33.49/oz, €25.80/oz and £20.94/oz. Platinum is trading at $1,599.50/oz, palladium at $676.50/oz and rhodium at $1,055/oz.
Cross Currency Table- (Bloomberg)
Gold fell $12.40 or 0.72% in New York on Friday and closed at $1,713.20/oz. Silver slid to a low of $33.15 and finished with a loss of 2.43%. Gold was down 1.94% for the week and silver was also off 1.97%.
Gold is marginally higher today, after finishing its 2nd monthly decline in a row, despite safe haven demand due to US ‘fiscal cliff’ and currency debasement concerns.
Interest in the yellow metal as diversification remains robust. Yesterday, holdings in exchange-traded products backed by gold climbed to a record for the 10th straight session, reaching 2,619.4 metric tons, the latest data compiled by Bloomberg show.
Late Friday from Frankfurt, Moody’s downgraded the euro zone’s bailout funds from the top rating of Aaa to Aa1 on long-term debt. The rating cut includes the European Stability Mechanism (ESM), the currency zone’s brand new permanent rescue fund, and the temporary European Financial Stability Facility (EFSF) were given continued negative rating outlooks by Moody’s.
The Luxembourg-based funds issued a statement noting that Moody’s decision “follows the recent change of France’s long term rating from Aaa to Aa1.”
The continuing financial mess that is the Eurozone will support gold and gold prices in euros above €1,300/oz.
China’s PMI increased to a seven month high in November offering tentative signs that their economy is recovering.
U.S. economic highlights on Monday are Construction Spending and the ISM Index. Wednesday follows with ADP Employment, Productivity, Factory Orders, and ISM Services. The Initial Jobless Claims are published on Thursday. Friday’s highlights are the November’s jobs data, Michigan Sentiment, and Consumer Credit.
GOLDS Commodity Daily, 2 Years – (Bloomberg)
November sales of U.S. American Eagle gold coins are on track to be the best in 14 years as uncertainty surrounding the U.S. fiscal cliff and the election of President Obama led to safe haven buying.
Buyers timing the market also increased coin sales by buying during sharp price movements that occurred in the beginning and end of November, coin dealers noted.
Bullion dealers in the U.S. report an influx of high net worth individuals that are buying gold coins in volume and taking physical possession of their bullion.
Month to date 131,000 ounces of American Eagles sold, that tripled last year's November sales and is the strongest November since 1998, data from the U.S. Mint's website shows.
In October, the U.S. Mint sold 59,000 vs 50,000 ounces the previous year, while November marked its 2nd successive monthly rise.
Coin banks have come in to buy the stock as the mint usually ends 2012 coin production in early December so it can begin minting the 2013 coins.
SILV Daily 2 Years, (Bloomberg)
American Eagle silver coin sales more than doubled in November going from 1.384 million to 3.135 million ounces. Silver coin sales were just shy of October's figure of 3.153 million ounces.
Coin sales have not only been boosted by dealers and collectors but by the uncertainty of the U.S. presidential election and the US fiscal cliff as investors have turned to them as a safe haven to protect their wealth.
American Eagle gold coin sales are very seasonal with a bulk of investment seen at the start of the year for the newly minted coins. Sales usually fall off in the summer and then increase in September in sync with the Indian wedding season and also following the lunar New Year, between January and February.
For breaking news and commentary on financial markets and gold, follow us on Twitter.
NEWSWIRE
(Bloomberg) -- U.S. Mint Silver-Coin Sales Rose to 3.16 Million Ounces in Nov
U.S. Mint website shows estimated Nov. data.
Oct. sales were 3.15 million ounces.
(Bloomberg) -- LBMA Says Silver Trading Fell 21% to a Two-Year Low Last Month
Avg. daily trading was 98.1m oz last month, LBMA says in e-mailed statement.
Gold trading fell 12% to 19.9m oz in Oct.
“This reflects poor physical demand, particularly from India,” LBMA says. Banks also becoming more risk averse, it says
(Bloomberg) -- Silver Traders Increase Bets on Price Rise, CFTC Data Shows
Hedge-fund managers and other large speculators increased their net-long position in New York silver futures in the week ended Nov. 27, according to U.S. Commodity Futures Trading Commission data.
Speculative long positions, or bets prices will rise, outnumbered short positions by 38,733 contracts on the Comex division of the New York Mercantile Exchange, the Washington-based commission said in its Commitments of Traders report. Net-long positions rose by 772 contracts, or 2 percent, from a week earlier.
Silver futures fell this week, dropping 2.7 percent to $33.28 a troy ounce at today's close.
Miners, producers, jewelers and other commercial users were net-short 56,792 contracts, an increase of 1,606 contracts, or 3 percent, from the previous week.
(Bloomberg) -- Gold Traders Increase Bets on Price Rise, CFTC Data Shows
Hedge-fund managers and other large speculators increased their net-long position in New York gold futures in the week ended Nov. 27, according to U.S. Commodity Futures Trading Commission data.
Speculative long positions, or bets prices will rise, outnumbered short positions by 193,742 contracts on the Comex division of the New York Mercantile Exchange, the Washington-based commission said in its Commitments of Traders report. Net-long positions rose by 12,927 contracts, or 7 percent, from a week earlier.
Gold futures fell this week, dropping 2.3 percent to $1,712.70 a troy ounce at today's close.
Miners, producers, jewelers and other commercial users were net-short 252,047 contracts, an increase of 15,983 contracts, or 7 percent, from the previous week.
(Bloomberg) -- China to Start Gold, Bond ETFs ‘Very Soon’: Securities
China will start gold, bond exchange- traded funds “very soon,” Shanghai Securities News cites Wang Lin, head of the fund supervision department at the China Securities Regulatory Commission.
China aims to continue speeding up QFII and RQFII approvals.
U.S. gold coins set for strongest November sales in 14 years - Reuters
Gold steady; U.S. fiscal uncertainty weighs - Reuters
China Moves Forward in Opening Gold Market – Wall Street Journal
Australian Gold Production Down – Mining Weekly
The Gold Chart That Keeps Ben Bernanke Up At Night – Zero Hedge
How Will the Fiscal Cliff Affect Gold, Metals? - Bloomberg
Auguries — Cui bono? – Financial Post
Banks must be honest about their toxic losses – The Telegraph
»
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The ETF's are backed by physical metal?
Set down your crack pipe.
The ETF's are backed by huge warehouses full of worthless PAPER
HNWs - ?
High Net Worth
a.k.a. Not You.
We dont refer to ourselves as HNW's - Sorry!
well said
Can you buy gold with EBT?
Water into wine, bitchez.
Trade it for cash, then trade it for gold... does that count?
and the daily silver smackdown begins in 3....2......1......
The big smackdown usually occurs right before the weekend.
Even if the GLD and SLV reserves did exist.........those ETFs exist for the sole purpose of concentrating the PMs in one place to ease confiscation.........Think about it.
damn straight.
What speculation?
Central banks print money. Protect your ass with Silver and Gold. Could throw copper in there now with China reporting shortages.
No brainer.
Fiat currency... can't live with it, can't burn it.
They made that burning part illegal.
Burn it anyways, just do it out of the sight of their drones
You almost can't burn it... Do you know how difficult it is to burn an FRN? They made damn sure the "heat source" trade is out, when it goes to zero.
Gold...you barbaric relic...
Who cares how many gold eagles have been sold? Not important because a beast is on the gobble and we are going to be in it's belly. Now where did I put that darn youtube link... Oh, I must have forgot it one one of the other dozen sites I post it on..
This is Woggie, signing out!
And yet gold prices won't go up and my miners continue to be flat.
Should have bought them a year ago. Might be overpriced now.
I heard that same thing at 900...then 1000....then 1500. As long as they continue to print "money" it's buying power will continue to fall against gold.
Yes -- I've bought at close to the market high for nearly every purchase I've made since 1998.
While there are always supply/demand influences on pricing (such as the crash in the late 70s), in the long term as long as the inflation rate is greater than zero, gold will go up.
If one buys into the US CPI being honest (ha!) at 2.2%, and nothing changed, in 32 years prices will have doubled, including gold.
Of course if you believe gold reflect the actual CPI, we've been running around 15% inflation for most of the past decade, and around 8-9% the last couple years.
Gold retains purchasing power, fiat doesn't due to the stealth tax of inflation. Early today ZH ran a story about Credit Suisse moving to negative interest rates, and what far too few people realize is thanks to printing and the inevitable inflation that comes with it, the USD (and the alphabet of other currencies) has a built in negative interest rate. People with any meaningful balance would flip if their bank took 10% of their account balance every year, but don't seem to notice the Fed and gov'ts of the world doing the very same thing.
I won't say gold will always go up, but absent the US deficit going to zero and the end of printing, long term, the USD will go down, and with that, gold will go up.
I bet gold coins are a big Christmas item this year....just sayin
5 golden rings always popular now
I still might get some for the wife. The wife doesn't like coins, but the coin guy I work with has jewelry sometimes. The deal I'm hoping for is some silverware. We don't have any real silver silverware.
Buy them on Ebay.fr
type in "couvert" & "argent"
There are some real gems over there for low prices. I bought a entire set from the 18th century on it for a real deal.
It does have to say: "Poicon Minerve" or "Argent", but mostly it's the minerve mark that counts.
Last year I had some silver coins made with the family picture on it. I found it fucking awsome and I gave my brother, sister, father and mother and my inlaws a roll of them.
That's was gift of about 800$ per roll... and they looked at it like "what the fuck is this"...
I even wonder if they still have them... never again.
wait, your going to be seen as a genius for those who kept your gift.
It'll serve them right when they regift back to you.
Can I be your brother this year?
if you want to babysit on my kids 52 weekends a year, I SAY FAMILY HUG!!!
So the U.S. Mint sold an extra $16 million in gold coins last month. Wow! I'm sure that HUGE amount of money dedicated to gold coins will strike fear in the hearts of Bernanke and JP Morgan lol.
I'm not sure where you got 16 million $. They sold 131,000 coins. Ignoring premiums, that equates to just over $225 million at current spot.
Your premise still holds, though.
I just grabbed the October numbers: 59,000 this year vs. 50,000 last year. The 9,000 oz. yoy increase multiplied by $1800/oz. works out to around $16 million. Obviously, the number would be higher using the November yoy increase, but we are still talking chump change.
"November sales of U.S. American Eagle gold coins are on track to be the best in 14 years as uncertainty surrounding the U.S. fiscal cliff and the election of President Obama led to safe haven buying".
I would think that the fact we are printing a shit ton of money and buying our own bonds would be reason enough.
Knowing the inefficiency of public enterprise .... I wouldn't be surprised if the mint lost money .... even during booming sales ! Will they gear up to meet demand ? A "real" company making a profit would ! Is it a token business to demonstrate the government's faux indifference to the threat of PMs replacing the Fiat machine of the FED ? Even with FOIA (big joke) is it possible to see the bottom line .... all cost considered ? Hmmmmmm ?
Yes, it's a token business.
Is that a PUN ? I wouldn't be surprised .... bullion coins don't have a very high mark up, the hoard if it exists, is coin melt, and unsuitable ! If they have to buy .999 or .9999 on the market .... there are risks of over paying ? They have a lot of dead wood fed niggers (generic, non-racial term of author) on the payroll ! I don't think there is any way the US Mint makes a "real" profit ! I'll bet the demand for coins is being met by other providers .... those FED clowns couldn't do anything right ! Look at the Space Shuttle .... look at everything they touch ? If it cost them $300 a gallon to get fuel to the troops in Afghanistan .... in a sea of oil producing states .... well, you get the picture !
It's guaranteed to lose money -- it was originally set up to be a service the government provided.
When original founded, the mint made coin for anyone at no additional cost over refining costs. (e.g. no seigniorage)
HNWs should be buying silver. Best bargain out there right now.
Silver bullion coins is a very tight, competitive market ! I'd like to see the US Mint make a profit in them ! Does the US Mint offer .99999 coins yet .... like some Maples ? Is the US Mint as efficient as APMEX and others in their sales and distribution and procurement ? Hahahahahahahahaha ! The real question is how much do they lose per coin .... even if they got the PMs for free ! So the best civil disobedience is to claim food stamps and bankrupt the mint by buying their coins ?
Monedas , why do you have a penchanct for putting , the punctuation mark one space AFTER the last word of a sentence . instead of directly after it ? Like this ? It is very odd .
You will always be hunting Roger.
You're "locked in" like Van Helsing now
LOL!
The similarity in punctuation did not escape me, AgShaman. But I never really suspected Monedas of being "The Trolling One" (although the quasi-autistic trolling style of AnAnnoyingUs is eerily similar).
American Punctuationism
Grammatical blobbing-up is the mattering thing.
It is prudent to have some of your networth in other items rather than 1's and 0's on some spinning hard drive...
Let's see, put savings into dollar based accounts, when the dollar can be printed in unlimited qualities and interest rates are negligible. Or, use savings to purchase REAL MONEY which has held value for 6,000 plus years and cannot be created easily.
Pick one.
Although the trend in PM coin purchases is in the correct direction, what I find amazing is how small a portion of the US public actually gets it. When the masses wake up to the fact that their dollars are worthless.........
http://www.trivalleycentral.com/casa_grande_dispatch/world_news/m-in-gold-bars-stolen-from-boat/article_c49c2836-3be9-11e2-8d5d-001a4bcf887a.html
Inside job....for sure...but someone lost some gold in a boating incident again...lol
For those of you hapless enough to be following Shithead Ferguson:
http://i49.tinypic.com/2nlfhxc.png
Not sure what you're driving at here.
Care to explain?
Just say no to drugs?
just say no
to fiat....
"bear flag" has no meaning or accuracy, that's maybe what he's getting at. My equation posted & my chart goldpricemodel 2013 projection | Flickr - Photo Sharing! clears it up nicely
Apologies if this was already posted.
http://www.youtube.com/watch?v=6kfYEQ48sPQ
it is hard to btrak
traditions..
Today's equation trending 2012 June to today: 17 x (gold / 1274) 2.33 = silver +/- 55 cents
inverted: (silver / 17) (1 / 2.33) x 1274 = gold +/- 12$ usd
generate scatterplot data & use linear regression to see trend, R2 > 0.94 using daily prices
Government confiscation is now becoming more certain.. Thanks dickhead HNW mfers.
Government confiscation of gold? It only makes sense if there is a willingness to back fiat currency with gold, doesn't it? Not if your stance is that of keeping gold as "irrelevant"
think about it, at the time of the last "confiscation of gold" in the Thirties at least foreigners were allowed to exchange dollars for gold (until 1971)