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U.S. Mint Gold Coin Sales Near 60,000 - "Islamic State, Ebola, Putin, Ukraine" and Swiss Gold Initiative
The U.S. Mint has sold nearly 60,000 ounces of American Eagle gold coins so far in October due to increased global demand from store of wealth buyers as economic and geopolitical uncertainty increased.
With only three business days left until the end of October, the U.S. Mint has sold 59,500 American Eagle bullion one ounce gold coins. On a year-on-year basis, U.S. gold coin sales in October are up 21% from 48,500 ounces in October 2013.
U.S. Mint Silver Eagle, 2014 (1 Ounce)
Store of wealth silver bullion buyers continue to stack silver at a steady clip. They bought 4.12 million ounces of American Silver Eagle coins so far this month, versus 4.14 million ounces in September.
This means that nearly 68 times more silver in ounce terms was bought than gold. Silver buyers continue to see silver as severely depressed with silver below $20/oz and the gold silver ratio at 71 or $1,228/oz divided by $17.24/oz.
The gold bullion coin sales from the U.S. Mint are the highest monthly sales since January and are higher than the 58,000 that were sold in September. The 58,000 ounces sold in September was more than double the demand in August, mint data shows
Ultimate Financial Insurance - U.S. Mint “Monster Box” With 500 Silver Eagles
"(Islamic State), Ebola, Putin and Ukraine... There is a litany of these things which have risen in the last year or so which have provided a negative backdrop," Scott Spitzer of MTB told Reuters.
Sales to European buyers rose on the belief that a proposal to prohibit the Swiss National Bank from selling any of its gold reserves and a provision that the SNB may have to have a 20% gold backing to the Swiss franc may lead to increased demand both from the Swiss central bank and from other central banks.
It is important to note the following:
* Bullion coins are purchased by long-hold collectors and financial insurance buyers
* Bullion coins attract demand from savers and store of wealth buyers, rather than speculative investors and speculators
* Bullion coins are used frequently to store intergenerational wealth and pass wealth from one generation to the next
Gold and silver bullion coins remain the preserve of a tiny minority of buyers who are more risk conscious and generally more aware of geopolitical, monetary and indeed systemic risk than the broader public.
Smart money is willing to pay a small premium to own segregated and allocated coins and bars rather than have the exposure of an ETF or digital gold platform.
Prudent diversification into physical coins and bars will again reward those who take a long term view.
See Essential Guide to Storing Gold and Silver In Switzerland here
GOLDCORE MARKET UPDATE
Today’s AM fix was USD 1,228.00, EUR 963.67 and GBP 761.65 per ounce.
Yesterday’s AM fix was USD 1,228.25, EUR 967.58 and GBP 762.23 per ounce.
Spot gold was up 0.3% to $1,230 an ounce in New York yesterday. Gold traded little changed above a two week low in London today despite very robust global demand for physical gold.
Gold in U.S. Dollars - 5 Years (Thomson Reuters)
Gold for Swiss storage or for immediate delivery was flat at $1,228.40. Silver for immediate delivery added 0.1% to $17.2285/oz. Platinum rose 0.4% to $1,271.25/oz. Palladium climbed 0.6% to $797.89/oz. It’s up for a fifth day in the longest run of gains since August 15.
Fed watchers continue to see the Fed’s interest rate decision as key to the outlook for gold. It may indeed cause price volatility in the short term. However, global physical demand may again be of more importance to the gold market. This seems likely as interest rates are set to remain low for the foreseeable future.
Asian demand remains strong, especially in India and China.
Volumes on the Shanghai Gold Exchange’s (SGE) benchmark gold bullion spot contract rose to a three week high today.
Gold’s biggest buyer, China, continues to see very robust demand. Imports of gold from Hong Kong rose to a five-month high in September, data showed this week and even more importantly imports ex Hong Kong remain very high as seen in the withdrawals from the Shanghai Gold Exchange (SGE).
Silver in U.S. Dollars - 5 Years (Thomson Reuters)
India saw very high demand for gold for the Hindu festival of Diwali, a major cultural and religious gold buying event.
Central banks remain net buyers too. Russia and Kazakhstan were among nations that substantially added bullion to their reserves in September, data on the International Monetary Fund website showed today.
The U.S. Mint sold 59,500 ounces of American Eagle gold coins so far this month - the most ounces of American Eagle gold coins sold since bullion coin inventory stocking in January (see above).
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The only reason to own physical gold or silver is as a source of money if the fiat currency collapses.
Money is defined as a social contract that creates a medium of exchange and it is a store of value, (labor worked). By this definition gold and silver are forms of money/currency just as Cowery shells were at one time.
One doesn't "invest" in cash, one holds cash as a hedge/ store of value. The trouble with fiat cash as a store of value, is that the government steals 2% of it's value a year, via inflation. Gold and silver bypass the government's avarice... until they think of a way to plunder that too.
well i don't know for US.
but in many countries, there's a sales tax on gold (whether you make a profit or not, you pay a % of the value of the transaction)
then a tax on any capital gain you make on its sale.
any purchase you would make at a big dealer, would be registered and the info transmitted to the tax office...
good luck finding a buyer who doesnt care about registering...he would ask a big discount anyway.
and a lambda buyer would not take risk buying coins which are not registered. sorry but if someone shows me a bar of some yellow shining metal, i wont be able to recognize gold from fools gold and i would tend to trust a registered dealer.
There's no escape in the system. gold is already plundered, and it would be even worse when SHTF.
The only way is to get the f ck out of here...
To put 60k oz in perspective, the US mines 600k oz per month (or 227tons/year per wikipedia, 2013). The US mint uses only gold mined in the US. if 10% of the production is sold in coin form, this is a big deal.
Keep in mind that coins are bought by "poor" middle-class people, while the rich buy 400oz bars, which are reportedly up by 243% in sales this year (I don't know what the actual quantity is).
When the middle class buys 10% of the commodity, this is a big deal. Overall, only 40% of all gold mined is used as investment, the rest is 50% for jewelery and 10% for industrial use)
It's true that some of these coins are exported, and it is also true that the Canadian gold Maple coins are even more popular in the US than the US mint coins (they also carry lower premiums), and that Canada also sells about 60k oz/month, presumably much of this coinage is exported. I think it's safe to assume that the US population buys a lot more than 60k oz per month.
Another fact, the 59,500 oz figure is only for Gold Eagle coins. The Gold Buffalos also set a new record at 21,000oz (16% more than Oct 2013). The total for October so far would be 80,500oz
its a micro-market... 720,000,000$ a month. come on.
Apple does much better than that with its Iphone.
if you want to buy gold below 1200$, you can call your broker today
I would like to have more gold please.
me too, i would like some for free...
but if you don't want to wait for 0$, you can buy some today for less than 1200$
I can only surmise that TPTB are getting panicked.....little trolls here as the above statement almost childish in its logic.
1oz gold 1913 1oz gold 2014 buys the same.
$35USD 1913 $35USD 2014 now buys you fuck all.
Wonder why central banks, the IMF own gold, wonder why China, Russia buying gold at high volume. Wonder why TPTB desperate to short gold and silver to the extremes over the past decades to stop it rising..........
So...here we have another MSM or CB/Fed/TPTB troll.......
its a stupid statement that you are doing.
how much would be worth today 35$ invested (and re-invested) in the DOW. or in a NY apartment ?
even 35$ in 1913 just buying 5Y treasury bonds and rolled over...
please make the calculation and you'll see that gold is not no-brainer
also there is something VERY wrong with holding gold. it is subject to many taxes, a sales tax, or metals sales tax, or capital gains tax.
in some countries, (im not from US) this can be quite high. if gold price ever doubles, because the price of ANYTHING doubles (due to inflation)
BUT *IF* you get taxed 50% capital gain tax, well you've not protected your wealth at all, you're just 50% poorer. the only guy winning is your humble gold broker,
and the tax office.
The *ONLY* real hedge against a USD collapse, is for you to get the F CK out of the US, and go somewhere which will be not (less) affected by the collapse.
now if you say you're buying coins and trying to sell them on the black market when SHTF, well if you're anticipating already to be a criminal, why not be a criminal today, just build your own Madoff fund, or tout gold as a non-risk investment on an internet forum and lure NAIVE people for example. or steal old mummies.
You just lost all credibility with that statement. That gold and silver is heavily manipulated is no longer questioned by anyone. So you are either a Govt shill, or mindless troll.
Things are so fucking risky now that even Greenspan recommends buying gold.
So whose cock are you sucking?
there is no manipulation. Central Banks don't care about a penny stock.
thats what gold is. Gold is a very small market, with very low market cap & turnover compared to bond or currency markets.
I agree CBs were stupid to sell at low prices and they do look stupid. but what do they care ? they can print a few $$$ every minute to make up for those losses.
gold is going down because there are more sellers than buyers now. those selling now are probably those who bought at 1900$, 1800$, 1700$ etc... and facing margin calls. or are just tired to see the price going down when at the same time equities have gone up so much...
Then, IF or WHEN SOMEDAY the Western CB *REALLY* need gold again, don't worry, they won't buy it, they'll just knock at the door, and steal it from you... or just order a hefty capital gain tax on it. as long as gold and gold sales is taxable, it is NOT a currency, and certainly not a way of preserving your wealth.
if gold goes up 10 fold because the price of EVERYTHING goes up 10 fold, and you have to pay 40% CGT on your gold sale, you're just 40% poorer. your gold doesnt buy you more than at the present state.
The only real hedge against USD FIAT collapse, is to get the f*ck out of this country, and find somewhere where people don't care about USD. How about the IS for example ?
if you wanna buy more gold, just call goldcore. theyll charge you a nice brokerage. the price on screen is the real price. you can buy one ounce, or 1 ton, whichever you want. physical or paper as you wish.
the market is not manipulated. only your mind is being manipulated by trash posts on ZH and likewise sites
news is manipulated, libor and fx ditto, but chat says not PM's never can't happen..logic fails - chat if you want to say PM's are way over valued fine, but to state there is no manipulation is on it's face a joke.
libor manipulated ? yes it was manipulated 0.00125% up or down. who cares ? only a few traders and brokers. on the whole, it didn't (and shouldn't) bother those who did swaps for long term hedging purposes.
the staff thanks.
manipulation ? yes it happens, traders all try to manipulate markets, but FOR their profit, and they have no preference, they can manipulate it up or down, as long as they make money. nowadays, when they manipulate prices, and theyve been examples recently on a HF on the Nasdaq trying to move prices on the closing. were talking about a few 0.1% not more.
A guy trying to manipulate the gold price could move it DOWN OR UP (BOTH !) by 1 or 2% - not more - and not more than a few hours at best, probably a few minutes, and if he doesnt know whats hes doing, he might be losing money. Barclays trader who was caught moved the Gold fixing a few % at fixing time because what he lost in the fixing, his client on the derivatives trade lost even more. The day-traders who bet against him made money as Barclays had to cover their position. when this is said and done, the market got on its foot again, with only the retail sucker on the derivatives creamed (thats why nobody should touch those products in the first place, its like giving away money). and the Barclays guy could have done the reverse trade if the client had the reverse as well.
There is no example of long-lasting price manipulation by traders in the metals market, at least on the short side. All manipulators are squeezers like the Hunt Brothers, or the mad trader from Sumitomo.
Let's agree the gold markets were manipulated when western CBs sold their huge stack gold at rock stupid prices 20 years ago. now the markets are on their own. If anything, Eastern Central Banks are manipulating the markets and buying gold. the market is manipulated on the upside, not the downside, at the moment.
The supply/balance of the gold market has not been good in the past few years. its got nothing to do with manipulation and all to do with LONG capitulation.
Believing something else is like believing in Santa Claus or the Tooth Fairy
Your post is worthless.
If you think gold is precious, consider how much all the dan advertising trying to convince people to spend money on something that is no good for anything at all: can you use it to grow anything? no. can you use it to run your biz? no. can you use it for anything? no
worthless tripe and the idiots that believe in them is what gold is. for example, what would you rather have (from above article) Chinese citizenship with a bunch of gold stuck in the ground to "protect" it, or be a US citizen?
EXACTLY. Gold is worthless.
Gold's physical properties make it the best thing to use for money. While it is not a good investment as it does not produce anything, it functions far better as money than any fiat form. One of the biggest advantages under gold being used as money is that the government cannot simply steal from everyone by printing more of it.
Why would anyone outside the evil Federal Reserve dump on gold as worthless?
Definitely worth a lot if you have infinity gold and silver and can sell it to raise dollars.
Goldcore is an idiot, and those listening to him are even more idiots.
Goldcore has posted nearly EVERY DAY for years in ZH saying from 1900$ : "prudent investors will take advantage of the manipulated retreat in gold prices to accumulate physical gold" and now its 1200$ and they've little changed their tune. In hindsight, the prudent guy is the physical investor who SOLD at 1900,1800$,1700$ etc... and took profits up there. now he can starts thinking about where or if to buy now...or wait for 900$
Come on, the only thing people care about here, is whether gold price is going to 900$ or 1500$ next
and with a headline
U.S. Mint Gold Coin Sales Near 60,000,if you do some math, its 60,000 * 1200$ = 720,000,000$ . its like touting a penny stock. thats a tiny monthly turnover. US mint gold sales are on par with bitcoin sales.
eurusd probably trades way more than 1bn every second !
the "market-value" of all existing gold is many times that and how the US Mint sales go, will not affect the direction of gold prices, contrarily to what is the implied message from those headlines that he keeps posting everyday.
Of course! Just time a manipulated market that is insurance and a hedge on the end of the financial world as we know it. Timing manipulated markets is a fool's game similar to the lottery. Yes, if you time any market you can make large amounts of money. Just as if you pick the lucky lotto numbers you can make large amounts of money. If you have money to burn, have fun. Most do not.
Or just spend a portion of your income on buying financial Armageddon insurance in the form of physical gold and silver. This isn't complicated.
You have that right on the meaninglessness of what the costs of production are and the coin and bar sales.
The overhang of gold is hundreds of times any other commodity. The extant gold is easily forty years of current production.
However, that is what makes gold the only commodity that can be used as money.
Anyone notice the huge premiums versus spot prices?
despite those huge premiums, there are idiots to buy coins at a premium... thats why these clients are called "retail"
Read between these lines.
Silver Eagle = 1 OZ silver = $1 face value
Gold Kennedy Half Dollar = 3/4 oz 24 K gold = 50¢
If you want to avoid income tax.
The face value of these gold coins is looking good.
60,000 ounces is almost 2 tons of that yellow shit....
.
In other words, American precious metals investors are still confused, or un-informed…
With regard to silver, the general opinion is that it is tremendously undervalued relative to its former 15-1 ratio to gold. This opinion ignores major factors that have produced a ratio of 71-1. According to various mining reports, 85% of all silver produced is a by-product of mine operations for lead, copper and zinc and a few other metals. In other words, 85% of all silver production for the last 150 years has been done without a corresponding demand for it. On the other hand, only 15% of gold production is a by-product of the same mining operations. Thus, with these market forces, it is only natural that gold would become more valuable than silver
Hence, with this wide-spread belief that silver is underpriced, I think I can safely say that the 71-1 ratio is very conservative. As people become more realistic about the metal, we should see this ratio go well above it present level.
Now, gold: it is tremendously undervalued. There are a number of factors not considered by gold advisers, investors and critics: it is actual collateral for all issued paper currencies (foreign and domestic), and much more. The words, “gold and gold receivables” are listed first on the asset statement of all central banks. It is, for example, 1) collateral for “cash equivalents” that show up on corporate asset statements (as formerly, only “cash” was listed), 2) Mortgage Backed Securities (owned by the FR), 3) US Treasuries (owned by foreign institutions, private and public). All these and more are ultimately collateralized by a piece of paper held by the Federal Reserve and which goes by the name, “gold certificate”; which, in turn, is collateralized by the words, “gold and gold receivables” listed on the asset statement of the US Treasury. The words, “gold receivables” tell you that some, or all, of Fort Knox gold is not where most people think it is.
So, what is a realistic $ price for gold… $7,000… $15,000…?
You may think this will be a wild ride. If you think collateralization, currency equivalents, double-entry bookkeeping and mortgage-backed securities are dull subjects – if you think wishful thinking is a harmless activity – if you think taxes are essential for the development and maintenance – rather than the destruction – of civilization, then, yes, this will be a very wild ride. We are about to study concepts and actions, crimes and fictions that few, if any, others have examined yet relative to their influence on gold.
Instead of using gold as collateral, the dollar, today, is collateralized by US Treasury securities, which carry value only as taxes can be collected against future generations of Americans: a kind of cannibalism. This is a hideous case of wishful thinking. Thus, today, wishful thinking has replaced gold as backing for most of the world's currencies.
It may also be a disturbing study; for, the dollar is the world's reserve currency. It is used as gold once was used: to serve as backing, or collateral, for issued currencies around the globe; in the dollar's case, it serves as collateral for many of the world's major currencies: the Euro, yuan, yen, and a few dozen others are, thus, built on top of the house of cards known as the dollar.
We should ponder the question, 'What happens when men build a global society on houses of cards?'
We should also consider the question, ‘Should we rely on ourselves to provide an alternative… or should we rely on those (Congress) who mandated this house of cards to be imposed on Americans… and the world?’ (Complete article)
Another consideration: as with all houses of cards, the dollar cannot survive: it is inevitable that it should fail, which will take the whole world with it. What happens when this financial slaughter occurs? Historically, guards will be in every bank at the entrance to safety deposit boxes. When a customer comes to visit his box, the guard will look over his shoulder (or push him out of the way); if there are any cash, stocks, jewelry, or precious metals, the guard will take them and he might leave a receipt for them. It will be an exchange of hard assets for a piece of bad paper.
And who will these guards be… native dope heads… or recruited from the ALLIANCE cobbled together by the Red Chinese. You see, when the Chinese took possession of the Panama Canal, they immediately established an ALLIANCE among Mexican and Columbian drug cartels, Chinese Triads, Chinese Communist Party, the Red Army and several US government entities (Congress, Department of Justice, DEA, FBI et cetera). Simultaneously, they smuggled 150 top-level crime bosses into the US thru the Canal. I learned about this from testimony before a congressional subcommittee.
So, why the extraordinary cooperation between the US government and Chinese communists? Is it related to the establishment of the US Department of Homeland Security? The DHS is modeled after French Committees of Terror (1792-4), the Judeo-Bolshevik Cheka (and its successors), and the Nazi Schutzstaffel (SS); all of which were designed to protect criminal and useful-idiot classes from their victims; that is, to suppress those who ask too many questions, or show a trace of intelligence, sense of justice, or independence.
Who better to staff the domestic organ of terror (DHS) than cutthroats recruited from this ALLIANCE? At the proper time, of course.
cut and paste much?
So the chinese will get payback for the Opium wars....
If the Chinese own the US, there will always be a layer of local looking intermediaries. They will not look like drug pushers any more than Wall Streeters look like drug pushers (hmmm, maybe bad example there...).
Yes, bad example... try again?
Historically, local assassins have always been ineffective after one to five (not much more) assassinations.
During the French slaughter, Judeo-Bolshevik monopolists and money lenders had to bring in cutthroats and thieves from several European capitals and Mediterranean ports. During the Russian slaughter, local slaughterers were dysfunctional after no more than a dozen or so; so they brought in felons, Mongols and themselves to administer the shot to the nape of the neck (a procedure they developed: less writhing on the floor and almost no puddles of blood).
Nazis had even greater difficulty when they liquidated only a few Judeo-Bolsheviks. German soldiers' limit was one or two; German felons, 5 or 6.
In America, they will have the same difficulty; they've (Judeo-Bolsheviks), don't forget, have had at least 4000 years experience at the task.
Why else would they (thru commie Chinese) form the ALLIANCE among Mexican and Columbian drug cartels et cetera?
Perhaps they will entertain us during halftime at the next Super Bowl?
I would point out that the ECB holds gold as it's #1 line asset but with a difference. European CB gold is marked to market.
Consider what would happen to that balance if the dollar lost (all) value. The #2 asset (treasuries) would go to zero but their 10,800 tons of gold would be worth infinite dollars. The Euro will survive dollar destruction.
Say what you will about the EZ and the socialist, impossible schemes of Italians, French and even zee Germans, the currency will survive.
Ah, you need to do more research.
To join the ECB, a country has to deposit a fixed amount of reserves with the ECB; it is required to be 15% gold and 85% foreign currency (limited to dollar, yen, swiss franc or English pound government bonds). Further, the first item on their asset statements is the phrase “gold and gold receivables”. This means they have loaned their gold into the gold carry trade. Is one half left… one tenth… none? (See, What Price Gold… $7000…?)
If the dollar is a house of cards, currencies built on top of it are also houses of cards, squared.
No, the Euro will fall with, or before, the dollar.
Longest... post... ever...
No wonder there is so much confusion.
really smart money takes delivery.
All the facts and charts in the world are meaningless. The only things that matter regarding the gold price are confidence in the currency and the ability of the powers that be to manipulate/short gold at will. Until these 2 things change all the logic and reason applied to the gold price now or in the future can be ignored.
That being said...buy gold.
Manipulation won't change, they're making $$ off it.
Currency won't fall, EU and Japan "QE". Nov 30 the vote on Swiss return to (semi) gold standard could alter things.
But, Until the other world powers can cause a rise in gold price against the manipulation efforts, it's level to down with gold price.
DUST, 3 X gold miners bear.
Miners all losing $/share and projecting down.
you're an idiot. there is no manipulation on gold.
if it was so easy to make money on gold being long, every clever guy would already have bought some, and get rich with it...
probably everybody who thought they were clever bought in the last 2 years, and now theres a lack of buyers even at 30% discount to the price of 2 years ago...
I say buy both silver and gold in the form of coins and bullion. It also would not hurt to diversify your stack with different denominations. Tenths and quarter gold coins along with quarter silver rounds or junk silver dimes and quarters is a wise move. I also like that 50 gram CombiBar.
Gold Bars all the way. http://www.bgasc.com/category/1-oz-gold-bars
Silver 10oz if you dont like gold http://www.bgasc.com/category/10-oz-silver-bars-all-brands
And then load up on your "Hedge" http://www.classicfirearms.com/yugo-m70abm-milled-rifle-semi-auto762x39