Equities in the U.S. and around global exchanges traded in negative territory on Monday, apparently carrying over the downward bias shown on Friday. The precious metals, meanwhile, were all higher in early trading, led by the Platinum Group Metals.
Many people collect gold and silver items that incorporate medallic artwork but are not technically coins. More obscure than numismatics proper, this field of exonumia offers a rich diversity of styles. Exonumic items are often historical in nature, which also ties them closely to coin collecting.
The precious metals looked to end the week on a positive note after continuing to rally the past several trading sessions. Spot gold briefly touched as high as $1,260/oz overnight before moving back to about $1,255/oz due to some profit-taking this morning. The yellow metal is still trading about $5 per ounce higher in New York.
Meanwhile, both Platinum Group Metals added over 1% while spot silver rose 12¢ an ounce to break above $18.25/oz. This represented 14-week highs for both gold and silver.
Platinum and palladium are grouped together with the precious metals, and they certainly enjoy a modest level of demand from investors looking for the diversity of a tangible asset. However, these two commodities are also appropriately classified as industrial metals—the primary industry using them being the manufacture of automobiles.
When it comes to suffering the consequences for manipulating the price of silver to its advantage, banking stalwart JPMorgan is not entirely in the clear yet.
Silver Price Manipulation
An appellate court in New York has ruled that the years-long case against JPMorgan for rigging the silver market can go forward, reversing the previous decision by a U.S. District court to dismiss the case.
The U.S. dollar is once again resuming its dominance, knocking the precious metals lower during early trading on Tuesday. With the U.S. dollar trending more than 0.5% higher against a basket of its peer currencies, the spot market for gold and silver saw strong selling this morning. Spot gold was down about $6 an ounce to $1,228/oz while spot silver lost 10¢, or 0.6%, to trade at $17.85/oz.
However, gold and silver largely recovered their losses later in morning trading, as gold jumped back to $1,234/oz, just below unchanged, while silver actually added 5¢ an ounce to $18/oz.
There has always been a class of contrarian investors who boldly believe that the economic data published by government agencies, such as the much-maligned Bureau of Labor Statistics (BLS), is faulty. Whether this inaccuracy is through incompetence or conscious design is up to interpretation.
Even though the Trump administration has wasted no time in shaking up Washington, one area where the executive branch may continue to err is in reporting “funny” economic numbers by tweaking the definitions and measurement methods used in the collection of this data.
Monday morning saw the precious metals continue to steadily track higher, catching the markets a bit off guard. Given the fact that interest rates have been forecast higher, most observers have been expecting a stronger dollar to knock gold prices lower. However, spot gold opened about $3 higher to $1,238 per ounce around 9:30 am in New York. Spot silver gained roughly 0.2% to remain above $18/oz.
People of a certain generation will sometimes choose to eschew a checking or savings account at a bank for their own “in-house” form of saving their money: stuffing cash in the couch. Although the rapid changes of the Digital Age have made electronic banking and even online or mobile banking more convenient for Millennials, many Baby Boomers and Gen Xers still trust the oldest storage option in the books.
However, a recent investigation by federal authorities in Brazil uncovered perhaps the most lucrative such “personal savings account” in the box spring of a mattress, totaling some $20 million in cash!
There’s a great deal of talk about “fake news” in the media these days, but we don’t as often hear about the growing pandemic of fake money.
Rather than a concerted effort by determined ne’er-do-wells, this recent spate of incidents involving fake money is actually a case of Hollywood not taking better care of its props!
If so much turmoil and instability was brewing beneath the surface of Ancient Roman society even before Augustus declared a new imperial order, how did the empire survive for centuries before finally succumbing to outside invaders? This somewhat puzzling paradox lies at the heart of the practice of “bread and circuses.”
“Bread and circuses” is a famous reference to the way the Roman elite could pacify and distract the masses through cheap food and diversions (“panem et circenses,” meaning “bread and games” or “circuses” in Latin). The phrase is originally attributed to the Ancient Roman poet and satirist Juvenal (Decimus Junius Juvenalis), who lived from about 55 CE to 127 CE.
The precious metals were all trading in positive territory on Thursday morning even as the stock markets have been rallying this week. Hawkish comments from Fed Chair Janet Yellen have also placed downward pressure on gold, but that hasn’t stopped the yellow metal from stacking up yet another trading day in the green.
Spot gold opened over $7 per ounce higher to $1,240/oz at 9:30 am EST in New York. Spot silver was also about 0.7% higher, trading slightly above the $18/oz mark. Meanwhile, the platinum price was 0.6% higher at $1,015/oz and spot palladium moved above $790/oz.
Gold, silver, and the precious metals were all down modestly when markets opened in New York on Monday. Global equities rallied virtually across the board, with stocks in Europe trading solidly in the green: Germany’s DAX rose 1.1%, France’s CAC 40 gained 1.5%, and the EURO STOXX 50 added 1.2%. Asian shares closed up overnight, with the Shanghai Composite rising 0.63%. Wall St followed the rest of the world’s indices higher, opening up about 0.4%.
By 10 am EST, spot gold lost about 0.8% while spot silver shed 13¢, or about 0.7%, sending the metals to $1,222/oz and $17.80/oz, respectively. Platinum prices fell about 1.6%, trading shy of $1,000/oz. Palladium lost roughly 1% but has still been literally a hot commodity so far in 2017, rising over 13% year-to-date.
Is there still any wonder as to how Heritage Auctions’ has maintained its status as the largest collectibles auctioneer in the world? The auction house managed to bring in $192 million last year, dwarfing the combined total of all other American numismatic auction houses. One of the biggest draws of 2016 was an especially attractive 1894-S Barber dime which sold for nearly two million dollars!
Although the Citizens Coinage Advisory Committee (CCAC) doesn’t get a great deal of attention, the volunteer committee that helps choose new U.S. commemorative coin designs is about to get an injection of star power: Basketball Hall-of-Famer Kareem Abdul-Jabbar has accepted a position on the committee. In addition to his instant name recognition (and unmistakable 7’2″ frame!), the sports legend brings his lifetime love of coin collecting to the job.
Gold and silver joined the other precious metals by falling into negative territory when markets opened in New York. A firmer dollar helped push gold prices lower, shedding about $5 per ounce to trade just above $1,230/oz. Spot silver only lost 2¢ (-0.11%), holding near $17.70/oz. Platinum and palladium each lost about 0.6% in early trading.
For the most part, the world’s most valuable gold deposits have all been tapped already. They are currently being exploited, or development on a new project has already begun. Yet one of the planet’s traditional sources for gold mining, Egypt, has largely deterred large-scale gold mining due to burdensome government policies.
Now, however, the Egyptian mining industry is looking to make a rebound to its former days of glory.
The precious metals opened solidly in the green in early trading on Monday, pushing spot gold up to nearly $1,230/oz, already its best intraday high in ten weeks. The rally was mostly attributed to safe-haven buying and investors following technical indicators in gold’s favor. Spot silver added about 12¢ per ounce to trade near $17.70/oz.