Author Archives: Everett Millman

Source: ecns.cn

Alaskan Tlingit Body Armor Made of Coins

September 23rd, 2017 by

There are two interesting qualities about coins that have held true throughout history but are often overlooked: Coins have come in all sorts of interesting shapes and sizes—this is still true today—and, ultimately, what we do with our coins is in the hands of the beholder.

For collectors and investors, this second fact may seem quite foreign. What on Earth would someone do with coins other than spend them or collect them as historical artifacts? The answers offer an intriguing glimpse into the great diversity of the world’s cultures and the boundless creativity of the human mind.

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©: abluecup / 123RF Stock Photo

Up and Down Trading For Gold

September 22nd, 2017 by

©: abluecup / 123RF Stock Photo

©: abluecup / 123RF Stock Photo

After plunging in the wake of Wednesday’s meeting of the Federal Reserve, gold was sharply higher in early trading, again testing the $1,300/oz level that has flipped from support to resistance. However, spot gold was only up about $5 by the time action got going in Western markets, trading above $1,295/oz.

Spot silver crept 2¢ per ounce higher to $16.95/oz while platinum lost 0.3% to $933/oz. Palladium was slightly above unchanged at $909/oz.

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hawk

Gold Price Falls After Hawkish Fed

September 21st, 2017 by

Investors generally judged yesterday’s announcement from the Fed Open Market Committee (FOMC) to be hawkish, as the central bank pledged to begin the process of reducing its $4.5-trillion balance sheet. There was no movement on interest rates at the September meeting, however.

gold-prices-lower-down

The resulting market action was a bit of a sell-off for the precious metals, since the Fed decision signals greater confidence in the economy going forward. Spot gold fell to $1,290/oz when markets opened this morning, the first time the yellow metal has been below $1,300 this month. Spot silver lost 1.6% to trade at $16.85/oz. Platinum also tumbled 1.3% to $930/oz but palladium mostly held its ground at $905/oz, significantly tightening the spread between the two sister metals.

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Chair Yellen taking questions. (Photo: Federal Reserve)

Spot Gold Pauses On Fed Day

September 20th, 2017 by

Chair Yellen taking questions. (Photo: Federal Reserve)

Chair Yellen taking questions. (Photo: Federal Reserve)

Virtually all activity in the markets, including the precious metals, will be governed by one fact on Wednesday: it’s Fed Day. Analysts are mostly split on what the central bank will do, making it essentially a 50-50 shot that the Federal Reserve will raise rates another 25 basis points at either this meeting or in December. (Very few expect to see a rate hike at both.) The announcement of the Fed decision will come at 2 pm ET, followed by a much-awaited press conference where Chair Janet Yellen will speak around 2:30 pm.

Spot gold traded higher overnight but fell back to about $1,311/oz this morning when markets opened in New York. Meanwhile, spot silver lost 4¢ (-0.25%) to trade at $17.23/oz. Platinum slipped by 0.5% and palladium traded virtually flat, right at $900/oz.

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© Alexmoe | Dreamstime.com

Spot Gold Higher In Choppy Trading

September 19th, 2017 by

© Alexmoe | Dreamstime.com

© Alexmoe | Dreamstime.com

The precious metals were mixed in early trading, with gold and silver slightly above unchanged and the Platinum Group Metals losing considerable ground. Spot gold was fairly volatile on Tuesday morning, but stabilized around $1,309/oz, slightly in positive territory. The silver price similarly rebounded back to above unchanged at $17.20/oz after opening lower. Platinum slid by about 1% and palladium staggered nearly 3% into the red.

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jamie dimon JPMorgan

JPMorgan CEO Dimon Talks Down Markets

September 18th, 2017 by

Much the same way that prominent politicians can shift a national debate or bring an issue to the forefront of the public’s mind, major players in the financial markets can use their bully pulpit to influence market movement.

Jamie Dimon, the well-known CEO of the massive bank JPMorgan Chase & Company, has never been shy about putting this tactic to use.

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gold-prices-lower-down

Gold Price Tumbles To Begin Week

September 18th, 2017 by

Gold prices hit a stumbling block on Monday morning as investors chose instead to pile into stocks, sending safe havens such as the precious metals into retreat. Spot gold fell about $9 per ounce to $1,311.50/oz this morning, failing at an apparent resistance level at $1,325 per ounce. The silver price slumped as well, trading 1.3% lower (-22¢) to $17.32/oz.

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stacking-gold

Gold Price Meets Resistance at $1,330/oz

September 15th, 2017 by

stacking-gold

Despite some disappointing retail sales numbers in the U.S. released this morning, gold prices (as well as the other precious metals) were struggling to break into positive territory on Friday. Spot gold was down roughly 0.4% to $1,323 per ounce in early trading, recovering a bit from an initial tumble when the market hit a road block at the $1,330/oz level. Spot silver fell almost 0.8% to below $17.65/oz while platinum (-1.5%) and palladium (-0.75%) each trended lower.

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inflation

Spot Gold Holds Above $1,320/oz

September 14th, 2017 by

precious-metals

After the precious metals trended lower on Wednesday, the markets woke up a bit on Thursday, with slightly more volatile action for the gold price. Spot gold bounced up and down this morning before trading around $1,324/oz, slight above unchanged from yesterday’s close. Spot silver was still 2¢ lower to $17.72/oz. Palladium lost 0.75% while platinum was flat at $980/oz.

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ellis-island-ATB

Ellis Island 5 oz Silver America the Beautiful Quarters Sell Out

September 12th, 2017 by

Every three months, the coin collecting community anticipates with great excitement the release of the U.S. Mint’s new America the Beautiful (ATB) coin design. These designs, which celebrate the country’s historic sites and national parks, don’t only appear on circulating quarters but are also used for popular five-ounce silver bullion coins.

The level of anticipation is made obvious by the fact that the mint’s newest issue in the ATB series honoring the Ellis Island Monument in New Jersey has already sold out at the mint!

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gold rally

Gold Market Cools Off After Irma

September 12th, 2017 by

After a weekend where much of the country was glued to their television screens to watch the progress of Hurricane Irma through Florida, much of the state is returning to some sense of normalcy as clean-up and recovery efforts begin in earnest. Some areas are still without power, and while most of mainland Florida survived with only minimal upheaval, the Caribbean islands and Florida Keys were hit hardest by the storm, sustaining a great deal of damage during Hurricane Irma.

gold rally

With the storm continually weakening and moving north, investors attention is returning to regular activity in the markets. The gold market has cooled off since last week, sending spot gold below $1,330/oz on Tuesday morning. Spot silver was flat at $17.75/oz in early trading. Platinum lost 0.8% while palladium was up by roughly the same margin.

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searching

17th-Century Arab Silver Coins . . . In New England?

September 10th, 2017 by

In the new North American colonies beginning to take shape in the late 17th and early 18th centuries, piracy at sea—our classic notion of a “pirate”—played a surprisingly important role in sustaining the New World economy. The period from the middle of the 17th century to 1730 is actually known as the Golden Age of piracy, or privateering, in the Atlantic Ocean and Caribbean Sea.¹

pirate

In fact, these pirates of the Atlantic sometimes intercepted vessels that had ventured from as far as the Indian Ocean, which brought them into contact with Arab peoples of the Mughal Empire near the East Indies. We know this to be very likely thanks to some incredible discoveries of coins in New England.

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ancient coins Lincolnshire

Iron Age Gold and Silver Coins Found In Lincolnshire

September 9th, 2017 by

It’s not altogether uncommon for small amounts of medieval treasure to be found in the United Kingdom in general and the city of Lincoln (located in the county of Lincolnshire) in particular. For a jealous outside observer—the author is guilty as charged—it can seem like fields in Lincoln are littered with the stuff, beckoning from just a few centimeters beneath the dirt.

ancient coins Lincolnshire

Photo: courtesy of Sean Scargill

There are not merely an astonishing number of artifacts and coins from England and Scotland’s more recent numismatic past that pop up in Lincolnshire: coins from as far back as the Roman conquest of the British Isles have now been discovered near a Roman burial ground in Riseholme.

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american gold eagles

Gold Withstands Profit-Taking On Draghi, Irma

September 7th, 2017 by

Between cautiously dovish comments from the head of the European Central Bank (ECB) to the massive storm in the Caribbean headed toward the East Coast of the United States, the precious metals continued to rally on Thursday morning. Each of the metals have withstood a heavy (but unsurprising) bout of profit-taking to quickly reclaim all of Wednesday’s losses late in the afternoon.

Spot gold recovered by about 0.5% to $1,340/oz, near a one-year high, in early trading in New York. Spot silver also rebounded back to where it had opened for much of the week, right at $17.95/oz. While the regaining of lost ground for the precious metals has been swift, one must expect a fair amount of traders selling their gold for profit in light of this kind of extended rally: gold prices are up over $80 (+6.4%) in the course of the last 30 days.

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© scanrail / 123RF Stock Photo

Gold Price Tests $1,340/oz Level

September 6th, 2017 by

The precious metals were steady in early trading on Wednesday, as spot gold opened virtually flat at $1,339 per ounce. There has been speculation about why the metals have rallied of late, with a range of different opinions (all of which sound fairly convincing!), from monetary policy to geopolitical strife to an old-fashioned run toward safe havens.

Platinum and palladium were mixed for the second straight session, though the former still held above $1,000/oz. Spot silver rose 0.4% this morning to trade at $17.93/oz.

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gold_bull_up

Gold Pushes Above $1,330/oz

September 5th, 2017 by

gold_bull_up

Gold was higher in international trading yesterday, notching as high as $1,337/oz. Of course, this didn’t show up in the New York markets, which were closed due to the Labor Day holiday on Monday. When things got back to business as usual on Tuesday, spot gold opened just slightly below unchanged at $1,333/oz.

The spot silver price and platinum price were both essentially flat at $17.90/oz and $1,005/oz, respectively. Palladium advanced better than 1% to $980/oz.

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