Author Archives: Everett Millman

bull-market

Precious Metals Rise, Stocks Dip

February 27th, 2017 by

©: alexis84 / 123RF Stock Photo

©: alexis84 / 123RF Stock Photo

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.

Spot gold was slightly stronger, poking 0.15% above unchanged to $1,258/oz. Silver prices hit a 4-and-½-month high of nearly $18.40/oz, up 0.25%.

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Exonumia That Pops

February 26th, 2017 by

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.

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gold_bull_up

Gold Price Eases From 14-Week High

February 24th, 2017 by

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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.

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auto sales car discounts

Toyota Puts Brakes On Platinum, Palladium

February 23rd, 2017 by

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.

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silver manipulation

Appeals Court Overturns JPMorgan Silver Rigging Decision

February 21st, 2017 by

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.

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dominant_dollar

Gold Price Slips On Strong Dollar

February 21st, 2017 by

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.

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The Government’s New (Old) Funny Economic Numbers

February 20th, 2017 by

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.

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©: abluecup / 123RF Stock Photo

Precious Metals Nudge Higher

February 20th, 2017 by

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.

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Pile-of-Franklins-100-dollar-bundles

$20 Million Found in Mattress

February 19th, 2017 by

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!

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dollar

Hollywood “Fake Cash” Keeps Popping Up

February 18th, 2017 by

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!

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Roman gladiator bread and circuses

A Tale of Two Empires: Bread and Circuses

February 16th, 2017 by

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.

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stacking-gold

Gold Price Climbs Again

February 16th, 2017 by

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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.

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chase for yield

Precious Metals Down While Stocks Rally

February 13th, 2017 by

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.

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stack of barber dimes

Barber Dime Sells for Almost $2 Million

February 12th, 2017 by

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!

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basketball gold coin

Kareem Abdul-Jabbar Joins CCAC

February 11th, 2017 by

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.

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Egyptian Gold Mining Eyes Rebound

February 6th, 2017 by

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.

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