Author Archives: Everett Millman

British Gold Sovereign coin

Astounding Gold Coin Collection Goes to Auction

July 21st, 2017 by

It’s always exciting when a longtime collector of coins decides to bring their entire numismatic portfolio to auction. With the most legendary coin collections—such as the staggering Pogue or Newman ensembles of U.S. coins—the sale is not just broken into many separate lots for bidding. They must in fact be split into several separate days of auctions.

An historic collection of modern and medieval British gold coins acquired over 40 years by the same collector is about to come up for auction in the U.K., although it’s not quite that massive: Just one day is allotted for its sale!

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silver bullion

Silver Eyes Rebound in Q3

July 20th, 2017 by

There hasn’t been a great deal to report about the silver market this summer—at least nothing new. The precious metal has experienced price fluctuations throughout 2017 to be sure, but nothing suggestive of a clear direction for the market over the longer term.

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gold bars and gold coins

Spot Gold Slips Slightly on Thursday

July 20th, 2017 by

After slipping when markets opened on Thursday, the gold price rebounded to just below unchanged at $1,240/oz this morning, losing less than a dollar. The U.S. dollar was similarly about 0.1% in the red this morning, erasing steep overnight gains after a significantly lower number of weekly jobless claims numbers were reported. Spot silver lost just 2¢ to trade at $16.24/oz. Platinum was similarly unchanged this morning while palladium sank 1.4% to fall below $850/oz.

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world-gold-257x300

LME Seeking Rivalry with LBMA?

July 19th, 2017 by

When it comes to trading gold futures, there’s literally no place on Earth like London. While the commodities exchange (COMEX) division of the New York Mercantile Exchange (NYMEX) is the world’s second-largest platform for trading gold futures, it is a distant second place. Based on the volume of gold contracts traded, the London gold market is 40 times bigger than the one in New York!

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charting gold price

Gold Price Recovers Early Losses

July 19th, 2017 by

charting gold price

On Wednesday morning, spot gold recovered from negative territory, poking its nose back above $1,242.50 per ounce to trade near a three-week high. The persistent slump for the U.S. dollar has no doubt helped the precious metals, but it’s also providing some support for higher stock prices given the benefit a weaker currency poses for exporters. Spot silver similarly gained less than 0.1% on Wednesday as it approached $16.30/oz, while platinum and palladium were more quiet in early trading.

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(photo: Jason Baker (Flickr) [Creative Commons CC BY 2.0] )

The Rush to Gold Vaults

July 17th, 2017 by

There is a growing trend spreading like wildfire across the investing community as more and more signs point toward a possible market disruption in the near future.

It’s not simply a rush to safe havens like gold; it’s a veritable gold rush of storing precious metals in vaults.

The Essentials of Storage

Many people who are accustomed to investing in paper assets like stocks or bonds are unfamiliar with the critical importance of storing a tangible asset. Like a boat, car, or other large physical asset one can own, you’ve got to have some place to keep it!

Vault at the New York Fed

Vault at the New York Fed

In the case of a purely financial asset like gold—i.e. your bullion can’t really propel you to work at 50 mph—it is especially important to ensure that it is not vulnerable to theft or other such liabilities. In the same way that you might store a family heirloom like jewelry or fine silverware in a storage facility, safe deposit box, or a home safe, owning precious metals carries the responsibility to safely store and insure your gold and silver.

Many high-end investors that can diversify a portion of their portfolio into gold have found that leaving their gold unaccounted or, worse still, vulnerable to some type of theft is beyond rational comprehension. This is why, according to reporting by Thomas Seal and Eddie van der Walt for Bloomberg Newsso many are now making sure they secure their metals in a vault, whether they are holding gold as a long-term inflation hedge or as a temporary safe harbor from market volatility. This is happening across North America, Europe, and even places like Singapore.

Considering that an ounce of gold costs over $1,230 at the time of writing, paying a comparatively negligible fee to keep that gold or silver safe and secure seems like a no-brainer. It’s like that $2 warranty you can take out on your television or cable modem; some see it as trifling, but allocating just that little extra money now could save you much, much more down the road.

(photo: Jason Baker (Flickr) [Creative Commons CC BY 2.0] )

(photo: Jason Baker (Flickr) [Creative Commons CC BY 2.0] )

In many cases, someone cannot use their gold as collateral or include it in their individual retirement account (IRA) unless it is stored in an authorized depository—meaning a legitimate vault that meets certain standards. Keeping your gold stored in an authorized depository or vault facility is one of the most important steps anyone who holds a significant amount of precious metals can take to secure their wealth for the long haul.

It is highly recommended that gold buyers also seek a secure and trusted storage facility to hold their metals, alleviating the vulnerability of keeping such a valuable asset in one’s home while also helping mitigate the risk of theft.

 

The opinions and forecasts herein are provided solely for informational purposes, and should not be used or construed as an offer, solicitation, or recommendation to buy or sell any product.

pile-of-gold-rally

Gold Rallies to 2-Week High

July 17th, 2017 by

pile-of-gold-rally

After threatening to tumble to fresh lows for much of the last two weeks, the precious metals carried over their rally from Friday and traded solidly higher again on Monday. Spot gold was up almost $6 an ounce this morning to $1,234.30/oz, or roughly 0.5% higher. This marks a two-week high for the yellow metal. Meanwhile, spot silver added 16¢ (+1.00%) to trade at $16.12/oz.

Platinum added 1%, as well, to approach $930/oz while palladium was unchanged around $855/oz.

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crusty_romans

More Ancient Roman Coins Found In Spain

July 16th, 2017 by

Coins from the bygone empire of Ancient Rome are found all around Europe, Northern Africa, and the other parts of the world where the conquest of the Romans spread. Spreading its commercial empire was one of the many ways in which Rome expanded its borders and grew its empire’s wealth.

Today, we are left with only the remnants of that mighty empire. Yet when a hoard of them are discovered, it’s always big news in the archaeological, anthropological, and numismatic communities.

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©: abluecup / 123RF Stock Photo

Gold Bounces Off Lows

July 11th, 2017 by

With market conditions still appearing bearish for gold, the yellow metal managed to rebound from its overnight lows. Around 9:45 am ET, spot gold was trading at $1,211.50 an ounce in New York while spot silver was up 2¢ to $15.66/oz. Both platinum and palladium each lost a little ground in early trading, bringing the historically thin spread between the two metals even closer.

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hacker-1500899_640

Another Bitcoin Exchange Hacked

July 9th, 2017 by

In another blow to the rising star of Bitcoin and other cryptocurrencies or blockchain platforms like Ethereum, one of the world’s largest Bitcoin exchanges was victimized by hackers, with a significant number of digital “coins” stolen.

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non-farm-payrolls

Gold Sinks on Nonfarm Payrolls

July 7th, 2017 by

A far better-than-expected nonfarm payrolls report by the Department of Labor this morning sent the precious metals tumbling yet again on Friday. Spot gold sank all the way down to $1,217/oz, its lowest in nearly four months, while spot silver lost 1.5% to trade below $15.80/oz. Platinum and palladium were each down slightly less than their cousins, losing 0.2% and 0.6%, respectively.

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payroll-target

Gold Price Rebounds After ADP Payrolls

July 6th, 2017 by

After sinking in overnight trading, the gold price rebounded enthusiastically on Thursday morning following the release of the ADP private payrolls just before markets opened in New York. The yellow metal was down just $1 this morning to recover from its earlier losses. Spot silver was still down about 8¢ per ounce, sliding nearly 0.5% to $16/oz even. Platinum was down slightly while palladium sank further, shedding 1.2%.

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gold-prices-lower-down

Precious Metals Continue to Slide

July 5th, 2017 by

gold-prices-lower-down

Following the 4th of July holiday, the precious metal prices continued a slump that dates back to last week but became especially dramatic on Monday. Spot gold only slipped about 0.1% this morning before turning positive to move back above $1,220/oz, recovering slightly from its lowest level in over three months. Meanwhile, spot silver was down far more sharply, losing 1.1% to threaten to fall below $16 per ounce for the first time this calendar year.

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