Author Archives: Everett Millman

Possible New Dollar Coin Series Clears First Hurdle

January 21st, 2018 by

When it comes to using new designs on American coins, the United States Mint is known for having a conservative approach.

The evidence is obvious: Most U.S. coin designs don’t change with any frequency.

The Roosevelt dime, for instance, has remained unchanged since it first appeared in 1946. The Jefferson nickel (1938) and Washington quarter (1932) both debuted in the 1930s and saw very little variation until the 21st century. Although the Lincoln penny got a new reverse design in 1959 (and again in 2010), it has also been largely the same since it was introduced in 1909.

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Precious Metals Consolidate as Dollar Rises

January 17th, 2018 by

A slightly stronger U.S. dollar knocked the precious metals modestly lower on Wednesday.

Technical traders are following a consolidation pattern in gold after the metal recently ran up to four-month highs. The gold price was down slightly (-0.15%) to $1,336 per ounce in early trading.

Gold is up 5.75% over the course of the last month, leading to some profits being taken off the table.

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charting gold price

Gold Price Falls Near Support at $1,330

January 16th, 2018 by

charting gold price

Technical considerations drove the precious metals lower on Tuesday morning.

The gold price responded to some profit-taking after reaching a four-month high during yesterday’s session. Spot gold lost $5 (-0.4%) to $1,334 per ounce as the yellow metal is testing whether support at the $1,330/oz level will hold.

However, there are still a growing number of investors and speculators going long on gold according to the Commitment of Traders (COT) report.

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Spot Gold Rises On MLK Day

January 15th, 2018 by

The precious metals posted solid gains on Monday morning as the dollar sank to a three-year low. The dollar headed for its fifth straight weekly decline even as U.S. markets are closed in observance of Martin Luther King Jr. Day.

Spot gold was up almost 0.3% to about $1,340 an ounce, another fresh four-month high. Spot silver rallied 0.7% (+12¢) to $17.32/oz, its highest since the middle of October.

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Staggering Cache of Chinese Copper Coins Found

January 14th, 2018 by

The discovery of an ancient coin hoard is among the most exciting encounters an archaeologist can hope for.

More often than not, hidden caches of ancient coins come from the Roman Empire. This makes sense given the sprawling territorial reach of the Ancient Romans. However, those of us in the West sometimes overlook the rich ancient and medieval history of another astounding civilization in China.

Make no mistake: researchers are still finding ancient Chinese coins in huge numbers!

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Gold Price Pares Gains After CPI Rises

January 12th, 2018 by

The precious metals traded higher on Friday but pared their gains after consumer prices and retail sales were reported in the U.S. this morning. The gold price still inched higher to $1,328/oz in early trading while silver prices were back up 11¢ (+0.6%) to $17.07/oz.

Platinum and palladium each rallied to close out the week: platinum rose 0.9% to $990/oz and palladium surged 2.2% to $1,100/oz. Even if prices fail to hold their ground in positive territory by the closing bell, this will mark the fifth straight week of gains for the gold market.

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Hawkish ECB Helps Lift Gold Prices

January 11th, 2018 by

The release of last month’s meeting minutes of the European Central Bank (ECB) and weekly jobless claims in the U.S. helped lift gold prices on Thursday at the expense of the dollar. Spot gold added $5 (+0.4%) to trade near $1,322/oz. The silver price was mostly flat at $16.97/oz. In the meantime, the Platinum Group Metals continued to move in opposite directions. Platinum jumped 1.2% to $982 an ounce while palladium slid back down to $1,073/oz.

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Gold Reclaims $1,320 Level Amid Bond Meltdown

January 10th, 2018 by

The precious metals joined other commodities in moving higher on Wednesday morning thanks to a sharp drop for the U.S. dollar and a massive sell-off of bonds. The gold price was up about $6 (+0.5%) to $1,319/oz in early trading after touching above the $1,320 mark. Spot silver added 9¢ (+0.5%) to trade at $17.03/oz. Platinum regained its footing at $970/oz but palladium went the opposite way, falling $6 (-0.55%) to $1,088/oz.

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balance of gold and dollar

Stronger Dollar Knocks Gold Lower

January 9th, 2018 by

balance of gold and dollar

A modest rally for the U.S. dollar sapped some of the momentum from the precious metals on Tuesday morning. Spot gold fell $7 (-0.55%) to $1,312/oz while the silver price gave back two-thirds of a percentage point (-11¢) to fall below $17 an ounce. Platinum was mostly unchanged at $970/oz but palladium rallied above $1,100/oz, a new all-time high.

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Winklevoss Twins Bitcoin Folly

January 8th, 2018 by

Cameron and Tyler Winklevoss are a pair of Harvard-educated Olympic rowers who gained notoriety by successfully suing Mark Zuckerberg, the founder and CEO of Facebook, for essentially stealing their intellectual property while the three attended college together. (A dramatized account of how this legal battle began was portrayed in the film The Social Network.)

Now they are better known for their massive investment in bitcoin.

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Debt Around the World Hits All-Time High

January 7th, 2018 by

The financial news regularly focuses on day-to-day happenings such as earnings reports, central bank meetings, and the recent overhaul of the tax laws. This “breaking story” mentality is not entirely surprising; it’s the nature of news.

However, amid the rush of new things to report, one ominous problem looms in the background and receives comparatively little attention: the ever-rising tide of global debt.

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Gold Outlook Strong for 2018

January 6th, 2018 by

The momentum in the gold market has swung decisively back in a positive direction over the last several weeks. Gold prices fell below $1,240 per ounce in early December before rebounding in earnest. Through the first few days of 2018, gold prices have flirted with the $1,320/oz level.

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Gold Rebounds After Profit-Taking

January 4th, 2018 by

Gold saw some profit-taking on Thursday morning but recovered when trading opened in New York. The selling was hardly unexpected after a two-week rally for the precious metals. Gold prices fell as low as $1,309/oz early this morning but traded back above $1,315/oz at the time of writing.

Spot silver likewise rose when the trading session in North America began, returning to $17.16/oz—back where it started yesterday morning. Platinum was up 0.4% to nearly $960/oz and palladium rallied another 1.6% to break past $1,095/oz. After an impressive rise of more than 50% over the course of 2017, palladium has come out of the gates strong in 2018.

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Precious Metals Hold Firm On Wednesday

January 3rd, 2018 by

The precious metals continued to ride positive momentum into the new year, although the markets opened mixed on Wednesday. Spot gold initially traded slightly lower but recovered to unchanged around $1,317/oz shortly after the opening bell. Spot silver was likewise unchanged, hovering just above $17.15/oz.

Platinum rose 0.85% to $950/oz while palladium slipped $5 (-0.45%) back to $1,080/oz.

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