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.
As second-quarter earnings on Wall St are beginning to be reported, U.S. markets opened mixed on Monday. The precious metals fared worse, though spot gold was down just 0.2% to $1,210/oz this morning.
Meanwhile, spot silver continued to tumble, losing almost 2% to trade 30¢ per ounce lower at $15.27/oz. Platinum and palladium each lost over 1%.
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.
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.
The roll-out of the Royal Mint’s new £1 coins has not been without its hiccups. The country’s first dodecagonal (12-sided) coins, which are also bimetalic, offer consumers a slew of new anti-counterfeiting features.
However, the introduction of this new design naturally means that something must be done with the old £1 coins.
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%.
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.
One of the greatest problems of national importance—and literally of national security concern—is the ever-growing level of U.S. debt. It’s the looming problem, the proverbial “elephant in the room,” that never gets addressed. Our policymakers simply kick the can down the road on the debt issue every time.
However, even more than eight years after the financial crisis hit, the problem of overwhelming debt is now manifesting on the state level.
A rebound for the U.S. dollar helped push gold prices lower when markets opened on Monday, as the precious metal all lost ground in early trading. Spot gold fell below $1,230 an ounce after losing 1%, while spot silver tumbled even farther, losing 2% to slip below $16.30/oz.
Platinum and palladium gave up 1.7% and 0.6%, respectively.
Late last year, a fantastic cache of gold coins dating to the late Roman Empire were found in the heart of the Netherlands in the central province of Gelderland.
Regrettably, all war involves destruction and theft of the losing side. Thus it’s no surprise that the aftermath of the Second World War was one of the greatest transfers of wealth in human history—through war spoils as well as more disinterested “looting” from the rubble of Europe.
We’ve come to associate looting with riots, chaos, and lawlessness because these are indeed the conditions in which mass looting often takes place. When done systematically in the course of war, it’s more often referred to as “pillaging.”
However, not all looting is quite so nefarious: many surviving Allied soldiers returning from WWII brought back mundane items, such as an old German boot, or some other trifling memento from the battlefield, that allowed them to salvage some shred of humanity in an inhumane conflict. In the case of more highly valued artifacts such as precious metals, antiquities, cultural items, or family heirlooms, this looting is obviously a far less innocent offense.
A group of such relics taken from Austria during the war have finally been repatriated thanks to years of numismatic sleuthing that is helping tilt the arc of history toward greater justice.
Friday morning saw the precious metal slip just a bit lower when markets opened in New York. Spot gold was down about $4 per ounce to $1,241/oz while spot silver rebounded from a loss of 5¢ (-0.3%) to trade a notch higher at $16.60/oz. Platinum was actually $5 per ounce higher (+0.5%), but palladium fell the farthest, shedding 0.6%.
Amid a cacophony of comments and musings by important figures in central banking around the world this week, both the U.S. dollar and gold prices slumped on Thursday morning. Spot gold fell about 0.66% to just above $1,240/oz, ceding all of the ground it had made up over the last five trading days. Meanwhile, silver prices were likewise down 1% to $16.60/oz.
Even before its inception, skeptics have been predicting the downfall of the euro, the common currency of the member nations of the European Monetary Union. Many saw this project as doomed from the start. Nonetheless, the currency quickly became the biggest rival to the U.S. dollar in international markets.
After nearly two decades on the scene, could the euro collapse? This question has become less and less far-fetched with each passing year.
There’s a dusty old adage that goes something like, “You can’t reinvent the wheel.” Yet many fund managers and financial advisors would like you to believe that they have indeed reinvented the wheel.
This time, the new revolutionary invention is called an ETF.
It’s been nearly five decades since the Bretton Woods system, a de facto gold standard, was abandoned by the Nixon administration in 1971. Under this arrangement, the price of gold was fixed to a specific dollar amount (generally $35 per ounce), and then all other world currencies were tied to the dollar. The U.S. Treasury Department freely bought and sold gold at close to this benchmark price, though no private gold market was permitted to exist.
As technology improves, resources become more scarce, and market dynamics change, the gold mining industry will continue to undergo minor transformations that reflect an evolving business model for major miners.
In the Canadian province of Nova Scotia, this means thinking of creative solutions to get the most out of a historically gold-rich region.