Author Archives: Everett Millman

balance of gold and dollar

Gold Price Slips Again, Dollar Jumps

May 9th, 2017 by

With investors again jumping head-first into the stock market, the precious metals saw some modest selling pressure on Tuesday morning. Spot gold traded down about $5 per ounce to about $1,220/oz, extending a slump that dates back to the beginning of last week. The silver price lost 2¢ to fall to $16.18/oz.

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Copyright: nikkytok / 123RF Stock Photo

U.K. Ranks Its Top 20 Treasures

May 8th, 2017 by

By now, most aspiring treasure hunters are aware that Great Britain is essentially the treasure capital of the world.

Aside from an extensive history of habitation that has produced almost innumerable antiquities and medieval coins, the country boasts the world’s most equitable treasure trove laws. This is effectively the reason why so many people who have the time and money to afford the treasure detecting hobby are enthusiastic to explore in the U.K. (It also makes preserving the artifacts while still dividing up the proceeds from their sale a much more amicable experience.)

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Spot Gold Higher After “Le Phew”

May 8th, 2017 by

Gold prices were slightly higher on Monday morning following the triumph of centrist candidate Emmanuel Macron in France’s presidential election over the weekend. Macron, a former investment banker who represented neither of the two traditional political parties in France (the Socialists and Republicans), bested National Front candidate Marine Le Pen, who is staunchly anti-EU and anti-immigrant.

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gold-maple-leaf

100-Kilo Gold Maple Leaf Coin Stolen

May 6th, 2017 by

Back in 2007, the Royal Canadian Mint wowed the numismatic community (and much of the world) when it issued a special “Big Maple Leaf”—a real legal tender gold coin of unmatched girth and purity.

Weighing in at 100 kilograms—a staggering 32,150 troy ounces!—and struck from ultra-pure “five-nines” gold, the coin is .99999 fine (or 99.999% pure) gold. Its nominal face value is C$1 million, but its intrinsic value is much greater.

Somehow, this massive and extremely valuable gold coin has actually gone missing.

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gold rally

Gold Price Pauses Near $1,265/oz

May 1st, 2017 by

gold rally

As they have been for the past month, gold prices were fairly idle when markets opened on Monday, the first trading day of May. Spot gold was down about 0.1% in early trading in New York, steadying around $1,266/oz. Meanwhile, the silver price was off 0.25% to fall below $17.20/oz.

For the other precious metals, the losses were slightly bigger. Platinum fell 0.5% to $940/oz while palladium slid 0.6% lower to about $820/oz.

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world-gold-257x300

Gold Remains Steady to End April

April 28th, 2017 by

Friday not only marked the end of the week of the week but also the last trading day of the month. The precious metals were steady early in the session, although many experts expected more volatility given the expiration of various options and a disappointing report of how much the U.S. economy expanded during the first quarter.

Spot gold traded slightly higher at $1,265/oz this morning while spot silver lost 1¢ per ounce to $17.35/oz. Platinum added 0.3% to trade near $950/oz and palladium was roughly 0.9% higher, approaching $825/oz.

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sweden gold

Sweden Evasive About Gold Reserves

April 26th, 2017 by

Gold insider Ronan Manly of BullionStar recently carried out a journalistic investigation into how Sweden audits its gold reserves. He began with the broader goal of gathering information about central bank gold reserves generally—a topic shrouded in much mystery indeed.

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income tax

Spot Gold Lower Ahead of Trump’s Tax Plan

April 26th, 2017 by

The financial markets were largely quiet at Wednesday’s open as investors eagerly awaited the scheduled release of President Trump’s plans for a tax overhaul later today. Most expect the plans to be quite favorable to the public, a scenario which is not likely to drive fresh investment into the gold market. Spot gold was just below unchanged at 9:15 am EST in New York, trading around $1,265/oz, while spot silver was down about 0.4% to $17.50/oz.

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mine-cart

Silver Supply May Be At-Risk

April 25th, 2017 by

Supply and demand are the essence of any market, and the precious metals are not excepted from this fact. This principle is particularly true of silver, however. More so than even gold, which has tremendous existing stockpiles that are frequently remelted (and endlessly loaned out), the price of silver is sensitive to disruptions in the mining industry.

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french-election

Gold Eases on French Election

April 24th, 2017 by

french-election

The focus of the markets on Monday was the results from the preliminary round of France’s presidential election. The polls showed that Emmanuel Macron, who is seen as the moderate or centrist candidate, finished first in the pack with 24% of the vote. Macron came in ahead of right-wing National Front candidate Marine Le Pen, who finished second in the polls.

In response, much of the safe-haven flight into gold eased up in early trading. The gold price retreated about $15 per ounce, or 1.15%, to trade around $1,269/oz. Spot silver was also lower, dropping about 0.67% to $17.75/oz.

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FOMC-Fed-examination-magnifying-glass

How Transparent is the Fed?

April 23rd, 2017 by

Much has been made by Federal Reserve Chair Janet Yellen and her predecessor Ben Bernanke about making the central bank’s actions more open and transparent. A variety of steps have been taken toward this end, but they mainly consist of greater disclosure of Fed officials’ thinking on monetary policy and interest rates.

As far as the actual business of conducting policy goes, however, the Fed still has a long way to go.

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United_States_penny,_obverse,_2002

Congress Shows Some Common “Cents”

April 17th, 2017 by

For several years, one of the least controversial criticisms of the way the Treasury Department operates has been the need for a major coinage reform. For each of the last 11 years, Treasury has been subsidizing production of the one-cent penny and the five-cent nickel, both of which actually cost more to manufacture than they are worth as legal tender.

bag-of-old-coins

It costs 1.5¢ to strike and distribute each penny, and about 7.5¢ for the nickel. In other words, the government—and taxpayers—actually loses money by making these coins. 11 years in a row!

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