Author: Sirhc

1860 Gold Dollar NGC PR66 Cameo

Sirhc

A Very Rare One (G$1)

The 1860 proof gold dollar enjoyed a mintage of 154 pieces. Perhaps Mint Director James Ross Snowden was anticipating larger numbers of collectors to buy proof gold in 1860, the same way he over anticipated the demand for silver and minor proofs. However, this is a rarer issue than that mintage would lead one to expect – it’s likely that many specimens went unsold and were melted after the end of the year. This little jewel of a survivor offers plenty of cameo contrast and flash to viewers. The NGC population is only two with none higher.

Offered at $23,800 delivered

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Gold pullback extends to start the session, silver also down by 9% on the day now

Sirhc

The pullback is getting violent

Gold has fallen to a low of $1,907 on the day as the sharp fall continues following futures touching over $2,000 earlier in the day. Meanwhile, silver is tailing off to a low of $22.32 or down by 9% after having touched just above $26 in Asian trading earlier.

As mentioned yesterday, the $2,000 mark may be a bit of a stretch for gold given how rapid the rise has been since firmly breaching the $1,800 level at the start of last week.
Historically, the parabolic moves in the commodities space tends to lead to violent pullbacks and today is but an example of that. For some context, the high for gold today was $1,981 and we are trading nearly $70 below that now.

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Platinum Continues To Lag Other Precious Metals; That Could Be About To Change

Sirhc

This article was written exclusively for Investing.com

  • Gold hits an all-time high
  • Silver’s wild ride to the upside
  • Palladium and rhodium in bull markets
  • Platinum could be next

Lately, precious metals have been all the rage. Early Monday morning, spot gold hit an all-time high, rising above $1,933; at time of writing, gold futures are closing in on that level too. Last week, silver jumped to over $23 per ounce for the first time since 2013. It’s currently trading above $24.

Palladium, one of the Platinum Group Metals, was hovering above $2300 today, over five times higher than its low in early 2016. Rhodium, another PGM that traded to a low of $575 in 2016, was trading around $8700 per ounce.

Platinum, however, has been the laggard in the sector. It continues to languish below $1000 per ounce.

While gold is heading toward another record high in US dollar terms, and silver handily surpassed its critical resistance level of $21.095 last week, platinum is sitting at a price that is less than half its record level at $2308.80 per ounce from 2008. Platinum has suffered from a lack of investment demand, even though producers have reduced output because of the precious metal’s low price.

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Gold’s ‘Stunning’ Surge Evaporates Shorts With Fed Full-Throttle

Sirhc

(Bloomberg) — Traders are abandoning bearish bets on gold as the yellow metal surges to all-time highs.

Short interest as a percentage of shares outstanding on the $75 billion SPDR Gold Shares exchange-traded fund, ticker GLD, is near the lowest level since July 2009, according to data from IHS Markit Ltd. Meanwhile, bullish call option volume in the ETF posted its second-biggest jump ever last week before bullion climbed to a record $1,946 per ounce Monday.

What began as a haven bid amid the coronavirus pandemic has been kicked into overdrive by central bank stimulus as slumping real interest rates — which strip out the effects of inflation — drive investors into gold. The bullish momentum along with a tumbling dollar has fueled “stunning” speculation in precious metals, according to analysts at Sundial Capital Research Inc.

“The popular narrative is that government monetary support will lead to inflation and currency debasement, so buy precious metals as a hedge,” Sundial’s Troy Bombardia wrote in a note Monday. “Regardless of whether this theory is right or wrong, the fact remains that traders are full-bore bullish on metals.”

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Hard assets hit new highs

Sirhc

The slump in the US dollar is beginning to accelerate. The gold price leapt to a new all-time high in early trading on Monday 27 July, with silver and bitcoin also seeing strong price rises.

Gold hit a new record price of $1940 per troy ounce in Asian trading, exceeding the previous all-time high of $1922, set on 6 September 2011. Silver rose to $24.10 a troy ounce, up over 6 percent from Friday’s close, while bitcoin broke through the $10,000 mark, up over 7 percent from levels set on Friday.

According to precious metals commentator Ross Norman, the jump in the price of hard assets shows general investor nervousness about the prospects for financial markets.

“What gold and silver are telling us is that the macro and geopolitical environments are deeply unattractive,” he told New Money Review.

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