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  • Silver May Rise to $40/oz in March on Tight Supply: Bloomberg Chart of the Day

    Risk aversion has returned with equity markets internationally under pressure after the Spanish downgrade and continuing geopolitical tension. Gold and silver have taken a breather and are lower in all currencies today. A correction is well overdue but the technicals and fundamentals would suggest that any sell off may again be short and shallow.

    Bloomberg Chart of the Day GoldCore
    Bloomberg Chart of the Day

    All dips in gold and silver are being bought by value buyers. Silver could correct to previous resistance at $30/oz but physical demand, backwardation and a short squeeze suggest that $40/oz is possible before the end of the month.

    The downgrade of Spain and worries about other periphery eurozone states is leading to euro weakness and euro gold consolidating above EUR 1,000 per ounce.


    PIMCO’s decision to cut its US debt holdings to zero (as first reported by Zero Hedge – see news) does not bode well for US government bonds and government bonds internationally. Stagflation and currency debasement are likely to lead to interest rates rising, possibly sharply. The last time interest rates rose sharply for a period of years was in the oil crises and stagflation of the 1970s.


    Gold is correlated with rising interest rates as was graphically seen from 1971 to 1980. Gold will only become vulnerable towards the end of the interest rate tightening cycle when savers (deposits) and investors (bonds) are rewarded with positive real interest rates above the real rate of inflation (as opposed to hedonically adjusted and manipulated inflation figures).

    The fact that the US has to electronically create money in order to buy their own long term government debt creates the real risk that stagflation could degenerate into a more serious monetary event such as a currency crisis. The worst case scenario of a Weimar Germany style hyperinflation is increasingly a possibility. The US and the world needs to return to some form of monetary discipline and adopt a rational and prudent Volcker-style monetary policy which guards against inflation and currency debasement.


    Gold is trading at $1,418.19/oz, €1,026.04/oz and £878.79/oz.


    Silver is trading at $35.28/oz, €25.52/oz and £21.86/oz.

    Platinum Group Metals

    Platinum is trading at $1,775.00/oz, palladium at $766.00/oz and rhodium at $2,350/oz.


    (Bloomberg) -- Silver May Rise to $40 in March on Tight Supply: Chart of Day
    Silver may extend its gains to a 31-year high this year and be at $40 an ounce by the end of the month as supplies tighten and demand for the metal used more in industry than gold increases, said brokerage GoldCore Ltd.

    The CHART OF THE DAY shows silver rallied more than fourfold since 2008 as gold more than doubled. Silver last month moved into backwardation on the Comex in New York, where nearer- dated contracts trade at a premium to those for later delivery, a sign of tighter supply now, GoldCore said.

    “There’s a lot of demand coming from Asia and China particularly” for industrial usage and as an inflation hedge, said Mark O’Byrne, executive director of GoldCore in Dublin. “There’s tightness in the marketplace.”

    Silver and gold have advanced as concern inflation will accelerate and unrest in North Africa and the Middle East boosted demand for alternative assets to stocks and bonds. One- ounce silver coin sales from the U.S. Mint jumped to a record in January, and an ounce of gold bought as little as 39.3 ounces of silver on March 7, the least since February 1998. While gold climbed to a record this month, silver is below the $50.35 all- time high reached in New York in 1980.

    Silver held in exchange-traded products backed by the metal gained 3.7 percent in the past month, data compiled by Bloomberg from four providers show. The metal, used in industrial applications such as solar panels and plasma screens, traded at $35.8675 an ounce at 5:15 p.m. in London yesterday.

    “If the economy recovers, that’s very good for silver because there will be huge industrial demand,” O’Byrne said. “If the economy is doing badly then people will buy silver as a store of value.”

    (Bloomberg) -- Vietnam’s Banks to Report Gold Deposits, Lending By March 16
    Vietnam’s central bank asked banks to report on gold deposits and lending before March 16, according to a statement today on its website.

    (Bloomberg) -- Europe Commodity Day Ahead: China Corn Demand Set to Climb
    The following are the top stories on metals, agriculture and shipping.

        Forecast Prior Time (NYSEARCA:NY)
    Initial Jobless Claims MAR 5 376K 368K 8:30
    Continuing Claims FEB 26 3750K 3774K 8:30
    Trade Balance JAN -$41.5B -$40.6B 8:30
    Bloomberg Consumer Comfort MAR 6   -39.3 9:45
    U.S. Corn End Stocks MAR   675M 8:30
    U.S. Soybean End Stocks MAR   140M 8:30
    U.S. Cotton End Stocks MAR   1.90M 8:30
    World Wheat End Stocks MAR   818M 8:30
    WASDE Supply & Demand MAR     8:30
    Net Exports Cotton - Total MAR 3   403.3 8:30
    Net Exports Corn - Total MAR 3   1202.3 8:30
    Net Exports Soybeans - Total MAR 3   645.3 8:30
    Net Exports Wheat - Total MAR 3   650.9 8:30


    - China’s Corn Demand Climbs on Meat Consumption, New Hope Says
    New Hope Group Co., China’s biggest maker of livestock feed, said rising output of meat, dairy and eggs will boost demand for corn this year, draining stockpiles.

    - Philippine Rice Imports May Beat Target on Rising Food Costs (1)
    The Philippines may import more rice than planned as it seeks to secure supplies amid record global costs, according to the nation’s grain-buying agency.

    - Wheat Production in Western Australia May Grow 29%, Premier Says
    Wheat output in Western Australia, the nation’s biggest exporting state for the grain, may increase 29 percent by 2016 as producers respond to expanding global demand, Premier Colin Barnett said.

    - Toho Zinc Shuts Down Lead Smelter for 20-Day Maintenance
    Toho Zinc Co., Japan’s biggest producer of refined lead, shut down its Chigirishima smelter for 20 days for regular maintenance, a company executive said.

    - Silver May Rise to $40 in March on Tight Supply: Chart of Day
    Silver may extend its gains to a 31-year high this year and be at $40 an ounce by the end of the month as supplies tighten and demand for the metal used more in industry than gold increases, said brokerage GoldCore Ltd.


    - Copper Declines to Near Two-Month Low as China’s Imports Tumble
    Copper declined to near a two-month low as imports by China, the world’s biggest user, tumbled in February and higher oil prices spurred concern that the global economy may slow down, reducing demand for metals.

    - China Copper Imports Slump to Two-Year Low on Ample Supplies (1)
    Copper imports by China, the largest consumer, tumbled 35 percent in February to the lowest in more than two years as ample domestic supplies weighed down prices, making shipments unprofitable.

    - Aluminum Stockpiles in Japan Decline for Second Month (1)
    Aluminum stockpiles in Japan dropped 5.7 percent to 208,100 metric tons at the end of February, marking the second straight monthly decline, trading company Marubeni Corp. said.


    - Rio Tinto Raises Takeover Offer for Riversdale to A$16.50/Share
    Rio Tinto will increase its offer price for Riversdale Mining Ltd. to A$16.50 a share if it obtains an interest in more than 50 percent of Riversdale shares by March 23. The company reported the information in a regulatory filing.

    - Equinox to Hold Shareholder Meeting on Lundin Deal in April (1)
    Equinox Minerals Ltd., seeking to buy Lundin Mining Corp. for C$4.8 billion ($5.0 billion), plans to hold a shareholder meeting in April to approve issuing new shares as part of the takeover.

    - Molycorp Says China May Be Net Importer of Rare Earths by 2015
    Molycorp Inc., owner of the largest rare-earth deposit outside China, said Chinese leaders have said the country may become a net importer of rare-earth minerals by 2015 as China seeks to consolidate its rare-earth mining companies.

    - China Guangdong Nuclear Unlikely to Bid for Extract, CLSA Says
    China Guangdong Nuclear Power Group Co., seeking to buy Kalahari Minerals Plc for 756 million pounds ($1.2 billion), is unlikely to also bid for affiliated uranium explorer Extract Resources Ltd., CLSA Asia-Pacific Markets said.

    - Kalahari Minerals Held Talks With Others Before Chinese Bid (3)
    Kalahari Minerals Plc, subject of a 756 million-pound ($1.2 billion) offer from China Guangdong Nuclear Power Group Co., said it held talks with other groups prior to the state-owned company’s bid this week.


    - Gold Drops After Rally to Record This Week Spurs Investor Sales
    Gold declined as the metal’s rally to a record this week, bolstered by the prospect of rising inflation and unrest in the Middle East, prompted some investors to sell holdings.


    - Palm Oil Drops on Forecasts for Higher Production, Lower Prices
    Palm oil dropped amid forecasts for higher production this year and on speculation that an improving supply of vegetable oils could ease prices.

    - Wheat Advances as 8.8% Tumble in Three Days Attracts Investors
    Wheat futures climbed after a decline of 8.8 percent in three days lured importers and investors before a U.S. government report that may cut estimates of global grain supplies. Soybeans increased.

    - China to Limit Corn Processing, Ensure Food Use, Minister Says
    China, the second-biggest corn consumer, will curb the amount used in producing industrial chemicals to ease the growing pressure on grain supply, the Minister of Agriculture said.

    - China Harvested More Rapeseed Than Estimated, Center Says
    China’s rapeseed production probably reached 13.15 million metric tons last year, the China National Grain & Oils Information Center said, raising its estimate from 12.6 million tons in December.

    - Rubber Gains for First Day in Seven as Low Prices Lure Buyers
    Rubber gained for the first time in seven sessions as investors bought the commodity after the price tumbled to a two- month low amid concern that car-sales growth is slowing in China, the largest consumer.


    - Port Hedland February Iron Ore Exports Were 12.85 Million Tons
    Iron ore shipments from Australia’s Port Hedland, the world’s largest bulk export terminal, were 12.85 million metric tons in February, the Port Hedland Port Authority said on its website today.

    - Maersk Megaship Order Hits Capacity Sweet Spot: Freight Markets
    Maersk Line, the world’s largest container shipper, may extend its market share and lift earnings by taking delivery of the 10 biggest cargo vessels ever built just as a global shortfall in capacity increases carriage rates.


    - Yuan Forwards Weaken After China Reports Surprise Trade Deficit
    Yuan forwards weakened for a fourth day after China reported a surprise trade deficit for February, easing pressure on the currency to appreciate.

    - China Home Prices to Fall This Year, Central Bank Adviser Says
    China’s home prices will decline later this year, with sales volume already falling following purchase restrictions by local governments, said Li Daokui, an adviser to the People’s Bank of China.

    - China Raises Yield in Three-Month Bill Sale; Swap Rates Climb
    The People’s Bank of China raised the yield on three-month bills for the second consecutive week, increasing speculation that policy makers will increase benchmark interest rates to cool inflation.

    - China Reports Unexpected Trade Deficit as Export Growth Cools
    China reported an unexpected $7.3 billion trade deficit in February after a Lunar New Year holiday disrupted exports, the customs bureau said.

    - Japan’s Economy Contracts More Than Initial Estimate (2)
    Japan’s economy contracted more than the government initially estimated in the fourth quarter because of a downward revision to capital investment and consumer spending.

    - Australian Employers Unexpectedly Cut Workers in February (3)
    Australian employers unexpectedly cut workers in February for the first time in 18 months as floods and a cyclone disrupted hiring in the nation’s northeast.


    - Asian Stocks Drop as Rising Rates, Oil Offset Merger Optimism
    Asian stocks fell the most in more than two weeks as violence in Libya drove up oil prices and central banks from South Korea to Thailand raised interest rates.

    - Dollar Rises Before U.S. Jobs Data; Euro Falls on Debt Concerns
    The dollar rose against all its major counterparts on prospects jobs data will signal a continued recovery in the world’s largest economy amid signs growth in Asia is slowing.

    - Tokyo Exchange Plans to Merge With Osaka Amid Global Takeovers
    Tokyo Stock Exchange Group Inc., which runs the world’s second-largest equity market, plans to hold merger discussions with Osaka Securities Exchange Co. as takeovers sweep exchanges around the world.

    - Crude Oil Climbs as Libyan Violence Intensifies, Refinery Bombed
    Oil climbed for the first time in three days in New York as escalating violence in Libya, Africa’s third-largest producer, renewed concern that supply disruptions may spread to the Middle East.

    - Qaddafi Forces Hammer Rebels as Nations Weigh No-Fly Zone
    Rebel fighters in Libya came under fire from rocket barrages and air strikes as they battled Muammar Qaddafi’s forces east of the oil town of Bin Jawad.

    - China Will Never Adopt a Multiparty Political System, Wu Says
    China’s Communist Party will never share rule in a multiparty system or create a government where power is divided between the executive, legislature and judiciary, National People’s Congress head Wu Bangguo said.

    - Mubadala Says Holding Talks With Dubai Aluminium on Expansion
    Mubadala Development Co., an Abu Dhabi government-owned investor, said it is holding talks with state-owned Dubai Aluminium Co. to explore opportunities to expand their partnership.


    - Food Inflation, Terror Alert, Asset Sales, Gamesa
    Finance Minister Pranab Mukherjee’s plan to raise 400 billion rupees ($9 billion) from asset sales to narrow the budget deficit spurred almost $1 billion in capital inflows into India in a week, the most in two months.

    (NYSE:FT) -- Pimco cuts US Treasuries holdings to zero
    The world’s biggest bond fund has cut its holdings of US government-related debt to zero for the first time since early 2008 in the latest sign of increasing investor expectations of rising interest rates.

    The move by the $237bn PimcoTotal Return fund follows warnings by its fund manager Bill Gross of rising bond yields as the US Federal Reserve nears the end of its massive bond buying programme, known as quantitative easing, or QE2.

    Such rises would hit the value of holdings of bonds as their price move inversely to their yields.

    Mr Gross, one of the most influential figures in bond markets, said in his March investment outlook that Pimco estimated the Fed has been buying 70 per cent of annualised issuance of Treasuries since QE2 began – a programme he last year likened to a Ponzi scheme.

    Meanwhile, foreign investors have been buying the remaining 30 per cent. Mr Gross said as a result there was a risk of a temporary void in demand once QE2 is scheduled to end in June.

    “Yields may have to go higher, maybe even much higher to attract buying interest,” he said.

    The Federal Reserve is buying some $100bn of Treasuries each month and since November has purchased $412bn of government debt under QE2. By the end of June, the Fed is expected to have purchased around $800bn of Treasuries, pushing its total holdings to $1,600bn

    After slashing its government- related holdings to zero, Pimco Total Return’s assets are primarily in US mortgages, corporate bonds, high yield and emerging market debt.

    The fund holds 23 per cent of its assets in net cash equivalents, defined as any instrument that has a low sensitivity to movements in interest rates. The move was first reported by the Zero Hedge website.

    The fund is the best performer in its category over the past 15 years, according to Morningstar. Mr Gross also has track record of making high-profile calls on markets. In 2007, when bond yields were rising, Mr Gross forecast housing would lead the economy into recession and send bond yields into reverse.

    Last year, he controversially described the UK gilt market as “resting on a bed of nitroglycerine” due to the scale of the nation’s debts.

    He later told the Financial Times his assertion was always meant to be directed at the pound, not gilts, and that he mellowed his views after the government’s austerity programme to cut spending.

    “I would change it from nitroglycerine to dynamite,” he said.

    The positioning by Pimco’s best-known fund follows a drop to 12 per cent of assets held in government-related debt in January, from as much as 63 per cent in late 2009.

    The fund has returned 7.23 per cent in the past year, beating 85 per cent of its peers, according to data compiled by Bloomberg. It gained 1.39 per cent over the past month.

    Mar 10 9:44 AM | Link | Comment!
  • Silver and Gold Remain Near Record Highs as Greek and Portuguese Debt Hammered

    Silver is higher against all currencies today and remains near yesterday’s 31 year high of $36.75/oz. Gold is slightly higher against most currencies, especially the Swiss franc and euro.


    While most of the focus continues to be on North Africa and the Middle East, the not inconsequential matters of the European sovereign debt crisis and the US’ dire fiscal situation continue to bubble away beneath the radar.


    Greek and Portuguese bonds have taken another hammering this morning. The Greek 10-Year yield has surged to 12.44%, up another 35 basis points today alone, and Portuguese 10-Year has surged to 7.58%, another 22 basis points. The recent “bailouts” and failure to properly restructure the debt shows that the sovereign debt crisis is far from contained.

    The US recorded its biggest monthly deficit in history yesterday with a $223 billion deficit for February alone, the 29th straight month of deficits – a modern record. This does not bode well for the beleaguered dollar and could result in further sharp falls in the value of the dollar.


    The dollar is increasingly out of favour with traders and central banks internationally and the real risk of a US debt crisis could see the dollar’s reserve currency status challenged sooner than even the more bearish dollar bears expect.

    Lloyds TSB's Assetwatch survey finds gold and silver beat all other assets in 2010 due to investors looking to “protect the value of their investments amid the renewed uncertainty over the global economic outlook including the debt concerns in the eurozone and rising inflation.”


    Gold is trading at $1,434.21/oz, €1,029.73/oz and £886.46/oz.


    Silver is trading at $36.36/oz, €26.10/oz and £22.47/oz.

    Platinum Group Metals

    Platinum is trading at $1,800.95/oz, palladium at $780.00/oz and rhodium at $2,350/oz.


    (Financial Times) -- Silver prices rise by 80% (Lloyds TSB Precious Metals ‘Top Investment’)
    Precious metals were the top performing investment for the second consecutive year, after their value jumped by 42 per cent as people sought a safe haven from inflation, according to new research published by Lloyds TSB on Monday.

    It is the fourth time in the past five years that precious metals have topped the tables for the best asset class, as continuing uncertainty over the prospects for the global economy pushed people into buying gold, silver and platinum.

    The value of precious metals has risen by 365 per cent over the past decade, nearly double the increase for the next best performing asset during the same period - residential property, which made a gain of 198 per cent.

    Silver outperformed the other precious metals in 2010 with prices rising by 80 per cent, more than two and a half times the increase in gold prices and four times the 20 per cent rise in the value of platinum.

    As well as being seen as a safe haven investment, pressures on the supply side and high demand for industrial uses contributed to the strong rise in the price of silver, said Lloyds TSB.

    Commodities were the second best performing asset class during 2010 returning 30 per cent, while they were the third best during the past decade, with a 176 per cent increase in value.

    This outperformance has continued into 2011, driven by a 38 per cent jump in the price of cotton since the start of the year, driven by a combination of increasing demand from Asia and greater supply side pressures as flooding affected some of the major cotton producing countries.

    All nine asset classes produced a positive return during the past year, although people who held their money in cash would have seen it rise by just 0.6 per cent, while residential property did little better with a gain of 1.2 per cent.

    UK shares and commercial property both returned 14.5 per cent, while the value of international shares increased by 10.6 per cent.

    Suren Thiru, economist at Lloyds TSB, said: “Going forward, the level of demand from emerging economies, particularly from China and India, is likely to remain an important determinant of many assets prices as well as the pace at which the global economic recovery continues.”

    Asset Class Returns, Dec 2009-Dec 2010

    (Press Association) -- Precious metals 'top investment'
    Precious metals were the top performing investment for the second consecutive year during 2010 with their value soaring by 42% as people sought a safe haven from inflation, research indicates.

    It is the fourth time in the past five years that precious metals have topped the tables for the best asset class, as continuing uncertainty over the prospects for the global economy caused investors to flock to gold, silver and platinum, according to Lloyds TSB.

    The value of precious metals has surged by 365% during the past 10 years, nearly double the increase for the next best performing asset during the same period - residential property, which made a gain of 198%.

    The steep increase in precious metal prices seen during 2010 was driven by silver, with its value jumping by 80%, significantly outstripping the 29% rise in the price of gold and the 20% increase for platinum.

    The group said the price of silver had been boosted by pressure on the supply of the metal, as demand remained high from both investors and industries which use it.

    Commodities were the second best performing asset class during 2010, offering returns of 30%, while they were the third best during the past decade, with a 176% increase in value.

    They were also the best performing asset during the first two months of 2011, driven by a 38% jump in the price of cotton since the start of the year, due to a combination of rising demand from Asia and falling supply as some of the major cotton producing countries were hit by flooding.

    All nine asset classes produced a positive return during the past year, although people who held their money in cash would have seen it rise by just 0.6%, while residential property did little better with a gain of 1.2%.

    UK shares and commercial property both returned 14.5%, while the value of international shares increased by 10.6%.

    Suren Thiru, economist at Lloyds TSB, said: "Going forward, the level of demand from emerging economies, particularly from China and India, is likely to remain an important determinant of many assets prices as well as the pace at which the global economic recovery continues."

    (Telegraph) -- 'There Is a Danger That People Are Buying Gold Now When Prices Are Overheated'
    Following a spectacular 10-year bull run, some say buying gold has become too risky for private investors.

    Patrick Connolly, of the financial adviser AWD Chase de Vere, said: "There continue to be bullish statements and bold predictions about gold and the assumption that the returns seen over the past decade are now the norm. There were similar sentiments in 1999 about technology stocks, and the belief that the only way was up."

    As he pointed out, there is a real danger that this could be a "gold bubble", and when prices do fall – which they will at some point – the correction could be far sharper and last longer than many people expect. He added: "It's easy to forget that gold prices can go through prolonged downturns. During the Eighties and Nineties, the price of gold fell by 70pc."

    Although gold is a good inflation hedge over the long term, this isn't always the case over shorter, more realistic time frames over which the typical investor is more likely to hold the asset. If you bought gold in the Eighties, for example, it hasn't proved to be the most effective hedge against inflation since then. If it had kept pace with prices, it would now be worth about $2,600 an ounce.

    Martin Bamford, a chartered financial planner with Informed Choice, said: "Investors are understandably concerned about inflation at present. But there is a real risk that those now buying gold are doing so at the top of the market and will end up making losses when prices fall."

    He added that investors should remember that gold does not produce any income, in terms of either interest or dividends, so returns are based solely on capital growth. He said: "It can also be difficult to access as an asset class: many people end up buying funds that are largely invested in mining stocks, which don't always reflect gold prices accurately."

    Other options include buying gold bullion or coins, or investing in an exchange-traded fund (NYSEMKT:ETF), which basically follows the price of gold.

    Mr Bamford said: "I'd be wary about getting into gold at present. The price may still rise further, but the gains are unlikely to be so significant. When prices fall, it is those who got in near the end who will suffer the biggest losses."

    He added that there were also investment costs to consider, such as the cost of storing, trading and insuring bullion, or dealing charges on ETFs. "A diversified investment portfolio, containing shares, property and bonds, may be a better way to protect against inflation," Mr Bamford said.

    "And about a third of the stocks in the FTSE 100 are commodity-related stocks, whose performance will be correlated to gold prices. There is a danger that people are buying now when prices are overheated and becoming overexposed to one asset class."

    Discover the top-selling ISAs and get 0% commission when you order online with Telegraph ISA-fund Supermarket.

    (Coin News) -- US Mint Reviews Product Pricing for Silver Coins and Sets
    The United States Mint is reviewing the pricing of its products due to soaring silver prices, according to a US Mint official. Sales of at least one of its sets have been suspended until the review process is complete.

    The Mint currently has a pricing policy in place for its numismatic gold coins. Based on it and the prevailing cost of gold, the US Mint may adjust collector gold coin prices weekly. It does not have a similar pricing system in place for its numismatic silver products.

    "Recently, the market price of silver has risen substantially. As a result, the United States Mint is reviewing the prices of current products containing silver to make sure the market value of the silver contained in them is not now higher than the cost of the products themselves," US Mint spokesman Michael White said on Monday.

    A recent article noted how 31-year high silver prices have resulted in exploding silver coin values. On Friday, coins like the 1964 quarter had a melt value of $6.39. The 2010 America the Beautiful Quarters Silver Proof Set was valued at $31.95, which was only $1 less than its US Mint pricing.

    On Monday the precious metal surged as high as $36.75 an ounce, bringing the 1964 quarter’s melt value to an astounding $6.98. The set’s melt value went up to $33.23, which is above the original US Mint pricing for the product. It is this set which the US Mint has suspended, presumably to raise its price at some point. Customers who visit its product page at will now see a Mint message saying "the product is temporarily unavailable."

    As of this writing, all 2011-dated products are still available. These products were already priced substantially higher than 2010-dated issues in response to silver which soared nearly 84 percent last year. Obviously, their prices could go higher if the metal continues its streak of gains.

    (Zero Hedge) -- No Silver? No Problem: US Mint Would Like To Know If You Will Accept Brass, Steel, Iron Or Tungsten Coins Instead
    United States Mint Seeks Public Comment on Factors to be Considered in Research and Evaluation of Potential New Metallic Coinage Materials

    WASHINGTON - The United States Mint today announced that it is requesting public comment from all interested persons on factors to be considered in conducting research for alternative metallic coinage materials for the production of all circulating coins.

    These factors include, but are not limited to, the effect of new metallic coinage materials on the current suppliers of coinage materials; the acceptability of new metallic coinage materials, including physical, chemical, metallurgical and technical characteristics; metallic material, fabrication, minting, and distribution costs; metallic material availability and sources of raw metals; coinability; durability; sorting, handling, packaging and vending machines; appearance; risks to the environment and public safety; resistance to counterfeiting; commercial and public acceptance; and any other factors considered to be appropriate and in the public interest.

    The United States Mint is not soliciting suggestions or recommendations on specific metallic coinage materials, and any such suggestions or recommendations will not be considered at this time. The United States Mint seeks public comment only on the factors to be considered in the research and evaluation of potential new metallic coinage materials.

    The recently enacted Coin Modernization, Oversight, and Continuity Act of 2010 (Public Law 111-302) gives the United States Mint research and development authority to conduct studies for alternative metallic coinage materials. Additionally, the new law requires the United States Mint to consider certain factors in the conduct of research, development, and solicitation of input or work in conjunction with Federal and nonfederal entities, including factors that the public believes the United States Mint should consider to be appropriate and in the public interest.

    (Bloomberg) -- Gartman Jumps Back Into Gold; Selling Was ’A Mistake’
    Newsletter writer, fund manager Dennis Gartman reinstating gold positions he sold last week;

    “Our little experiment on the sidelines did not work.”

    Long again of gold in euro, yen and dollar terms.

    Weaker dollar more supportive of commodity prices generally.

    "We congratulate those who have the wisdom or the temerity to have remained bullish of gold’’, sold when gold was ~$1,432, it’s at $1,442 today.

    Says sold gold following his trading rules; would do so again.

    Mar 08 7:43 AM | Link | Comment!
  • GoldCore Precious Metals Update, 21 February 2011

    Gold and Silver

    Today is a US holiday and gold is trading at $1,398/oz this morning but silver is the real mover with a 3.25% increase since Friday’s close, currently trading at $33.41/oz. On the currencies, gold trades up across all the majors showing £861.67/oz and €1,022/oz respectively; silver trades at £20.58/oz and €24.41/oz.

    Platinum Group Metals

    Platinum group metals have showed mixed reactions with platinum trading up $6/oz at $1,841/oz. Palladium trades up $10/oz at $855/oz, while rhodium trades down $30/oz at $2,400 per ounce.

    Feb 21 6:15 AM | Link | Comment!
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