Recent Posts http://mobilebaycoins.com Thu, 29 Jan 2015 12:36:48 -0600 Joomla! - Open Source Content Management en-gb Gold price falls 1% to six-week low http://mobilebaycoins.com/component/k2/item/31-gold-price-falls-1-to-six-week-low http://mobilebaycoins.com/component/k2/item/31-gold-price-falls-1-to-six-week-low

LONDON — Gold prices fell 1% on Tuesday as the dollar firmed against the euro and stock markets fell, with appetite for assets seen as more risky hurt by a credit downgrade of five Spanish regions and a raft of soft corporate earnings reports.

Soft results statements from the likes of Caterpillar, General Electric and Alfa Laval have undermined stock markets, while Moody’s decision to cut its ratings on regions such as Catalonia pushed the eurozone debt crisis into the spotlight.

Pressure on gold from weakness in stocks helped push prices to six-week lows at $1,711.40 an ounce, putting it on track to decline in October for the first month in five.

Spot gold was down 0.9% at $1,713.40 an ounce at 10.09am GMT, while US gold futures for December delivery were down $11.50 an ounce at $1,714.80.

The metal has struggled for traction after twice failing to break through the $1,800 level. It hit a 2012 high earlier this month at $1,795.69 after the Federal Reserve unveiled a fresh round of quantitative easing measures to stimulate growth.

"You’ve had QE (quantitative easing) priced in and what we’re seeing now is a bit of a retracement following that," Deutsche Bank analyst Daniel Brebner said. "We have a pause in monetary policy action — it’s very unlikely we’re going to see anything in the US and China while there is political transition.

"Conditions economically remain tenuous ... there are concerns with respect to growth, and therefore the potential for deflation is starting to pick up a little bit," he said.

"This is really causal to gold’s decline. We’re likely to see some support around the 1,700 level, but right now I’d characterise the market as being in a trading range, with some downward pressure within that."

Attention is now turning to the two-day meeting of the US Federal Reserve in Washington. While the Fed is not expected to add to last month’s QE pledge, its comments will be closely watched for clues on the next direction of policy.

The Fed explicitly tied its $40bn a month programme to the health of the US jobs market. While some recent data have been encouraging, the jobless rate remains elevated at 7.8%.

Support seen

From a technical perspective, analysts who study past price patterns for clues on the next direction of trade flag support at the key psychological level of $1,700 an ounce.

Below that, it is expected to hit more support at $1,693, a key retracement in its rally from the year’s low in May to its recent high.

"Should (Monday’s low) be slipped through, the $1,697.30-$1,693.42 support area — the late March high and 38.2% Fibonacci retracement — will be back in play," it said in a weekly report. "In this scenario it is also possible that the 200-day moving average at $1,663.25 will be revisited."

In India, historically the world’s largest bullion consumer, demand picked up as prices dipped ahead of a key festival season that is seen as an auspicious time to buy gold.

Gold-backed exchange-traded funds (ETFs), which issue securities backed by physical metal, saw inflows on Monday of about 112,223 ounces, with the bulk of inflows moving into New York’s SPDR Gold Trust.

Among other precious metals, silver was down 1.7% at $31.83 an ounce, while spot platinum was down 1.3% at $1,581.25 an ounce and spot palladium was down 1.7% at $609 an ounce.

South Africa’s Royal Bafokeng Platinum said on Tuesday that quarterly production dipped by 1%, hit by a three-day wildcat strike. The company is one of a number of miners to be hit by labour unrest this year.

More than 50 people have been killed in South Africa’s platinum belt since August, including 34 strikers shot dead by police at a Lonmin mine.

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news Tue, 23 Oct 2012 07:51:33 -0500
Thief steals 100K in rare coins and spends them on Pizza? http://mobilebaycoins.com/component/k2/item/29-thief-steals-100k-in-rare-coins-and-spends-them-on-pizza? http://mobilebaycoins.com/component/k2/item/29-thief-steals-100k-in-rare-coins-and-spends-them-on-pizza?
Some things are just too funny not to print

A 1930s Liberty quarter (Good Morning America)A young couple in Washington state may be guilty of committing an expensive crime for pennies on the dollar. Dakoda Garren, 19, has been charged with stealing a rare coin collection worth $100,000 and spending the coins at face value on a movie and pizza with his girlfriend.

The Columbian reports that a woman living in Woodland had her family coin collection stolen in May and says that Garren and his girlfriend Elizabeth Massman were the only people to visit her home during that period, when they were hired to do some part-time work.

Garren denied the accusation back in May, telling police they "didn't have any evidence against him," according to a report filed in Cowlitz County Superior Court.

But then Garren and Massman allegedly began using the coins at local establishments, spending them at face value, including a quarter that is estimated to be worth thousands of dollars.

The Daily News reports the collection includes a variety of rare coins, such as Liberty Head quarters, Morgan dollars and several others dating back to the early 1800s.

After conducting their investigation, police now say the couple spent several 1930s coins at a Battle Ground-area movie theater, using quarters worth between $5 and $68 each.

Later on the same day, they spent more of the coin collection at a local pizza restaurant, including a Liberty quarter with an estimated value between $1,100 and $18,500.

Garren has been charged with first-degree theft and is being held in jail on $40,000 bail. Which, technically, is an amount he could easily afford if the valuable coin collection were actually his.

For now, police have declined to detain Massman, saying she is nine months pregnant.

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news Sat, 22 Sep 2012 10:52:02 -0500
Gold Rises to Highest Since March as Euro Advances on ECB http://mobilebaycoins.com/component/k2/item/28-gold-rises-to-highest-since-march-as-euro-advances-on-ecb http://mobilebaycoins.com/component/k2/item/28-gold-rises-to-highest-since-march-as-euro-advances-on-ecb

Gold rose to the highest level since March in New York as speculation that the European Central Bank will announce unlimited purchases of government bonds to defuse the region’s debt crisis boosted the euro.

The euro traded near a two-month high against the dollar after two central bank officials said that ECB President Mario Draghi will announce the purchases at a policy-setting meeting today. The bond-buying program will be sterilized to assuage concerns about printing money, according to the two. Gold tends to trade inversely to the U.S. currency.

December-delivery gold gained as much as 0.6 percent to $1,703.90 an ounce on the Comex in New York and was at $1,703.80. The price has risen 8.7 percent this year. Photographer: Ron D'Raine/Bloomberg

“The ECB action today is going to be beneficial for gold,” said Walter de Wet, the head of commodities research at Standard Bank Plc.

December-delivery gold gained 1 percent to $1,711.20 an ounce by 7:30 a.m. on the Comex in New York. Bullion rallied to $1,714.90 earlier, the highest level since March 12. Spot gold advanced 0.9 percent to $1,708.48 an ounce in London, rising above $1,700 for the first time since March 13.

Gold will be at $1,840 an ounce by the end of 2012, Jeffrey Currie, head of commodities research at Goldman Sachs Group Inc., said in a Bloomberg Television interview today.

Policy makers’ stimulus is a “critical and direct driver of the outlook for gold,” Currie said. “In terms of the FOMC pursuing the QE3 it will be critical in putting more upward pressure on gold prices,” he said, referring to the U.S. Federal Open Market Committee and speculation about a third round of so-called quantitative easing, or asset purchases.

The ECB has been at the forefront of fighting the crisis, which has so far pushed five countries into bailouts and driven the 17-nation euro economy to the brink of recession. In July, Draghi said he would do “whatever it takes” to defend the euro.

ETP Holdings

Assets in exchange-traded products expanded to a record 2,470.7 metric tons yesterday, data compiled by Bloomberg show. Bullion is up 9.3 percent this year. Gold at the morning “fixing,” used by some mining companies to sell output, rose to $1,708.50 an ounce in London from $1,690 yesterday afternoon.

Platinum for October delivery rose for a fourth day, climbing as much as 1 percent to $1,591.50 an ounce, the highest price since April 19, and was last at $1,584.30.

Investors are buying platinum at the fastest pace since 2010 after disruptions at mines in South Africa, the largest producer, caused the biggest loss of supply in at least seven years. Purchases through exchange-traded products were the most in 20 months in August, data compiled by Bloomberg show.

Silver for December delivery rose as much as 1.8 percent to $32.92 an ounce, the highest level since April 3, before trading at $32.92. Palladium for December delivery was little changed at $647.10 an ounce.

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news Thu, 06 Sep 2012 09:03:50 -0500