Despite Gold's setback, Local Pawnshops flourish

The setback in the price of precious metals have suddenly caused some analysts to wonder about the real trend. As soon as Jim Kramer, the host of CNBC's Mad Money made a recommendation about buying and investing in gold, and after Rick Santelli made a bullish statement about the metal's future, gold and other precious metals have started declining."If Kramer has predicted it, I'll do the opposite! I think the price of gold and other precious metals will eventually return to its upward trend after some minor corrections. Even so, I consider this setback as an opportunity to stack-up some more." one bullion trader commented.Meanwhile, local...

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A Typical Day for a Filipino Numismatist

There were times in the life of a typical Filipino numismatist that he is about to give-up with his collection due to several reasons. Much of it because of the pressure from people dearly close to himself, and sometimes from the complicated system that seems to be in an endless entanglement from the ego and politics among hobbyists.Ridiculed and frustrated he turns to his collections for divine answers and comfort, as he carefully hold each and every coin for inspection. He usually spend his pastimes looking at them and scrutinizing every details using his jewelry loupe in search of that particular characteristic that would usually help him...

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Finest 1906-S One Peso offered at Stack's

The 1906 San Francisco mint 1 Peso enjoys the status as "King of Philippine coins" not because of its mintage, but because of the history behind it. There were more than 200 thousand of this coin produced dated 1906 aside from the proof coin minted by the Philadelphia mint. But because of the scarcity of silver and its importance to the economy of mainland United States, its former colony, the Philippines undergone several transition including the reduction of size of the United States colonial coins as well as its alloy. From the standard of 1 ounce, the Philippines adopted 3/4 of an ounce for the equivalent of peso in silver unit.1 Peso,...

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Gold vs. Financial

The surge of investors flocking at the mint and coin shops during the time when there were not yet online stores around happened during the 1980's when Gold reached a record high. Such was the first time the modern world witnessed the natural instinct of man toward the precious metal. "A decade ago before that during the 70's, currencies backed by gold were replaced by the money what we know today as "paper currency" or "fiat currency" or money back by nothing except trust and confidence." an economist said.Today, as the Global Financial Crisis devastate the world's economies, another round of panic grips the market as more and more people seek...

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Philippine Bullion Report: Gold up by $20 an ounce

Some of the worst effect of the global economic crisis were experienced this week, including the lost of 75,000 jobs in a single day mostly coming from the semi-conductor industry. Some local manufacturing companies located in the CALABARZON area like Matsushita-Philippines,a subsidiary of Panasonic electronics which manufactures batteries, and Dyna Images located in Cavite halted their operations in a single day.Employees of the latter were only informed regarding the fate of their company on the day it ceased its operation. Economists are still expecting more layoffs and unemployment in the coming months as the crisis looms over the local...

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Coin collector in Batangas adorns home with rare finds

Different kinds of ashtray, wine and perfume bottles, key chains, postage stamps, utensils, and all sorts of figurines are just among Rodolfo Punzalan’s collections that adorn his house in Bauan, Batangas province.He was still a child when he started collecting coins and became a devoted coin collector since the 1970s. From coins, he soon became fond of collecting other items.The 62 year-old collector, who works as an auditor for the Commission on Audit in Batangas City, could no longer count how many money he has so far collected.Some are placed in frames while some are kept in coin albums.His coin collections include money from centuries ago...

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4 students claim to have dug up old Japanese bills, gold coins

Four elementary students in Jaen, Nueva Ecija, a province located a hundred of kilometers up north of Manila reportedly dug a box containing several Japanese paper money and gold coins. Report says that the students were called by a school teacher when she found that the four students were playing their with finds. One of them claimed that among the notes and the coins were pieces of documents which were written in unknown characters and in red ink. "I tried to erase it, but the red ink won't go." one of them added.The school teacher explained to the media that she did not see any gold coins among those she confiscated. "Those were included in the hoard were just play money," she explained.This page requires a higher version browserVideo courtesy of GMANews.tvThe students added that their...

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Ilocos Norte residents warn on P1-coin hoax

The Bankers’ Association in Ilocos Norte are warning the public not to believe rumors that a one-peso coin could be exchanged for a higher amount of cash.The bankers’ advisory came out as rumors spread in the area that a one-peso coin dated 2004 could be exchanged in banks for P20.Ronald Mandac, Bankers’ Association director, said that there were many who believed in the rumor and flocked to banks asking how their coins can be exchanged. He also said there was no directive from Bangko Sentral ng Pilipinas on the supposed exchange issue.Mandac said however that he believes the issue is related to another rumor which said that the 2004 one-peso...

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Anti-counterfeit Campaign: BSP Revised Reward System "Bayani ka na, magkakapera ka pa!"

The BSP Reward System, launch Anti-Counterfeiting campaign that, encourages the populace to furnish information on person/groups responsible for the manufacture/passing of counterfeits. This nefarious activity can be more effectively suppressed with the cooperation of the public.There is a Committee on Rewards who shall determine the amount of reward in accordance with certain rules and regulation as approved by the Monetary Board.Any person who voluntarily gives definite and sworn information leading to the the arrest/prosecution of a person or group of persons engaged in counterfeiting/passing of Philippine notes and coins or foreign notes...

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Obama coins failed to capture the taste of local collectors

The "Obama Fever" has failed to capture the taste of local coin collectors unlike of that when the "Harry Potter" coin series and commemorative medals appeared at the local market.The United States and the rest of world (particularly the African country, Kenya where Obama traces his roots) recently have their own versions of celebrations to welcome the first African-American President on his first official day at the White House as the 44th President of the United States.Local Ebay sellers, bargain seekers, collectors, and speculators have their own respective opinions why buying or selling Obama memorabilia and mementos is a definite one of...

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BSP tightens regulations to prevent more bank failures

The Bangko Sentral Ng Pilipinas will release new regulations aimed to penalize and restrain “aggressive banking" tactics.Besides setting clear definitions of “aggressive banking," the Bangko Sentral ng Pilipinas (BSP) will issue a circular that will impose harsher penalties on banks who plan to cheat their depositors.“The new guidelines clearly define instances or acts of unsafe and unsound banking practices so that there can be no doubt the regulations have been violated and the banker punished," BSP deputy governor Nestor A. Espenilla said.The new set of rules define “aggressive banking" as giving loans to borrowers that have poor credit histories...

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Rising Dollar, Plummeting Gold, and Counterfeits

Gold prices went down on Thursday, closing low for the fourth straight day as the dollar's climb against other major currencies losing its appeal to most metal investors.Meanwhile, Oil prices dropped to its former level of $35 while agriculture futures were mostly lower.The dollar was stronger against the euro and the Japanese yen, and gained against the British pound earlier in the trading day, but pulled back slightly later in the session.The gains in the dollar came after the European Central Bank slashed its benchmark interest rate by half a percentage point to 2 percent, as expected. The cut follows the Bank of England's move last week to...

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Special Economic Report: BSP forecast more bank mergers

The Central Bank is expecting further consolidation among local banks, with Bangko Sentral ng Pilipinas (BSP) Governor Amando M. Tetangco, Jr. sticking to his goal of five to six local banking groups dominating the sector."I still think five to six local banks plus the branches of foreign banks holding about 70% of the total banking system’s assets would be ideal," Mr. Tetangco told reporters in an e-mail."The BSP’s role is to create a working environment that would encourage banks, through market-based policies, to take advantage of opportunities to consolidate or expand as would suit their risk and profit appetite as well as their own overall...

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Project 2009: The Philippine Coin Expo

The Philippine Numismatic & Antiquarian Society once played a vital role in the exposition, exhibition, and conservation of materials particularly those in connection with the nation's history.The rift between the factions involved in the control of the organization led to the decline of its popularity among collectors specially during the times that major figures of organization had been dragged in the one of the biggest heist in the organization's history since it was created in 1929.Now, several collectors and others (including this site) who want to reform the organization have expressed support in the creation of the Philippine Coin...

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Philippine Bullion Report: Precious Metals alongside Energy & other Commodities Gain

Precious Metals: Gold, Silver, & PlatinumPrecious metals and grains gain alongside energy prices last Friday trading, after a nine-day plunge in oil that shifted investors position to buy back into the ailing commodities market.But so far, there is doubt that crude oil or other battered commodities are in for a consistent rebound. The labor market remains bleak, international trade is plummeting, and holiday retail sales were lower than forcasted. All these signs point to lower demand around the globe.Gold has been performing better than other commodities. On Friday, gold for February delivery $23.00 to settle at $871.20 an ounce on the New...

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Proposal for Scrapping Lowly Coins Denied

Philippine current low denomination coins Scrapping coins whose values fall below one peso would be impractical for the Philippine government and unfair to consumers, a government official said on Thursday.The government will also be unable to switch to a purely paper currency system because paper “has a shorter lifespan," the official who refused to be identified told GMANews.TV.The official was prompted to issue this statement after Representative Roilo Golez filed a resolution urging the House Committee on Banks and Financial Intermediaries to conduct an inquiry regarding the “practicability of retiring and demonetizing the centavo as a Philippine...

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The 1972 Marcelo H. Del Pilar 50 Centavos Trial Piece in Copper

The 1972 Marcelo H. De Pilar Trial Strike in CopperDuring the introduction of the new coins and the second term of then president Ferdinand Marcos in 1966, several pattern coins were created by then prominent medal designer and a former member of the Philippine Numismatic & Antiquarian Society (PNAS), Jose Tupaz Jr. Among the known varieties by Jose Tupaz, Jr. were coins which featured the first couple heads, the former president, the pope & the former president, and the national hero Juan Luna, which surprisingly, was the only hero included in the project. The patterns were later refined and the official coin set was released in 1967,...

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Oil & Gas In A Special Coin

The Malampaya Commemorative CoinThe Malampaya Gas production rig located near Palawan is the of the country’s pride in energy independence. Brought by the surging cost in oil importation, refining, and distribution, several exploration attempts in the early 80’s and late 70’s confirmed that the nation has a potential source of natural gas and oil.A study undertaken by University of the Philippines Professor Dante B. Canlas, the former chief of the National Economic and Development Authority (NEDA). Using natural gas royalties would cut power costs which may stimulate economic growth since it will make local industries more competitive.The Electric...

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Gold, Platinum Drop on Concern Recession May Lessen Demand on Metal

Gold futures fell on speculation a global recession will damp demand for precious metals and other raw materials. Platinum and silver also declined. Equities in Asia, Europe and the U.S. fell today. More than $28 trillion in value has been erased from global equity markets this year as banks have posted more than $920 billion in credit losses and writedowns. The Reuters/Jefferies CRB Index of 19 raw materials is down by almost a third this year. ``We're back to focusing on the recession,'' said Leonard Kaplan, the president of Prospector Asset Management in Evanston, Illinois. ``You're seeing a bear market in everything....

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High-grade gold, silver found in S. Cotabato

A Canadian mining exploration company has found high-grade gold and silver deposits at a mining site in T’boli, South Cotabato.Cadan Resources Corp., which operates the Tboli gold-silver project through Philippine affiliate Tribal Mining Corp., said the mine site might contain 584,000 tons of mineral deposits with 10.2 grams of gold and 50 grams of silver per ton.In September, the company estimated mineral resources at the site at 420,000 ounces of gold and 1.6 million ounces of silver. It pegged the grade at 5.5 grams of gold and 21 grams of silver per ton."The latest higher grade results continue to indicate that the Tboli gold-silver resource...

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