PILONCITOS: The treasure of Philippine numismatic

Piloncitos is the earliest form of precious metal based currency of the Philippines. It is likely made of pure gold with a weight ranging between .5 grams to more or less than 3 grams.

Piloncitos is not exclusively found in the Philippines as most collectors and local historians have agrees. Similar type of gold can be found in some regions of Indonesia which they call massa.

The earliest written account of Piloncitos was made by our national hero, Jose Rizal himself. According to Rizal, he found the gold nugget while tilling the soil of Dapitan. He himself coined the word piloncitos, which basically describe the coin's unusual shape. They are round and stamped with what looks like the pre-Spanish baybayin character “ma,” leading historians to guess that it could be short for “Ma-I.


Even before the Thai moved southward from their original home in China, the lucrative sea trade between the South China Sea and the Bay of Bengal established several maritime empires such as Sailendra-Srivijaya and Majapahit, which controlled coastal areas of modern Indonesia, Burma, Malaya, Thailand, Vietnam, and the Philippines.

In an era before coined money was widely used, Indo-Pacific beads were made first at a site called Aakmidu in South India ca. 200 BC. The manufacture then moved in sequence to Ceylon, South Thailand, Java and finally Malaya. By about 1200-1300 AD the larger Majopahit beads, excavated today in the interior of Java, had supplanted it. Since these factory sites have been dated, archaeologists now use the beads to date sites, though whether beads rose to the level of metals, salt, cloth, and cowries as "standard" trade goods is uncertain.

The first indigenous metallic coinage in the region, ca. 750-850 AD, comes from the Javanese kingdom of Sailendra (Chinese: Ho-ling). These roughly dome-shaped silver of irregular weight bore stamps of a flowing vase, and the sandalwood flower (quatefoil). By 850 AD weights had been standardized at 20 rattis to a Massa of about 2.4 grams. Silver and gold coins of Massa and fractional denominations were issued until about 1300 AD, with changes in shape and quality of inscription marking periods of issue. The gold Piloncitos of the Philippines are a late offshoot of the gold coinage, while the beanlike silver "namo" series, of the Malay isthmus was presumably an offshoot of the silver and may have evolved into the bullet (pod-duang) coinage of Sukothai in Thailand.

Past local numismatist like Dra. Anita Legarda and Gilbert Perez made some research regarding this coin but only few specimen were found and no further study nor specimen have surfaced recently aside from those what have been found.

What fascinates historians and numismatists alike is why piloncito can only be found in the Philippines and unlike its counterpart gold massa that are vastly present in the Southeast Asian region.

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Migration to Gold increases as Market uncertainty continues

Last Wednesday -- which was the worst day for both the dollar and US equities -- the average price of US Mint-manufactured gold rose to $1952/oz. That's about $130/oz higher than gold futures got that day.

Meanwhile, Gold continues to break all-time records as uncertainty and lost of confidence hammer the U.S. dollar. There were times Gold was even at par or more with Platinum which were never seen before.

Gold dealers on Ebay continue to profit from the market tremors brought by the sudden surge in the prices of precious metals especially with Gold. In demand right now are bullion coins most likely falling from .900 or of higher purity.

Bangko Sentral Ng Pilipinas (BSP) expresses that despite the falling value of the dollar, they are still confident with the beleaguered currency as the current dollar reserve rose to %16. Though BSP remained optimistic with the current economy as credit rating agencies upgraded the Philippines credit worth to BB+, changes in the prices of commodities such as oil and wheat have become the headaches of most economist as prices become more unstable and harder to forecast.

Bargain hunters in the Quiapo black market are scouting the area for possible opportunities since local bullion market still takes a while to adjust and effect of the price changes in COMEX is slower. Local auctions are now attended more than ever by precious metal prospectors rather than collectors as more and more players now participate in the trade of precious metals especially with Gold.

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Gold soared to $1700 despite U.S. credit downdgrade

Gold soared to record highs above $1,700 an ounce on Monday as an unprecedented downgrade to the U.S. credit rating sent investors scrambling out of riskier assets, hammering equity markets and the dollar.

Both U.S. gold futures and cash gold could rise further if pledges by the Group of Seven nations to support battered financial markets fail to bear fruit as investors turn their attention to the Federal Reserve's policy-setting committee, the FOMC, meeting on Tuesday.

The one notch downgrade by Standard & Poor's of the U.S. long-term rating on Friday added to the threat of contagion from the euro debt crisis, fears over recession in the United States and even the possibility of a third round of U.S. quantitative easing.

Spot gold touched a lifetime high around $1,714 an ounce, its 11th record in 19 sessions -- lifting the price of silver by more than 5 percent. The U.S. December gold contract also hit a record about $1,718 an ounce.

"What people are realizing is that dollar and euro currencies have real problems and I think that's manifesting in the gold price," said Dominic Schnider, an analyst at UBS Wealth Management.

"That's why we increased the gold price to $1,800, but I would say the way things evolve right now I really could even imagine $2,000 being in the cards. The chances have increased that we'll reach $2,000 -- the forecast remains 12-month $1,800, but the risk is that we will actually hit toward $2,000."

Premiums for gold bars were mostly steady as purchases from investors who are worried about the state of the global economy helped the physical market offset pressure from record bullion prices. Premiums for gold bars were at $1 in Hong Kong and 60 cents in Singapore.

Finance chiefs from the world's industrial powers pledged on Sunday to take whatever actions were needed to steady financial markets, spooked by the political wrangling in Europe and the United States over slashing their huge budget deficits.

Treasury Secretary Timothy Geithner said U.S. Treasury debt is as safe as it was before the S&P downgrade, urging European leaders to ensure there is an "unequivocal financial backstop" for euro zone governments facing fiscal and debt problems.

"I guess the uncertainty in the financial markets is keeping gold prices underpinned. It's essentially safe-haven buying," said Ong Yi Ling, investment analyst at Phillip Futures.

"One of the events that investors will watch is of course the FOMC meeting that is scheduled Tuesday ... investors will scrutinize the statement on the assessment of the economy and outlook for monetary policy."

Investors are watching for any statement on whether the Fed will ease monetary policy further.

Gold priced in sterling jumped to a record around 1,043 pounds following gains in dollar-priced gold. Bullion priced in euro was also at an all-time high.

Shares tumbled on Monday despite efforts by global policymakers to stem a collapse in investor confidence after S&P downgraded the U.S. credit rating, but the euro jumped on hopes the ECB will act to stop Europe's debt crisis from engulfing Italy and Spain.

The lingering economic crisis has been a boon for safe havens like gold, which has risen for six successive weeks and is up 13 percent since the start of July.

Gold, which has gained more than 20 percent this year, had shrugged off data showing the U.S. economy generated 117,000 jobs last month and unemployment fell to 9.1 percent.

The dip in the jobless rate reflected more of a contraction in the size of the work force than an improved employment picture.

"I think troubles in Europe are also undermining markets. Progress in dealing with Europe sovereign debt issues is painfully slow," said Natalie Robertson, a commodities strategist at ANZ.

"But prices are overbought at the moment. If you look at the RSI, it's above the 70 level. If you look at technicals, it could be vulnerable to some profit taking."

Data released by the U.S. Commodity Futures Trading Commission showed managed money in gold futures and options raised their net length to a five-year high in the week up to August 2.

In the energy market, crude fell more than $2 a barrel on Monday on the S&P downgrade.

BSP Monetary Board meanwhile decided to raise key policy rates by 25 basis points for the second consecutive policy meeting in May 2011 as baseline projections indicated that the inflation target for 2011 could be at risk.

The MB noted that while commodity prices had moderated somewhat in recent months, they continued to pose a risk to the inflation outlook given structurally strong demand from emerging economies amid persistent supply constraints. At the same time, the reserve requirements (RR) on deposits and deposit substitutes of all banks and non-banks with quasi-banking functions was raised by one percentage point (ppt) effective 24 June 2011 to prevent possible additional inflationary pressures from excess liquidity. Expectations of continued strong capital inflows, driven by positive market sentiment over the favorable prospects for the Philippine economy, could fuel domestic liquidity growth and add to future inflation risks.

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Special Report: Philippine Coin prices

Philippine coin prices have been bullish lately due to the extended streak of gains of bullion prices in the world market. However, collectors have not been so intuitive lately that most silver and gold coins escaped much attention as it went to only a handful of local investors.

Street price (Quiapo price) has been used as the pattern for local coins since but due to the crisis brought by several catastrophic events, it has been rendered lately as obsolete as experts predict that climb of bullion metals will become regular and most of the times erratic.

U.S. gold and silver prices extended their gains Wednesday as gold reached a new all-time record high for a second straight day and silver advanced to a fresh 31-year high for a third day. The metals gained on the back of a weaker U.S. dollar and expectations of higher inflation.

June gold prices added $6.00, or 0.4 percent, to settle at $1,458.50 an ounce on the Comex in New York. Gold hit an intraday low of $1,452.50 and a high of $1,463.70.

"People are very concerned about inflation, especially with our central bank holding rates so low for so long," Matt Zeman, a market strategist at Kingsview Financial in Chicago, said and was quoted on Bloomberg. "In the eyes of the investing public, Bernanke’s reputation as an inflation fighter is questionable, and you’re seeing people continue to buy precious metals."

Silver prices for May delivery advanced 20.4 cents, or 0.5 percent, to $39.387 an ounce. Silver prices traded between $39.120 and $39.785.

"Yesterday’s release of Fed meeting minutes led market participants to believe that the US central bank’s policymaking members are still divided over the timing of the withdrawal of the stimulus-oriented stance that their institution adopted in the wake of the financial crisis," wrote Jon Nadler, Senior Analyst at Kitco Metals Inc.

"At the same time, a rather disappointing reading in the ISM Services Index for the month of March, added to the woes of the US dollar and reinforced the feeling that the Fed will not be likely to end its QE2 program prior to its end-June expiry. Combine the above with crude oil hovering at or above 2.5 year highs and gold and silver were given the opportunity to rise to new price peaks."

Platinum prices for July delivery edged up $1.00, or 0.1 percent, to $1,797.80 an ounce. Prices ranged from $1,794.40 to $1,816.70.

Palladium prices for June delivery dropped $8.50, or 1.1 percent, to $784.60 an ounce. The metal touched an intraday low of $781.60 and a reached a high of $800.00.

London PM fix bullion prices advanced as compared to their PM fixings on Tuesday.

The PM gold fixing added $28.00 at $1,461.50 an ounce, the silver fix surged $1.55 at $39.630 an ounce, the platinum fixing advanced $21.00 at $1,808.00 an ounce, and the palladium fix jumped $13.50 at $793.50 an ounce.

For a second straight day, the one-ounce American Eagle Gold was the single United States Mint bullion coin to advance. It rose 3,000, the same amount as Tuesday. United States Mint bullion sales figures follow.

U.S. Mint 2011 Bullion Coin Sales
	April 2011	YTD 2011
American Eagle Gold Coin (1 oz)	31,500	295,000
American Eagle Gold Coin (1/2 oz)	0	21,000
American Eagle Gold Coin (1/4 oz)	0	38,000
American Eagle Gold Coin (1/10 oz)	5,000	165,000
American Gold Buffalo Coin (1 oz)	3,000	41,000
American Eagle Silver (1 oz)	658,500	13,087,500

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Silver dips to $34 as Global crisis deepens

U.S. gold and silver prices were little changed Monday as gold climbed 0.2 percent and silver dipped 0.3 percent. Platinum and palladium, however, faltered heavily on industrial demand concerns following Japan’s earthquake. The metals fell 1.7 and 2.3 percent, respectively.

April gold prices edged up $3.10 to close at $1,424.90 an ounce on the Comex in New York. Gold was traded as low as $1,418.20 and as high as $1,433.50.

"Gold … remains well bid due to all the uncertainty in the world, led by Japan’s possible nuclear meltdown. The Middle East crisis still looms though it is no longer the lead story on the headlines," Miguel Perez-Santalla, vice president of Heraeus Precious Metals Management, said and was quoted on Reuters.

Silver prices for May delivery retreated 9.5 cents drops to $34.66 an ounce. It ranged between $35.500 and $36.505.

Silver "prices closed near mid-range and saw mild profit-taking pressure. The silver bulls have the strong overall near-term technical advantage," noted Jim Wyckoff of Kitco News. "There are still no early technical clues to suggest a market top is close at hand. Prices are in a steep six-week-old uptrend on the daily bar chart. The next downside price breakout objective for the bears is closing prices below solid technical support at last week’s low of $34.05. Bulls’ next upside price objective is producing a close above solid technical resistance at last week’s high of $36.745 an ounce."

Platinum prices for April delivery declined $29.40 to close at $1,752.30 an ounce. Prices ranged between $1,739.90 and $1,787.00.

Palladium prices for June delivery fell $17.30 to $748.20 an ounce. It hit an intraday low of $745.45 and a high of $763.55.

London PM fix prices were mixed for precious metals when compared to their previous PM fixings. The gold fix added $10.75 at $1,422.25 an ounce. Silver surged $2.08 at $36.180 an ounce. Platinum lost $15.00 at $1,762.00 an ounce. Palladium fell $2 at $752 an ounce.

The United States Mint did not publish updated sales figures for its bullion coins, although Monday was the launch date for its 2011-dated American Buffalo Gold Bullion Coin.

The latest bullion sales figures as provided by the Mint on Friday follow.

U.S. Mint 2011 Bullion Coin Sales
	March	2011 Totals
American Eagle Gold Coin (1 oz)	30,500	233,500
American Eagle Gold Coin (1/2 oz)	4,000	17,000
American Eagle Gold Coin (1/4 oz)	10,000	28,000
American Eagle Gold Coin (1/10 oz)	5,000	125,000
American Eagle Silver (1 oz)	717,000	10,379,000

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Silver makes record at $35.33 an ounce

U.S. silver prices on Friday soared to $35.33 an ounce, bringing silver coin values to 31-year highs in the process.

Silver rose nearly 84% last year, but it was down for most of 2011 until Middle East tensions sparked investor buying and lifted silver prices to new heights. The metal is already 14.2% higher this year and has doubled in price over the past 12 months.

In coin terms, a Washington quarter struck for circulation in 1964 now has a melt value of $6.39 since it is composed partly of silver. In contrast, go one and two years back and that same 25-cent piece had melt values of $3.11 and $2.33, respectively.

The 1964 quarter is one of several very common 90 percent silver coins produced by the United States Mint for everyday circulation. All of them have seen their intrinsic coin values explode in recent years, as highlighted in the following table:

Silver Coin Melt Values

Silver Coin	Coin Values (Silver at $12.90 on March 4, 2009)	Coin Values (Silver at $17.18 on March 4, 2010)	Coin Values (Silver at $35.33 on March 4, 2011)
1942-1945 Jefferson Nickel	$0.73	$0.97	$1.99
1916-1945 Mercury Dime	$0.93	$1.24	$2.56
1946-1964 Roosevelt Dime	$0.93	$1.24	$2.56
1932-1964 Washington Quarter	$2.33	$3.11	$6.39
1916-1947 Walking Liberty Half Dollar	$4.67	$6.21	$12.78
1948-1963 Franklin Half Dollar	$4.67	$6.21	$12.78
1964 Kennedy Half Dollar	$4.67	$6.21	$12.78
1965-1970 Kennedy Half Dollar	$1.91	$2.54	$5.23
1878-1921 Morgan Dollar	$9.98	$13.29	$27.33
1921-1935 Peace Dollar	$9.98	$13.29	$27.33
1971-1976 Silver Eisenhower Dollars	$4.08	$5.43	$11.17

The silver prices used are the closing prices in New York on the dates provided.

U.S. coins minted before 1965 contain 90 percent silver. Taking wear and tear into the equation, that means $10 worth of pre-1965 coins include more than 7 ounces of silver. Or, $1.40 of the coins contain about one ounce of silver. (See the silver coin calculator.)

Melt values for modern United States Mint silver coins and sets have jumped to levels that make their prices more palatable. As an example, the 2010 Silver Proof Set which contains 90 percent silver coins (Kennedy half dollar, the four quarters, and the dime) had a melt value of nearly $25.50 when it was released. Based on Friday’s silver price, each set is now up to $47.28, or $9.67 less than its current listing price of $56.95. The $67.95 price of the 2011 Silver Proof Set now has a smaller $20.67 premium over its melt value. The best deal is the 2010 America the Beautiful Quarters Silver Proof Set. It is listed for $32.95 and contains $31.95 worth of silver.

The following table shows how melt values have changed for modern US Mint silver coins and sets between their issue date and Friday.

Melt Values for Modern Silver Coins and Sets

Silver Coin or Set	Issue Date	US Mint Price	Coin Values on Issue Date	Coin Values on March 4, 2011
2011 Medal of Honor Silver Dollar Uncirculated	Feb. 25, 2011	$49.95	$25.45	$27.33
2011 Medal of Honor Silver Dollar Proof	Feb. 25, 2011	$54.95
2011 Army Silver Dollar Uncirculated	Jan. 31, 2011	$49.95	$21.79
2011 Army Silver Dollar Proof	Jan. 31, 2011	$54.95
2011 Silver Proof Set	Jan. 25, 2011	$67.95	$35.88	$47.28
2011 American Silver Eagle	Jan. 3, 2011	n/a	$31.13	$35.33
2010 ATB Silver Quarters	May 27, 2010	$32.95	$16.70	$31.95
2010 Silver Proof Set	Aug. 26, 2010	$56.95	$25.40	$47.28
(1) 2010 ATB Silver Coin	Dec. 10, 2010			$176.65
2010 Boy Scouts Silver Dollar Uncirculated	Mar. 23, 2010	$35.95	$12.95	$27.33
2010 Boy Scouts Silver Dollar Proof	Mar. 23, 2010	$43.95
2010 American Veterans Disabled for Life Uncirculated	Feb. 25, 2010	$35.95	$12.48
2010 American Veterans Disabled for Life Silver Dollar Proof	Feb. 25, 2010	$43.95

These coins and sets are obviously not purchased to melt down. Their true values are mostly dictated by their numismatic worth. However, secondary market prices for them fluctuate when there are large precious metal price swings. (coinnews.net)

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Gold hits another record high, Silver just 2.5cents shy of $35

U.S. gold extended its record high for a second straight day on Wednesday. Silver prices reached a fresh 31-year high with its best point just 2.5 cents shy of $35 an ounce.

Investors edgy over inflation and unrest in the Middle East and North Africa sunk their money into safer bets, like gold and silver.

April gold prices advanced $6.50, or 0.5 percent, to close at $1,437.70 an ounce on the Comex in New York. It traded from a low of $1,428.20 to a high of $1,441.00. Gold is up 1.1 percent in 2011.

"The bullish breakout to a fresh all-time high has put gold in an outstanding technical position to extend its advance into record territory," Richard Ross, global technical strategist at Auerbach Grayson said, according to MarketWatch. "The triple top breakout reinforces an already bullish picture and has opened the door to a test of $1,461 an ounce in the short term and $1,634 an ounce by year end."

"You have political problems all over the world, a Federal Reserve bank that still erred on the side of easing rather than tightening, rising commodities prices in general, and growing disdain for fiat currencies generally," Dennis Gartman, author of the Gartman Letter, an daily investment newsletter, said and was quoted on Reuters. "It will be illogical for gold not to be going higher," he said.

Silver prices for May delivery surged 40.8 cents, or 1.2 percent, to settle at $34.835 an ounce — its best closing level since 1980 when prices reached as high as $50.35 an ounce. Silver ranged from $34.35 to $34.975. The metal has risen 12.6 percent this year.

"Tensions in the Middle East, inflation concerns along with the weaker U.S. dollar index are also supporting the silver market. The silver bulls have the strong overall near-term technical advantage," wrote Jim Wyckoff of Kitco News.

"There are no early technical clues to suggest a market top is close at hand. Prices are in a steep five-week-old uptrend on the daily bar chart. The next downside price breakout objective for the bears is closing prices below solid technical support at $33.00. Bulls’ next upside price objective is producing a close above solid technical resistance at $36.00 an ounce," added Wyckoff.

Platinum prices for April delivery added $14.20, or 0.8 percent, to $1,859.30 an ounce. It traded as low as $1,829.20 and as high as $1,865.50. Platinum has climbed 4.6 percent in 2011.

Palladium prices for June delivery ended up $5.95, or 0.7 percent, to $822.65 an ounce. Prices ranged from $809.80 to $826.10. Palladium is up 2.4 percent this year.

Gains in earlier London PM fixing prices ranged from 1 percent for gold and platinum to 1.1 percent for silver and palladium.

The PM gold fix price was $1,435.50 an ounce for an increase of $14.75 over its previous PM fixing. Silver was $34.750 an ounce, up 38 cents. The platinum fixing came in at $1,846 an ounce, registering a gain of $18. Palladium was $9 higher at $821.00 an ounce.

Higher precious metals prices appear to be depressing United States Mint bullion coin sales, at least for now. The only gains published by the Mint during the first two days of March are for the one-ounce American Gold Eagles. They rose 6,000 on Wednesday. The latest bullion sales figures from the United States Mint follow.

U.S. Mint 2011 Bullion Coin Sales
	March	2011 Totals
American Eagle Gold Coin (1 oz)	6,000	209,000
American Eagle Gold Coin (1/2 oz)	0	13,000
American Eagle Gold Coin (1/4 oz)	0	18,000
American Eagle Gold Coin (1/10 oz)	0	120,000
American Eagle Silver (1 oz)	0	9,662,000

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Gold Tops $1,400, Silver at $34, Palladium Plunges

U.S. gold is over $1,400 an ounce and silver prices reached a fresh 31-year high Tuesday as uprisings in the Mideast and North Africa elicited safe-haven buying, opined analysts.

Gains were deeper around the world during the previous day, however, when the key New York market was closed in celebration of President’s Day.

However, despite the quake that hit Christchurch, New Zealand the rally continued but not without Silver breaking record by reaching more than $34 an ounce.

April gold prices advanced $12.50, or 0.9 percent, to $1,401.10 an ounce on the Comex in New York. Prices ranged from a low of $1,390.10 an ounce to a high of $1,411.50 an ounce. Gold is still down for the year, however. It has declined 1.4 percent since the $1,421.40 closing price at the end of 2010.

"Bullion prices continue to draw support from ongoing unrest in the Middle East/North Africa region, also (from) a small dollar pullback this afternoon," Andrey Kryuchenkov, an analyst at VTB Capital, was quoted on Reuters. "Safe-haven buying remains the key driver behind the recent rally as players seek to offset currency and sovereign risk."

Silver prices for March delivery jumped 56.6 cents, or 1.8 percent, to $32.862 an ounce. Silver ranged from $32.390 to $34.330 — its highest level since March 1980. While silver had been in the red for most the year until last week, it is now up 6.2 percent in 2011.

"Silver is still relatively attractive compared to gold," James Dailey, who manages about $200 million at TEAM Financial Asset Management LLC in Harrisburg, Pennsylvania, was cited on Bloomberg. "The more volatile the metal, the better it’s going to perform."

Industrial metals were pounded Tuesday. Platinum and palladium are barely holding on to their gains this year which are now at 0.5 and 0.3 percent, respectively.

Platinum prices for April delivery fell $57, or 3.1 percent, to $1,786.30 an ounce. Prices ranged between $1,785.60 and $1,858.00.

Palladium prices for March delivery plunged $52, or 6.1 percent, to $805.70 an ounce. It ranged from $799.30 to $862.00.

PM London precious metals prices fell across the board. The PM gold fixing was $1,401.00 an ounce, which was $2 lower than the previous PM fix. The London silver fix was $32.890 an ounce for a loss of 54 cents. Platinum declined $26.00 to $1,821.00. The palladium fixing lost $22.00 at $836.00 an ounce.

United States Mint American Silver Eagle bullion coins rallied 777,000 since Friday. They have just topped the 9 million mark in year-to-date sales. No other bullion coins advanced. The latest United States Mint bullion sales figures follow.

U.S. Mint 2011 Bullion Coin Sales
	February	2011 Totals
American Eagle Gold Coin (1 oz)	58,500	189,000
American Eagle Gold Coin (1/2 oz)	8,000	9,000
American Eagle Gold Coin (1/4 oz)	16,000	18,000
American Eagle Gold Coin (1/10 oz)	100,000	120,000
American Eagle Silver (1 oz)	2,599,500	9,021,500

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Silver breached $33 level, Gold up as Middle East unrest continues

Gold climbed above $1,400 an ounce to the highest price in almost seven weeks in London as unrest in the Middle East and concern inflation will quicken boosted demand. Silver reached a 30-year high on $33 and palladium advanced.

Libyan leader Muammar Qaddafi’s son Saif al-Islam Qaddafi called on protesters to engage in dialogue or face a civil war that risks “hundreds of thousands of dead.” In the latest step to curb inflation, China’s central bank said Feb. 18 it would raise reserve requirements for lenders as of Feb. 24 after boosting interest rates earlier this month.

“The mix of Middle Eastern jitters and inflation concerns continues to create a favorable price environment for the precious metals, particularly gold and silver,” James Moore, an analyst at TheBullionDesk.com in London, said in a report.

Immediate-delivery bullion added as much as $14.22, or 1 percent, to $1,403.75 an ounce, the highest price since Jan. 4, and was at $1,402.80 at 11:52 a.m. in London. Prices gained for a sixth day, the longest streak since August. The metal for April delivery was 1.1 percent higher at $1,403.30 on the Comex in New York.

Silver for immediate delivery gained as much as 2.7 percent to $33.5175 an ounce, the highest price since March 1980.

Bullion rose to $1,399.50 an ounce in the morning “fixing” in London, used by some mining companies to sell output, from $1,383.50 at the afternoon fixing on Feb. 18.

Anti-Government

Gold reached a record $1,431.25 an ounce on Dec. 7. Concern about rising inflation and currency debasement drove prices up 30 percent last year for a 10th annual gain. Rising food and commodity prices have contributed to uprisings in the Middle East.

Libyan security forces yesterday attacked anti-government protesters in Benghazi, the nation’s second-largest city. The North African country has become the focal point of region-wide protests ignited by the ouster of Tunisia’s president last month and energized by the fall of Egyptian President Hosni Mubarak on Feb. 11. Violence has also flared in Yemen, Djibouti and Bahrain.

“Gold, silver, platinum and palladium are all riding on investor interest against the backdrop of intensifying violence in the Middle East,” said Hwang Il Doo, Seoul-based senior trader with KEB Futures Co. “I wouldn’t be surprised to see gold rising above $1,500 in the coming month.”

Silver advanced to its most expensive level versus gold in 13 years. An ounce of gold bought as little as 41.76 ounces of silver today, the lowest amount since February 1998. Silver has more than doubled in the past year and was last up 2.6 percent at $33.4875 an ounce.

Palladium for immediate delivery in London rose 1 percent to $859.75 an ounce after reaching $861.50, the highest level since February 2001. Platinum was 0.7 percent higher at $1,847.88 an ounce. Comex floor trading in New York is closed today for Presidents’ Day.

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Silver jumps to $32, Gold hits 5-week high

U.S. precious metals prices rose Thursday, with gold closing to its best level in five weeks and silver surging to a 31-year high.

April gold prices advanced $10, or 0.7 percent, to $1,385.10 an ounce on the Comex in New York — its best settlement price since January 13. Gold ranged between $1,374.60 and $1,385.00 an ounce. A weaker dollar, concerns over higher US inflation and safe-haven buying due to tensions in the Middle East were among the topics proffered for gains.

"The CPI data showed there is a lot of inflation around now. Certainly, inflation and the concern about the Middle East in general are very supportive factors," Bruce Dunn, vice president at bullion dealer Auramet, was quoted on Reuters.

Gasoline prices rose 3.5 percent in January and climbed 13.4 percent over the past year. Food price were up 0.5 percent in January — their biggest gain in more than two years. They are up 1.8 percent from a year ago. Stripping out the more volatile food and energy prices from the Consumer Price Index, the so-called core inflation rate came in with a relatively mild increase of 1.0 percent in January.

"The core rate is within the Federal Reserve’s guidelines, but most people who trade pay more at the grocery store and the gas station, so it’s hard to tell them inflation is non existent," John Person, president of NationalFutures.com said and was cited on MarketWatch. "Therefore gold is bid every time we get news of upticks in costs or government spending, both here, Europe and in China."

Another bullish factor for the yellow metal was a World Gold Council report which said that gold investment in China may gain between 40-50 percent this year.

"The main motivation behind this demand has been concern over domestic inflation pressure and poor performance of alternative investments, combined with expectations of further gold price gains," the World Gold Council said Thursday.

Silver prices for March delivery soared 94.1 cents, or 3.1 percent, to $31.570 an ounce. Silver ranged from $30.535 to $31.790 — its highest point since March 1980.

"Silver is playing catch-up to gold and will pull gold higher," Frank McGhee, the head dealer at Integrated Brokerage Services LLC in Chicago, was quoted on Bloomberg. "The market has turned its attention to geopolitical fear, food inflation and the Fed not changing its stance."

Platinum prices for April delivery added $9.70, or 0.5 percent, to $1,844.00 an ounce. Prices ranged between $1,823.90 and $1,849.00.

Palladium prices for March delivery gained $4.50, or 0.5 percent, to $843.00 an ounce. It ranged from $833.25 to $847.00.

PM London precious metals prices were mixed. The PM gold fixing was $1,379.00 an ounce, marking an improvement of $7.75 from the previous PM fix. The London silver fix was $30.610 an ounce for a loss of 16 cents. Platinum gained $6.00 to $1,834.00. The palladium fixing declined $1.00 at $839.00 an ounce.

One-ounce United States Mint bullion coins advanced Thursday. The American Gold Eagle coins rose 4,500 and the American Silver Eagle coins added 42,000. The latest United States Mint bullion sales figures follow.

U.S. Mint 2011 Bullion Coin Sales
	February	2011 Totals
American Eagle Gold Coin (1 oz)	43,500	174,000
American Eagle Gold Coin (1/2 oz)	5,000	6,000
American Eagle Gold Coin (1/4 oz)	16,000	18,000
American Eagle Gold Coin (1/10 oz)	100,000	120,000
American Eagle Silver (1 oz)	1,772,500	8,194,500

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US Mint Sales: 2011 Sets Draw Solid Numbers

Newly released coins and sets dominated the sales charts in the latest round of figures published by the US Mint. Several older-dated numismatic products also picked up a touch.

Although the new US Mint annual sets have started slower, weekly sales increases continue to top the 20,000 level

2011 Proof Sets added 20,473 versus the previous weekly gain of 21,784. Collectors have ordered 321,280 at a price tag of $31.95 each since their release on Jan. 11, giving the US Mint a $10.2 million boost in revenue. Last year’s issue, which is still available, rose 2,752 against 3,043. Their tally stands at 1,060,329.

2011 Silver Proof Sets rose 23,151 in their first full week of sales following their release on Jan. 25. Priced at $67.95 with 232,518 now sold, the sets have added $15.8 million to US Mint coffers. The weekly gain for last year’s set, also still on sale, picked up from the prior weekly increase of 2,868 to 3,213.

2011 Mint Sets launched on Feb. 8 for a price of $31.95, but their debut sales figures will not be in until next week. The lowest opening sales for these sets over the last several years was just above 200,000. Recent trends suggest that the 2011 Mint Sets will start slower than that.

The 2011 United States Army Commemoratives opening sales have been added to the tables below. They went on sale Jan. 31. The silver dollars were most popular with total sales at 13.5 percent of their authorized 500,000 maximum. The 50c clads came in second place with a total of 49,690, representing 6.6 percent of their 750,000 maximum mintage. The $5 gold pieces brought up the rear with 10,906 sold, which is 10.9 percent of their authorized limit of 100,000.

The following tables show the latest coin sales figures as reported by the US Mint:

US Mint Bullion Coin Sales
	Prior Weekly Increase	Weekly Increase	2011 Totals*
American Eagle Gold 1 oz	55,000	18,000	153,500
American Eagle Gold 1/2 oz	0	0	1,000
American Eagle Gold 1/4 oz	2,000	0	4,000
American Eagle Gold 1/10 oz	10,000	0	25,000
American Eagle Silver 1 oz	1,748,000	847,000	7,319,000
Hot Springs National Park Silver	0	0	33,000 / Sold Out
Yellowstone National Park Silver	0	0	33,000 / Sold Out
Yosemite National Park Silver	0	0	33,000 / Sold Out
Grand Canyon National Park Silver	0	0	33,000 / Sold Out
Mount Hood National Park Silver	0	0	33,000 / Sold Out
*The as of date for the American Eagle bullion products is February 9, 2011. 53,000 of the 2010-dated 1 oz Gold Eagles remained for sell this year, and buyers must order one of them for every four of a newly dated issue. The sales figures also include 469,500 of the 2010-dated Silver Eagle coins sold in January.

US Mint Collector Coin Sales

American Proof Silver Eagles
		Old Sales	Latest Sales	Gain/ Loss	% Increase	Mintage
1 ounce		860,000	860,000	0	0%	Sold Out
American Eagle Gold Proof Coins
		Old Sales	Latest Sales	Gain/ Loss	% Increase	Notes
1 oz		25,000	25,000	0	0.00%	Sold Out
1/2 oz		10,000	10,000	0	0.00%	Sold Out
1/4 oz		9,374	10,000	0	0.00%	Sold Out
1/10 oz		20,081	20,000	0	0.00%	Sold Out
4-Coin Set		36,187	35,000	0	0.00%	Sold Out
American Buffalo Gold Proof Coin
		Old Sales	Latest Sales	Gain/ Loss	% Increase
1 ounce		44,936	45,238	302	0.67%
2011 Army Commemorative Coins
		Old Sales	Latest Sales	Gain/ Loss	% Increase	Mintage
$5 Gold Proof		-	7,861	-	-	10,906 of 100,000
$5 Gold Uncirculated		-	3,045	-	-
Silver Dollar Proof		-	46,895	-	-	67,593 of 500,000
Silver Dollar Uncirculated		-	20,698	-	-
50c Clad Proof		-	30,162	-	-	49,690 of 750,000
50c Clad Uncirculated		-	19,528	-	-
First Spouse Gold Coins
		Old Sales	Latest Sales	Gain/ Loss	% Increase	Mintage
Fillmore Proof (2010)		5,550	5,582	32	0.58%	8,917 of 15,000
Fillmore Uncirculated (2010)		3,313	3,335	22	0.66%
Jane Pierce Proof (2010)		4,622	4,655	33	0.71%	7,519 of 15,000
Jane Pierce Uncirculated (2010)		2,847	2,864	17	0.60%
Buchanan’s Liberty Proof (2010)		7,091	7,317	226	3.19%	11,778 of 15,000
Buchanan’s Liberty Uncirculated (2010)		4,426	4,461	35	0.79%
Mary Todd Lincoln Proof (2010)		5,070	5,194	124	2.45%	7,726 of 20,000
Mary Todd Lincoln Uncirculated (2010)		2,463	2,532	69	2.80%
United States Mint Proof Sets
		Old Sales	Latest Sales	Gain/ Loss	% Increase	Notes
2011 Silver Proof Set		209,367	232,518	23,151	11.06%
2011 Proof Set		300,807	321,280	20,473	6.81%
2010 Proof Set		1,057,577	1,060,329	2,752	0.26%
2010 America the Beautiful Quarters Proof Set		258,487	259,045	558	0.22%
2010 Silver Proof Set		529,093	532,306	3,213	0.61%
2010 Presidential $1 Coin Proof Set		517,285	518,097	812	0.16%
2010 America The Beautiful Quarters Silver Proof Set		233,962	235,521	1,559	0.67%
US Mint Uncirculated Sets
		Old Sales	Latest Sales	Gain/ Loss	% Increase	Notes
2010 US Mint Uncirculated Set		557,883	559,174	1,291	0.23%
2010 Presidential Uncirculated Set		92,453	92,782	329	0.36%
Presidential Coins & First Spouse Medal Sets
		Old Sales	Latest Sales	Gain/ Loss	% Increase	Notes
Abigail Fillmore		9,184	9,204	20	0.22%
Jane Pierce		7,023	7,050	27	0.38%
Buchanan’s Liberty		6,253	6,301	48	0.00%
Marry Todd Lincoln		9,906	10,371	465	4.69%
Presidential $1 Coin Covers
		Old Sales	Latest Sales	Gain/ Loss	% Increase
William Henry Harrison		29,137	29,156	19	0.07%
John Tyler		25,932	25,945	13	0.05%
James K. Polk		24,147	24,165	18	0.07%
Zachary Taylor		23,075	23,093	18	0.08%
Millard Fillmore		21,983	22,007	24	0.11%
Franklin Pierce		20,263	20,299	36	0.18%
James Buchanan		18,650	18,719	69	0.37%
Abraham Lincoln		27,991	28,493	502	1.79%
Abraham Lincoln $1 Coin Rolls
		Old Sales	Latest Sales	Gain/ Loss	% Increase	Total
25-coin roll set (P)		45,862	46,255	393	0.86%	92,354
25-coin roll set (D)		45,745	46,099	354	0.77%
Millard Fillmore $1 Coin Rolls
		Old Sales	Latest Sales	Gain/ Loss	% Increase	Total
25-coin roll set (P)		38,270	38,310	40	0.10%	74,847
25-coin roll set (D)		36,499	36,537	38	0.10%
Franklin Pierce $1 Coin Rolls
		Old Sales	Latest Sales	Gain/ Loss	% Increase	Total
25-coin roll set (P)		35,043	35,087	44	0.13%	69,508
25-coin roll set (D)		34,376	34,421	45	0.13%
James Buchanan $1 Coin Rolls
		Old Sales	Latest Sales	Gain/ Loss	% Increase	Total
25-coin roll set (P)		33,104	33,178	74	0.22%	65,873
25-coin roll set (D)		32,630	32,695	65	0.20%
Native American Dollar Rolls
		Old Sales	Latest Sales	Gain/ Loss	% Increase	Total
25-coin roll set (P)		38,048	38,176	128	0.34%	76,141
25-coin roll set (D)		37,833	37,965	132	0.35%
Kennedy Half Dollar Rolls
		Old Sales	Latest Sales	Gain/ Loss	% Increase
200-coin bag (P&D)		8,846	8,846	0	0.00%
2-roll set (P&D)		35,129	35,338	209	0.59%
2010 Quarters Uncirculated Coin Set
		Old Sales	Latest Sales	Gain/ Loss	% Increase
		21,767	22,201	434	1.99%
2010 Quarters Circulating Coin Set
		Old Sales	Latest Sales	Gain/ Loss	% Increase
		13,784	14,082	298	2.16%
2010 America the Beautiful Quarters Three-Coin Sets™
		Old Sales	Latest Sales	Gain/ Loss	% Increase
Yellowstone		14,042	14,791	749	5.33%
Hot Springs		15,584	15,816	232	1.49%
Gettysburg National Forest Quarters
		Old Sales	Latest Sales	Gain/ Loss	% Increase	Total
100-Coin Bag (P)		3,275	3,634	359	10.96%	7,191
100-Coin Bag (D)		3,230	3,557	327	10.12%
Two-Roll Set		20,871	23,173	2,302	11.03%	23,173
Mount Hood National Forest Quarters
		Old Sales	Latest Sales	Gain/ Loss	% Increase	Total
100-Coin Bag (P)		5,681	5,714	33	0.58%	11,184
100-Coin Bag (D)		5,430	5,470	40	0.74%
Two-Roll Set		30,890	31,101	211	0.68%	31,101
Grand Canyon National Park Quarters
		Old Sales	Latest Sales	Gain/ Loss	% Increase	Total
100-Coin Bag (P)		6,249	6,275	26	0.42%	12,893
100-Coin Bag (D)		6,583	6,618	35	0.53%
Two-Roll Set		33,102	33,247	145	0.44%	33,247
Yosemite National Park Quarters
		Old Sales	Latest Sales	Gain/ Loss	% Increase	Total
100-Coin Bag (P)		6,872	6,891	19	0.28%	13,820
100-Coin Bag (D)		6,907	6,929	22	0.32%
Two-Roll Set		35,830	35,937	107	0.30%	35,937
Yellowstone National Park Quarters
		Old Sales	Latest Sales	Gain/ Loss	% Increase	Total
100-Coin Bag (P)		8,029	8,057	28	0.35%	16,607
100-Coin Bag (D)		8,517	8,550	33	0.39%
Two-Roll Set		40,973	41,087	114	0.28%	41,087
Hot Springs National Park Quarters
		Old Sales	Latest Sales	Gain/ Loss	% Increase	Total
100-Coin Bag (P)		9,507	9,532	25	0.26%	18,391
100-Coin Bag (D)		8,832	8,859	27	0.31%
Two-Roll Set		46,108	46,192	84	0.18%	46,192
Lincoln Cents
		Old Sales	Latest Sales	Gain/ Loss	% Increase	Notes
2010 Lincoln Shield Cent		171,445	171,824	379	0.22%

*NLA – No Longer Available.

The collector coin sales figures above have an "as of date" of February 6, 2011.

(coinnews.net)

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Silver on its highest level as Gold continues climb

Silver advanced to a 30-month high as the dollar slumped on prospects for a further easing of monetary policy by the U.S. central bank to safeguard the economic recovery. Gold traded near a record.

Spot silver gained as much as 0.3 percent to $21.2225 an ounce, the highest level since March 2008, before trading at $21.1512 at 12:15 p.m. in Singapore. Gold was little changed at $1,292.55 an ounce, after reaching a record $1,296.30 yesterday.

“With the prospect of quantitative easing coming on board, money is flowing into riskier assets, such as commodities,” said Justin Smirk, chief economist at St. George Bank Ltd. in Sydney. Silver may climb to the highest price since 1980, said Smirk, referring to an increase to more than $21.355 an ounce.

The Federal Reserve this week indicated it’s prepared to pump more money into the U.S. economy, helping to weaken the dollar and driving precious metals higher. The Dollar Index, a six-currency gauge of the dollar’s value, touched the lowest level yesterday since March 17.

Silver has beaten gold in the past month, gaining about 18 percent compared with the yellow metal’s 5.4 percent climb, on investor demand for a cheaper haven. An ounce of gold bought as little as 60.88 ounces of silver today, the smallest amount since January.

‘Increased Demand’

“Silver is rising alongside gold: that said, gold does look expensive compared to silver,” said Geoff Clear, head of Asia commodities at Australia & New Zealand Banking Group Ltd. “Weakness in the U.S. economy and now talk of quantitative easing has increased demand.”

Silver traded at more than $49 an ounce in 1980, according to current data. Commerzbank AG forecast in June that the metal, dubbed as “gold’s little brother,” may surge to as much as $23 next year on increased investment and industrial demand.

Silver doubles as a store of value for investors concerned that the recovery may falter, hurting currencies, and as a raw material for industry. Holdings in the iShares Silver Trust, the biggest exchange-traded fund backed by silver, rose yesterday to 9,509.55 metric tons, the highest level since reaching a record 9,514.35 tons in December.

“Silver does face a dilemma if the outlook for the economy is poor” because of its industrial applications, which include batteries, said Clear. “There are still people out there who buy silver to keep as an investment, and as long as gold continues to rally, silver will find that support.”

The dollar traded little changed today against the six- currency basket before a report that may show existing U.S. home sales were near the lowest in 10 years, backing the case for the Federal Reserve to keep borrowing costs low.

The Fed has kept the benchmark interest rate at zero to 0.25 percent and purchased mortgage-backed securities and Treasuries to bolster the world’s biggest economy.

The Bangko Sentral Ng Pilipinas (BSP) will continue to monitor the economic outlook and is “prepared to provide additional accommodation if needed to support the economic recovery and to return inflation, over time, to levels consistent with its mandate.

Meanwhile, the Philippine Stock Exchange already broke its previous high after reaching more than 4000 points. A sign that the country has been recovering from the Global Economic crisis and is heading toward a more stable territory.

Among other precious metals, platinum for immediate delivery gained as much as 0.4 percent to $1,640.38 an ounce, the highest price since May 19, before trading at $1,636.75. Palladium dropped 0.3 percent to $544.85 an ounce.

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GINTO: A Documentary of Kara David

Sixty years after the Japanese Occupation, rumors of gold left hidden in the Philippines still live. In Cagayan Valley, one of the last strongholds of the Japanese during the war, there is a city of tunnels – an intricate network of underground passages that were built by locals in search of hidden treasures.

PART 1



Kara David meets Tatang Ago, 82 years old, a living witness who claims he carried highly valuable and secret packages for the Japanese before the war ended. He recalls being instructed never to look at the contents of the mysterious packages which he believed were tucked away in their town.

Together with Tatang Ago’s son “Ben", Kara David begins her own search for hidden gold and discovers an old balete tree that hides a tunnel underneath. They discover chambers inside the tunnel, and markings believed to have been left by the Japanese. Tatang Ago and his son are convinced that the treasure is within their reach...

PART 2



PART 3


PART 4

gmanews.tv

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Gold hits an all time high of $1045, dollar continues to plunge

Gold prices surged to a new high Tuesday as investors sought a safe harbor from a falling dollar and inflation.

Gold for December delivery rose to as high as $1,045 an ounce, surpassing a previous intraday high of $1,033.90 logged in March 2008, just days after Bear Stearns Cos. collapsed.

Gold also had a record high closing price, finishing the day at $1,039.70 an ounce, up $21.19, or 2.2 percent. Some analysts see the dollar rising to $1,100 in the coming days.

Gold's advance was stoked by a tumbling dollar, which hit a 14-month low against the Australian currency after Australia became the first major country to raise interest rates since the onset of the financial crisis.

The move signals that Australia believes its economy is strengthening enough to withstand a slight increase in borrowing costs, and made the Australian currency a higher-yielding and thus more attractive investment to fund managers versus the US dollar.

Meanwhile, the Philippine peso continues to strengten on a daily basis as analysts predicted due to the the falling value of the dollar. Russia and China have recently express their concern that their crude importation will not rely anymore on the dollar but on basket of currencies.

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Gold passed $1020, Silver at $17, & Platinum $1340

Last summer was by far remembered as the peak of the price of precious metals when gold reached a record level together with silver and platinum. A year after the collapse of Lehman Brothers, it seem that the prediction made of Peter Schiff that gold may reached $2000 is still around the corner.

Gold climb again to $1020 level and gained at least 16$ in 24 hours as silver surpassed $17 after falling to less than $10 at the beginning of the year. Rumors about China buying the all the gold it could purchase after its government has allowed its companies to walk away from their obligation from US companies. China has been reported to have stockpiled 1000 tonnes of gold due to the suppression of the price of gold for last year.

Analyst and author of the famous book "Crashproof", Peter Schiff otherwise believe that the recession in the United States has not yet ended and the beleaguered superpower is facing a much tougher future due to the massive debt, expenditures, and bailouts it did.

Ben Bernanke was even cautious when he announced today that the recession has finally ended but retracted the optimism by adding that the repercussions would still be experienced.

The weak dollar and several discreet trade agreements between the major global players of the world aggravate the rumor that the fate of the dollar has already been sealed. "The USD would soon be replaced by basket of currencies, and the monopoly of the USD would soon be over." one analyst commented.

Meantime, supply of coins minted out of precious metals continue to decline which simply proves that most holders are already anticipating that the fruit of their patience may soon be realized by another huge climb.

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BSP Gold Refinery

A few years ago, the Bangko Sentral ng Pilipinas (BSP) came out with a beautiful coffee table book entitled, “Ginto: History Wrought in Gold.” The book, which discussed our rich history in terms of our nation’s gold possessions, was the subject of one of my columns last year. A recent development at the BSP, which is in charge of refining Philippine gold to be sold to the international market, is worth another brief discussion.

Last May 28, the BSP gold refinery at the Security Plant Complex in Quezon City received good news from the London Bullion Market Association. The LBMA periodically certifies a list of refineries around the world that produce good quality gold.
Dr. Paterson Encabo, Deputy Director of the BSP Department of General Services, said the Bank’s gold refinery had passed the LBMA’s proactive monitoring gold assaying test.

The BSP, Encabo said, continues to be included in the LBMA-accredited Good Delivery List (GDL).

“This means that if we say that our gold has a purity of 99.5 percent, the international market accepts it at face value,” Encabo explained. More importantly, he stressed, being on the LBMA’s list means that those who buy BSP-refined gold bars trust their quality.

Encabo said that the London Gold Market, the precursor of LBMA, first recognized the then Central Bank of the Philippines refinery as an acceptable melter and assayer of “good delivery” bars in September 1979.

Good delivery bars are the final output of the refining process, which involves the separation of gold from other elements such as silver and base metals, and the casting of the refined gold into bars.

“That year was the start of our gold refinery’s operations,” the BSP official said, adding that the Philippines was then among the only three countries in Asia recognized by the London Gold Market.

The LBMA was not that strict in determining the quality of gold bars before, Encabo said. But in 2001, the association decided to become more proactive in monitoring the percentage of gold bars by way of each refinery’s assaying process.

The first step in the LBMA’s monitoring process starts with the taking of a “dip sample” the size of a button from the normal gold production melt. Half of the dip sample would be assayed (this refers to the actual process of determining the percentage of gold) at the BSP refinery while the other half is sent to the LBMA. The LBMA would then forward the sample to a third assayer, also referred to as the “referee,” for analysis. This third party ensures that there is no bias during the whole testing process, Encabo explained.

Encabo said this was the second time the BSP refinery made it to the LBMA list. It last passed the gold assaying test three years ago.

“The most recent test results are good for another three years,” Encabo said. He added that it was a great honor for the BSP hallmark (or actual seal on the gold bar) to be recognized and respected internationally.
* * *

My fellow Kiwanians from the Kiwanis Club of Muntinlupa, led by President Jimmy Ventura, recently had a field day visiting the BSP Money Museum and the pre-Hispanic gold collection at the Metopolitan Museum.

They oohed and aahed as Curator Ginny Cruz walked them through the different epochs in our history and explained the prevailing types of money during the period. They were also all amazed how our ancestors were able to make intricate and artistic gold ornaments with what were probably very crude tools at that time.

Another instant hit was the “money machine” which enabled the Kiwanian visitors to produce their own “money” with denominations up to P100,000 bearing their own photographs and signatures.

Both museums are open to the public Mondays to Fridays, from 9 a.m. to 4 p.m. --- courtesy of MB

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Rare coin could get more than $2M at an auction

CINCINNATI – The coin world is abuzz over the auction of a rare silver dollar, one of the most valuable in the world and one of only 15 known to exist from a never-circulated group made for the likes of the King of Siam and the Sultan of Muscat.

The 1804 Adams-Carter silver dollar fetched more than $2 million in a private sale two years ago and is expected to top that again this week. The coin has been owned by a Boston banker, a Texas publishing mogul and by a collector who sold everything to help build a church school in Ohio.

The auction is a major happening for collectors — even ones who can't afford the expected price tag — partly because it will be a rare opportunity to see the coin. It's the highlight of the Central States Numismatic Society Convention that runs Wednesday through Saturday in Cincinnati. Anyone registered to bid on any item in the auction may view the coin, and that could number in the thousands, said Todd Imhof of Heritage Auction Galleries of Dallas.

Joe Barrett, co-owner of three Rare Coin Gallery shops in the Cincinnati area, compared the convention to a movie buff's visit to a film museum, with Kevin Costner as tour guide.

"For coin people, it doesn't get any better than this," Barrett said. "For young collectors, this is an opportunity to see things they wouldn't get a chance to see otherwise."

Beth Deisher, editor of Coin World magazine, suggested the valuable coin may not be seen in public for another 50 years.

"It's a rare coin that has a great story," she said.

Coin Values magazine rates the 1804 Adams-Carter silver dollar as the seventh most valuable coin in the world. The most valuable is a 1933 $20 double eagle that sold for $7.6 million in 2002.

Only 15 of the 1804 silver dollars are known to have been struck, and coin aficionados can account for every one of them. Six are held by museums.

The coins were never circulated and weren't actually struck in 1804 — the date refers to the year after the US Mint stopped making silver dollars. The front of the coin shows a bust of Lady Liberty in profile, the reverse a version of the Great Seal of the United States.

Coin Facts says eight of the coins were ordered struck by the US Department of State in 1834 to be given to foreign heads of state, including the King of Siam and the Sultan of Muscat. One specimen was made in 1857. The other six, including the Adams-Carter dollar, were made sometime after that — possibly illegally by a mint employee.

The one being auctioned Thursday is named for 19th century collector Phineas Adams, an early owner, and Amon Carter Sr., a later owner, Texas oilman, entrepreneur and publisher of the Fort Worth Star-Telegram.

In November 2001, Phillip Flannagan donated the coin to raise money for the building fund at Middletown Christian School, north of Cincinnati. It brought $874,000 at auction. The rest of Flannagan's collection, totaling some $2 million, went to Grace Baptist Church, which operates the school.

The name of the current owner is closely guarded. Heritage Auction Galleries identifies him only as an East Coast collector. The buyer mostly likely will bid through an agent.

Internet bidding will continue until two hours before Thursday night's auction, Imhof said. The high bid on Tuesday had reached $1.7 million. The live auction, expected about 9:30 p.m. EDT Thursday, will be streamed on Heritage's Web site, Imhof said. - AP

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Speculators forecast Gold May Rise on Demand for Dollar Alternative

Gold may extend its rally for a second straight week as the slumping dollar boosts demand for the precious metal as an alternative investment.

Twenty-one of 28 traders, investors and analysts surveyed from Tokyo to Chicago on March 19 and March 20 advised buying gold, which rose 2.8 percent last week to $956.20 an ounce in New York. Five said to sell, and two were neutral.

Last week, the dollar dropped 4.8 percent against the euro, the most since December. Investment in the SPDR Gold Trust, the biggest exchange-traded fund backed by bullion, has jumped 41 percent this year to a record.

Most traders surveyed on March 12 and March 13 have expected gold’s gain last week. The survey has forecast prices accurately in 151 of 254 weeks, or 59 percent of the time.

Platinum already broke $1100 level while Silver is steady at the $13 mark for the meantime. Precious metal prices have been volatile for these past weeks, even though investors ascertained that still, these are the safest investments in the time of depression.

Rumors are spreading that the dollar is beginning to exhibit weakness amid peculation that it may no longer claim the title as the world's top reserve currency.

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The returning gold barter

After posing as one of the most wealthy and promising African nations, Zimbabwe fell to its knees brought by massive inflation, civil and political unrest, and dictatorship.

Recently, the country made records by the issuance of denominations only equivalent with that of the Weimar Republic when Germany itself once succumbed with the crippling inflation. Zimbabwe's currency crisis held the country's literally chaotic that even computers and automated teller machines (ATM) where rendered useless by digits added on a daily basis.

Inflation is on a massive scale that the government issues new denominations every now and then.

Now, the current situation made the people abandon the fiat currency and returned to gold barter. People are piling-up on river banks to pan for gold in exchange for food and other basic commodities.

"A 0.1 gram of gold can buy a tin can of rice, enough to feed an entire family for a meal. Everything is price in gold." one local claimed.

"A family need 0.3 gram of gold to survive." he added.

"The Global Financial crisis brought one of the unpredictable move on the paper market but the value of precious metal will continue to rise as people began to realize the flaw and start to lose trust the financial system.

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Gold rose, Silver back on the $13 level

After brief and swift dives, Gold, Silver, and Platinum are up for a third straight day on speculation the recession will deepen, boosting the appeal of the precious metal as a store of value. Silver is back on the $13 level.

Even the Dow surge to the 7000 mark as bank stocks like HSBC (HongKong & Shanghai Banking Corporation) concluded the week with a better outcome.

“Gold continues to resist any sustained decline, bouncing back quickly from any minor sell off,” said Adrian Day, president of Adrian Day’s Asset Management in Annapolis, Maryland. “The fly in the ointment could be a sustained and strong, broad global stock-market rally which would calm some investors’ fears. There is little prospect of this on more than a short-term basis in my view, so we continue to be buyers on any dips.”

Gold futures for April delivery rose $6.10, or 0.7 percent, to $930.10 an ounce on the Comex division of the New York Mercantile Exchange. The price rose 3.1 percent in the previous two sessions. The metal is still down 1.3 percent this week.

Silver futures for May delivery climbed 27.2 cents, or 2.1 percent, to $13.215 an ounce. While the price fell 0.9 percent this week, it is still up 17 percent this year.

Gold’s gains were limited as the S&P headed for the biggest weekly increase since November, curbing investor demand for alternatives to owning equities. Earlier, the price slipped as low as $919.60.

The decline was a buying opportunity for investors who has been purchasing gold this week as the metal dropped to a one-month low $891.10 on March 10.

Gold may also benefit as an alternative to currencies. The Swiss National Bank said yesterday it was selling the franc, undermining the currency’s haven status.

China’s Premier Wen Jiabao said he is “worried” about his country’s holdings of U.S. Treasuries and wants assurances that the investment is safe. China is the biggest holder of U.S. debt.

“Should China or some other significant buyer of U.S. debt announce that they will no longer buy U.S. debt unless denominated in a non-U.S. dollar currency, gold is going to the moon,” said Tom Winmill, president of New York-based Midas Management Corp.

In 2008, Treasuries returned 14 percent while gold gained 5.5 percent as investors sought a haven from financial turmoil. Treasuries slumped 2.9 percent this year through yesterday. (quotes from Bloomberg)

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