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...

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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...

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Holy Week Special: The Sacred Money Part II

Holy week or “Mahal na Araw” as we call it, is a very special occasion among Filipino Christians as we recall and dramatize the crucifixion of Jesus Christ. Among the traditions that we inherited from the Spaniards is the “pabasa” as a unique practice among the local Christians where the “Passion of Christ” is sang rather than read for the whole day within a week. Famous it is that even our colonizer admires such practice. This is also a special occasion among the practitioners of witchcraft, faith healing, and holders of talisman as they re-energized their powers and learn more from their peers thru gatherings or conventions that are especially held every Good Friday of the Lenten season. As a numismatist and historian, talisman or anting-anting amulet never fails to amaze me because...

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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...

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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...

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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...

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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...

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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,...

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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...

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The Platinum Anting-Anting and the Philippine Revolution

Platinum has played a very important role in shaping the history of mankind particularly the world of science and technology. Usage of platinum dates back from the ancient civilization of Egypt and the Roman Empire. However due to the rarity and isolation of the metal unlike that of gold and silver, it can only be found in the history of the western civilization, and in modern times can only be mined either in South Africa or the Ural mountains of Russia. So rare that it is 30 times rare than gold and so scarce that if the entire platinum in the world is gathered inside an Olympic-size swimming pool, it would barely reach an ankle.Asia has...

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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...

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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...

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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...

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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...

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MILF Official urged Goverment to cease mining permit issuance

A high official of the Moro Islamic Liberation Front (MILF) demanded that Malacañang should stop issuing mining permits in any area under the proposed Bangsamoro Juridical Entity (BJE) pending the outcome of the peace talks.The MILF proposes the BJE to be the governing body consolidating the areas which the government and MILF peace panels may agree to unify together as a sole recognized Muslim homeland in the South.Peace talks between the government and the MILF began on Jan. 7, 1997, but gained headway only in 2003 with the help of Malaysia as mediator.In a statement, Datu Jun Mantawil, secretariat chief of the MILF peace panel, urged President...

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Foreign reserves up on higher gold prices, govt loans

The recent climb of gold and the national government’s dollar loan proceeds increased the Philippines’ foreign exchange reserves last month, the Bangko Sentral ng Pilipinas (BSP) said.The Bangko Sentral recently reported through their website that the Philippines gross international reserves (GIR) went up by 0.26 percent to $39.3 billion as of end- February from $39.2 billion the previous month.The current dollar reserves are enough to to cover 5.9 months of imports of goods and payments of services and income.The increase was the result of the national government’s deposits of loan proceeds from the World Bank and the Asian Development Bank...

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Gold & Other Precious Metals climb on Opening Day Trading

After some setbacks last week Gold, Silver, & Platinum are again at a bullish move on the opening day trading. Gold climb almost $10 at the first hour amid reports that financial giant AIG is about to receive another $30 billion stimulus from the Obama administration.'I'm not affected by the sudden shift on the news, I still prefer gold over other investments." one investor said.In local news, Bangko Sentral Ng Pilipinas filed with the Department of Justice charges of syndicated estafa involving P1 billion (one billion pesos) against Celso G. delos Angeles, Jr., and other officers of the Legacy Group and affiliated companies. Named as respondents...

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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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Gold, Silver, & Platinum fell despite Investor's confidence

Gold fell to $900 level after President Obama and FED Chairman made statements that the United States recovery will already be realized within the year of 2009. Despite the confidence of Obama in his speech before the officials, cabinet members, and legislators in Washington, several analyst are in doubt whether the stimulus package can revive the ailing American economy.Silver and Platinum also dropped, yet Silver remained constantly closed to the $14 level as market confidence sunk to one of lowest level in years.Meanwhile local mining companies are bullish on shifting to gold production, Philex Mining Corp., the Philippines’ largest mining...

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Gold Rally Paused, US Mint Sales Up

When it seems that Gold is on the track for a bullish run, the move has become apparently stagnant as terrible financial news cloud the market. Rumors about bank nationalization has been circulating in Wall Street amid the decline of stocks of financial giants Citigroup & Bank of America.Newly elected president Obama admitted on his speech that the previous government of president Bush left the current administration with $1.3 Trillion dollar deficit. The news immediately struck the charts of Wall Street which send the Dow Jones plunging more than 250 points.Silver has the modest gain among the precious metals registering 44 cents increase...

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