New York Post --- GOVERNMENTS CAN'T HANDLE GLOBAL RUN ON GOLD COINS
Arizona Coin Collector
On the story below.
I was not aware that the U.S. Mint made a
10-ounce Coin? I am sure that was a type-o
on the part of the New York post.
------------------------------------------
FROM:
http://www.nypost.com/seven/11182008/business/governments_cant_handle_global_run_on_go_139306.htm
New York Post
GOVERNMENTS CAN'T HANDLE GLOBAL RUN ON GOLD COINS
Tuesday, November 18, 2008
THERE'S a worldwide run on gold coins.
Even as the price of the precious metal itself comes
under pressure along with commodities like oil and
copper, people around the world are demanding so
many of the valuable coins that government mints
are having difficulty filling orders.
A spokesperson for the US Mint tells me that gold
coins in this country, for the past month, "are
being allocated because of an increased demand."
And the price that the government charges coin
dealers has recently been increased by as much as
10 percent for a 10-ounce coin.
Robert Mish, a coin dealer in Menlo Park,
Calif., says customers who want to purchase 200
gold coins often have to wait up to two weeks.
Six months ago, he said, a purchase that size
could have been filled immediately.
Someone who recently tried to purchase 100
one-ounce American Eagle gold coins in the New
York City-area was turned away, even though
he'd uneventfully made purchases before through
the same dealer.
And even when gold coins are available, dealers
report that customers are paying a bigger
premium than they would have just a few months
ago.
Previously, American Eagle coins were going for
5 percent over the market price of gold on the
Commodity Exchange (Comex). Now the premium can
be anywhere from 10 percent to 15 percent, even
though the US Mint raised its price to dealers
by just 3 percent for an ounce coin.
In one sense, the attraction for gold coins isn't
surprising. Since ancient times, gold has been
considered the safest investment to hold in times
of uncertainty.
With fears of future inflation rising and concern
about the value of paper currency and
government-debt increasing with each new recovery
plan announced in Washington and in foreign
capitals, the desire to hold gold grows.
That part makes perfect sense. But there's another
more puzzling aspect to the recent gold rush.
Even as the demand for gold coins such as the
Canadian Maple Leaf or the Krugerrand of South
Africa has grown, the market price of the
precious metal itself is off its highs.
In early October, the price of an ounce of gold
on the spot market was about $930 an ounce.
With the commodities bubble bursting in recent
months, gold declined into the upper $600 range.
Spot gold closed yesterday at $739.90, down $2.60.
Bill Murphy, chairman of the Gold Anti-Trust
Action Committee, says the price of spot gold
is even more perplexing given the demand for
coins and the fact that central banks in Europe
have stopped selling gold into the open market.
"Gold should be moving up," Murphy says. "How
could there be such a dichotomy between the
historic high premium for coins all over the
world and the low Comex price?"
..
RWF
"Arizona Coin Collector" <nos...@nospam.com> wrote in message
news:iKCdnQTm4cNpXr_U...@earthlink.com...
> Hello
>
> On the story below.
>
> I was not aware that the U.S. Mint made a
> 10-ounce Coin? I am sure that was a type-o
> on the part of the New York post.
For those of you who are unfamliar with The New York Post, it is a
sensationalistic scandal sheet and a mouthpiece for Rupert Murdoch's
loony ultra-rightwing blatherings.
Decent people wouldn't be caught dead reading it in public.
Paul Ciszek
Before Murdoch, wasn't it sort of a local version of The National
Enquirer/Weekly World News? Is it possible that in this one case
Murdoch actually improved the quality of a newspaper?
--
Please reply to: | "The anti-regulation business ethos is based on
pciszek at panix dot com | the charmingly naive notion that people will not
Autoreply is disabled | do unspeakable things for money." -Dana Carpender
RWF
"Paul Ciszek" <nos...@nospam.com> wrote in message
news:gfusof$g94$3...@reader1.panix.com...
>
> In article <gfugr5$u2$1...@news.motzarella.org>, RWF
> <R...@invalid.invalid> wrote:
>>
>>"Arizona Coin Collector" <nos...@nospam.com> wrote in message
>>news:iKCdnQTm4cNpXr_U...@earthlink.com...
>>> Hello
>>>
>>> On the story below.
>>>
>>> I was not aware that the U.S. Mint made a
>>> 10-ounce Coin? I am sure that was a type-o
>>> on the part of the New York post.
>>
>>For those of you who are unfamliar with The New York Post, it is a
>>sensationalistic scandal sheet and a mouthpiece for Rupert Murdoch's
>>loony ultra-rightwing blatherings.
>>Decent people wouldn't be caught dead reading it in public.
>
> Before Murdoch, wasn't it sort of a local version of The National
> Enquirer/Weekly World News? Is it possible that in this one case
> Murdoch actually improved the quality of a newspaper?
Nope, Murdoch somehow managed to take The Post down several levels.
It used to have a pretty good sports section 25 years ago but I don't
know how it is now since I won't have that shitrag in my house.