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Rare Mormon Gold Currency Fetches Nearly $2 Million At Auction
Posted April 28th, 2014
TANGIBLE INVESTMENTS - Los Angeles - by James O'Dell - Precious metals prices eased across the board on Monday as gold dipped below the key $1,300 an ounce level and is now trading at $1,298.30 an ounce with Silver following and slipping to $19.59 an ounce while platinum eased to $1,412.24 an ounce, and palladium fell to $800.47 an ounce.
President Obama announced just moments ago, new sanctions against several of Russian President Putin's associates for fomenting unrest in eastern Ukraine but has decided to hold "in reserve," harsher measures against the Russian economy. The weaker than expected sanctions are being blamed for the current downside pressure on the metals.
Gold still remains one of the best performing assets in 2014, having gained 8 percent so far this year, and Euro Pacific Capital's Peter Schiff says the party has just begun. Schiff believes the Fed will be forced to halt and then reverse the tapering of its massive quantitative easing (QE) program, and it will send gold soaring. He predicts the gold price will climb ultimately to $5,000 an ounce.
"I believe the consensus expectation that the U.S. recovery is real and that the Fed will end its [QE] program and normalize interest rates is wrong," says Schiff. "When the Fed has to admit that its forecast of a sustained recovery is wrong, it will come to the aid of a faltering economy with even more QE. When that happens, gold will rally."
Meanwhile, a seven-piece collection of rare Mormon gold coins made in 1849 brought nearly $2 million at auction this week. Just one of the extremely rare $10 Mormon gold coins brought in $705,000, while a $20 Mormon gold coin fetched $558,000. Mormon currency came in $2½, $5, $10 and $20 denominations and was rather rugged in design, but only 46 of the $10 gold coins were ever made, and just a few remain.
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