Coin World Reports Eckfeldt Archives Auction On EBay
Los Angeles CA, (Tangible Investments) - by James O’Dell - Gold and Silver prices inched higher in electronic trading on Monday, with Gold at $1,231.63 an ounce after easing $1.20 or 0.10 percent on Friday to end the week at $1,231.10 an ounce amid sharply rebounding global equities and a stronger dollar. Silver slipped $0.02 or 0.12 percent to finish the week at $17.19 an ounce, as the Gold/Silver ratio edged up to 71.62.
Last week began with physical Gold buying in India picking up ahead of the auspicious Diwali festival as the Shanghai Gold Exchange (SGE) just published its latest data concerning the demand for Gold that was generated by the Chinese national holiday, the Golden Week, and it shows the Chinese bought massive amounts of Gold both before and after the holiday.
The SGE was closed from October 1 to 7 for the holiday, so the report covers just 5 days, September 29 and 30, before the holiday, and October 8, 9 and 10, after the holiday. In just those 5 days 68.4 tons of Gold was withdrawn from the SGE vaults (that includes the mainland and the Shanghai Free Trade Zone).
September imports of Gold into Switzerland were also higher at 194.6 tons. “This suggests that a good portion of investor liquidations in September, that pushed the prices through the $1,200 psychological level, were absorbed by physical demand, with metal making its way from London vaults into Swiss refineries for refining/recasting and ultimately shipped to physical buyers in Asia,” said UBS.
“This scenario is reminiscent of what happened in 2013 when Gold prices collapsed, albeit the volumes this time around are much more contained. Nevertheless, it does highlight the importance of physical markets in providing support during times when Gold needs it most.” Unfortunately, every ounce of Gold that makes its way into China will never come out again.
Meanwhile, a reminder that the rare and valuable Eckfeldt Family Archives of coins, medals, and documents, consigned to Tangible Investments, will be on display this week from Oct. 30 to Nov. 2 at the Whitman Baltimore Coin & Collectibles Expo. The Eckfeldts are revered by numismatists and enthusiasts as “the first family of the U.S. Mint” for their centuries spanning service.
The Archives will soon be auctioned on eBay by Tangible Investments' founder and president, Silvano DiGenova, under the seller name “tangibleinv.” Call Toll Free 1.800.741.5014 for more information. Look for the story of the Eckfeldt Family Archives auction on the cover of the upcoming issue of Coin World.
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