Tangible Investments

October 27

2014

Weekly Gold Market News

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  In just those 5 days 68.4 tons of Gold was withdrawn from the SGE vaults (that includes the mainland and the Shanghai Free Trade Zone).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.

Preserve your wealth and secure your retirement by making a tangible investment in physical Gold and Silver in 2014. Call Toll Free 1.800.741.5014 and allow the friendly staff at Tangible Investments (learn about us here), owned and operated by world-renowned coin expert Silvano DiGenova, to assist you in your next purchase or sale. You may also want to allow one our Gold IRA specialists to construct for you a precious metals IRA tailored to your specific needs. We also hope you will share our site with your friends on Twitter and Facebook.

Latest Spot Prices

METAL BID ASK CHG$ CHG%
Gold 1174.50 1175.20 $24.60 2.05%
Silver 16.20 16.24 $0.31 1.87%
Platinum 1233.00 1236.00 $14.00 1.12%
Palladium 791.20 794.20 $12.30 1.57%

Other News This Week

Historic Opportunity To Bid On Rare Eckfeldt Mint Collection

TANGIBLE INVESTMENTS - Los Angeles - by James O Dell - Gold and Silver prices were down sharply on Friday, with Gold tumbling 2.40 percent to $1,170.30 an ounce, a new four year low, while... [Read More]

Increased Defense Spending Skewed GDP Numbers

Los Angeles CA, October 31 (Tangible Investments) - by James O Dell - Gold and Silver prices extended losses in overnight trade after Gold eased $12.90 or 1.06 percent on Thursday to close at $1,199.10... [Read More]

Greenspan Praises Gold As Safe Haven Asset

TANGIBLE INVESTMENTS - Los Angeles - by James O Dell - Gold and Silver prices dipped sharply on Thursday, with Gold sliding to $1,202.30 an ounce, and Silver retreating 3.50 percent to a 4 1/2... [Read More]

Robust Central Bank Purchases Supporting Gold Price

Los Angeles CA, October 30 (Tangible Investments) - by James O Dell -The Gold price retreated sharply on Wednesday as the precious metal eased $16.50 or 1.34 percent to close at $1,212.00 an ounce after... [Read More]

About Tangible Investments

Led by renowned coin expert Silvano DiGenova, Tangible Investments is a leader in the Gold IRA, Bullion, Rare Coins, Jewelry, Fine Watches, Fine Art, and Antiques markets. With 30+ years in business and a collective 200+ years of industry experience, Tangible Investments is one of America's most successful rare coin traders and the top buyer in the country. Call Us Today at 1-888-655-9255 to see how we can help you diversify your portfolio and protect your retirement savings.

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