US Mint Resumes Sale Of Silver Eagle Coins After Selling Out
Los Angeles CA, (Tangible Investments) - by James O’Dell - Gold and Silver prices rebounded sharply on Friday with Gold soaring $26.40 or 2.27 percent to finish the week at $1,189.00 an ounce for Gold's second weekly gain in a row, as the dollar weakened. The price of Silver added $0.66 or 4.21 percent to end the week at $16.34 an ounce while the Gold/Silver ratio, the measure of the number of Silver ounces needed to buy an ounce of Gold fell to 72.77.
The week began with HSBC analysts reporting that the strong reversal upward the previous week in Gold resulted in a “hammer bottom Japanese candlestick pattern,” which left the $1,131 an ounce level as pivotal support. This is a common pattern that “occurs when, after a downtrend, the market makes a strong move down during the week but closes back up towards the open and highs of the week. It is a sign that the bears could be losing control of the market,” said HSBC.
The U.S. Mint announced that it would resume selling 2014 dated American Eagle Silver coins today on an allocation basis only. The Mint halted the sale of the coins when stockpiles were exhausted after demand rose sharply as the Silver price slid to its lowest level since February 2010. “As you know, the drop in Silver prices has led to significantly increased demand for American Eagle Silver bullion coins in the last four weeks,” said the Mint in a memorandum sent to authorized purchasers.
“We anticipate having over 1 million 2014-dated American Eagle silver bullion coins available when we go back on sale, on an allocation basis, on Monday, Nov. 17th.”
Currency wars were in the news again last week, with Saxobank warning of a new “full scale” currency war brewing between China and Japan, two of the world's biggest exporting nations. "We are in a full-blown currency war and the ECB will feel under pressure to take part in that,” said Nick Beecroft, of Saxo Capital.
Meanwhile, increased chatter over the Swiss Gold Initiative is also being blamed for some of the movement in the yellow metal. There are less than two weeks left until polls open for the Swiss Gold Initiative, which calls for the Swiss to have 20 percent of the nations' currency reserves in Gold, and that could mean adding a massive 1,500 tons of bullion to the Swiss reserves, which could drive up the price of Gold in the shorter term.
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.