|US Mint Preparing For 225th Anniversary |
Los Angeles CA, (Tangible Investments) - by James O'Dell - Gold and Silver prices were mixed in early trading with Gold down 0.32 percent to $1,263.10 an ounce after gaining $3.70 or 0.29 percent on Friday to end the week at $1,267.10 an ounce.
Silver is up 0.46 percent to $17.64 an ounce, after trading flat on Friday to finish the week at $17.56 an ounce while the Gold/Silver ratio rose to 72.16. Platinum is up 0.60 percent to $940.60 an ounce and Palladium is up 0.73 percent to $627.40.
The week began with Gold edging higher on Monday as investors accumulated the yellow metal in what could turn into a record month at the U.S. Mint. On Tuesday, the Labor Department reported that its Consumer Price Index (CPI) rose 0.3 percent in September. That was up from a 0.2 percent increase in August, but remained in line with expectations.
Headline inflation also rose 1.5 percent, its biggest one year jump in 2 years. UBS said that if the Fed refrains from hiking rates too quickly, Gold should resume its upward momentum. After all, the current bull market in Gold was sparked in December after the Fed hiked interest rates 25 basis points for the first time in nearly a decade.
Gold advanced on Wednesday hitting its highest level in two weeks as the dollar retreated amid growing doubt surrounding the next rate hike by the Fed and the U.S. presidential election which is right around the corner.
In India, the second largest consumer of Gold in the world, plentiful monsoon rains are driving Gold demand higher among the nation's farmers, who account for more than 30 percent of India’s consumption of the precious metal. It’s India’s best monsoon season in three years, and it’s served to wipe away people’s fears of yet another drought. India is “helping bring back buyers in Gold,” now that the price in the country is at a premium to the International market, said George Gero, of RBC Wealth Management.
Meanwhile, The U. S. Mint held its Numismatic Forum on October 13, 2016 at the Federal Reserve Bank in Philadelphia. The U. S. Mint’s Principal Deputy Director, Rhett Jeppson, invited over 80 members of the public including; coin collectors, grading service representatives, artists, the numismatic media, and even a handful of coin dealers.
The Mint said the purpose for the gathering was, “to gather leaders and stakeholders of the numismatic community to explore ways to stimulate and revitalize the hobby,” ahead of the Mint's upcoming 225th Anniversary in April. The attendees were divided into seven working groups with each group focusing on a particular issue. The topics included: Packaging; Working with Youth; Mintage/Household Order Limits; Medals; Who is our Customer of the Future/Customer Engagement; Historic Design Reproduction; and America the Beautiful (AtB) Follow-on.
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