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Comex gold futures prices are trading modestly higher and near the session high Friday, on more short covering and bargain-hunting buying ahead of the weekend and on the last trading day of the month. December Comex gold last traded up $5.80 an ounce at $1,177.00. Friday morning's U.S. gross domestic product report came in a bit weaker than expected, at up 2.4% on an annual rate for the second quarter. Analysts had forecast a rise of 2.5%. This report was a bit supportive for the gold market. However, the Reuters/University of Michigan consumer sentiment survey did come in a bit better than forecast, at 67.8, which worked to offset the slightly weaker than expected GDP number. The U.S. dollar index is slightly higher, while crude oil prices are weaker, which is limiting the upside in the gold market Friday morning.
Editor’s Note: Meet the Kitco News Team at the upcoming Kitco Metals eConference September 12-13, 2010. A not-to-be missed event featuring Ron Paul, Marc Faber and other industry heavyweights. The eConference is free with Pre- Registrationhttp://www.kitcoeconf.com/.
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Coin Docere®™ Article and Information Disclaimer: The views expressed in this article are those of the author and may not reflect those of Coin Docere®™ . The author has made every effort to ensure accuracy of information provided; however, neither Coin Docere®™ nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in precious metal products, commodities, securities or other financial instruments. Coin Docere®™ and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication. We hope you enjoyed this article!! Please Subscribe to our RSS Feed or sign up to receive future articles by mail. Go to our subscription link, or join us on Facebook- Coin Docere®™
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Coin originated in Rhegion region – modern day Reggio, Italy – was struck between 415 and 387 BC; offered as part of Heritage ANA World Coin event
A nearly 2,500-year old silver coin of Rhegion, an ancient Greek city located in would become Italy, is expected to bring upwards of $25,000 at the Heritage Signature® Auction of Ancient and World Coins at the ANA World’s Fair of Money in Boston, Thursday, Aug. 12, starting at 6 p.m..
The silver tetradrachm – lot number 20007 – a coin about the diameter of a quarter but much thicker and heavier, depicts the stylized head of a lion on the obverse and a profile portrait of Apollo, Greek god of wisdom and enlightenment, on the reverse. It was struck between 415 and 387 BC, a time when the Greek cities of Italy and Sicily were competing with each other and with Carthage in North Africa for control of the western Mediterranean.
“Simply stated, this piece is an artistic masterwork,” said David S. Michaels, director of Ancient Coins for Heritage. “The artist who engraved the dies was a supremely talented individual who employed a host of sophisticated techniques in creating an image of unique power and beauty.”
The lion’s head on the obverse uses foreshortening and compression to create an illusion of extreme depth, while his piercing gaze is shifted slightly to the left, as though zeroing in on his prey. The image of Apollo on the reverse is also created with such lifelike distinction that, were he to walk into a room, he would be instantly recognizable from his image on the coin.
Rhegion, modern Reggio, Italy, also called Regium, is located on the “toe” of Italy, just across the Straits of Messina from the island of Sicily. The second-oldest city in Italy, it was founded by Greek colonists from two cities on mainland Greece, Chalkis and Messenia. According to legend, the Chalkidians set forth after a famine in their homeland. The citizens appealed to the god Apollo for help, who replied through an oracle that a large body of colonists should seek a fresh start in fertile southern Italy.
Rhegion (meaning “it breaks away”) prospered and built a temple dedicated to Apollo, who appears prominently on the city’s coinage. The Messenian component worshipped the demigod Herakles. The lion on the obverse likely refers to the Nemean Lion slain by Herakles as one of his Twelve Labors.
Rhegion grew rich and powerful by controlling trade through the Straits of Messina.
“During its heyday in the fifth century BC, Rhegion produced coins as beautiful as those of the great contemporary Greek cities of Sicily, including Syracuse, Akragas, and Messana,” said Michaels. “There seemed to be a competition among these cities to produce the most attractive coins in commerce. Now it’s one of the highlights of one of our best-ever offerings of ancient coins.”
Heritage has handled ancient coins since its founding in 1982, but the genre has seen notable growth in the last few years. David Michaels’ recent appointment, with his 25 years’ experience as a dealer of ancient coins, signals Heritage’s commitment to leading the field. He works out of Heritage’s Beverly Hills location (9478 Olympic Blvd., Ste 100).
Coin Docere®™ Article and Information Disclaimer: The views expressed in this article are those of the author and may not reflect those of Coin Docere®™ . The author has made every effort to ensure accuracy of information provided; however, neither Coin Docere®™ nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in precious metal products, commodities, securities or other financial instruments. Coin Docere®™ and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication. We hope you enjoyed this article!! Please Subscribe to our RSS Feed or sign up to receive future articles by mail. Go to our subscription link, or join us on Facebook- Coin Docere®™
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Although a formal announcement has not yet been made, the designs of the 2010 Proof Platinum Eagle were recently revealed on the United States Mint's website. The design theme is "To Establish Justice" continuing the six year series exploring the core concepts of American democracy.
Earlier this year, the Citizens Coinage Advisory Committee (CCAC) and the Commission of Fine Arts (CFA) had reviewed nine candidate designs provided by the United States Mint. Six of the designs had presented an image of blindfolded Justice holding scales with additional allegorical symbols incorporated into some designs. The remaining candidates included a depiction of the Statue of Liberty's torch, the Supreme Court's western pediment, and the west front door.
The CCAC had supported the version of blindfolded Justice that has been chosen, with some recommended changes to the design and inscriptions. It appears that the US Mint did act on their suggestion to add a loop to the scale to make it mechanically correct. The CFA had supported the design featuring the torch of the Statue of Liberty, citing its suitability in combination with the obverse design. By law, the final design decision was made by the Secretary of the Treasury.
Some details about the offering were also revealed. The coins will carry a maximum authorized mintage of 10,000 coins. This represents an increase from last year's level of 8,000 coins, which sold out after about a week. The household ordering limit is set at five, which matches last year's level.
The price of the one ounce platinum coins will be dependent on the average price of platinum in the week leading up to the release. Within the current range of $1,550 to $1,649.99 per ounce, the coins would be priced at $1,892 each. Last year, the coins were priced at $1,792 based on an average platinum value from $1,450 to $1,549.99 per ounce.
The release date for the 2010 Proof Platinum Eagle is currently scheduled for August 12, 2010.
Coin Docere®™ Article and Information Disclaimer: The views expressed in this article are those of the author and may not reflect those of Coin Docere®™ . The author has made every effort to ensure accuracy of information provided; however, neither Coin Docere®™ nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in precious metal products, commodities, securities or other financial instruments. Coin Docere®™ and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication. We hope you enjoyed this article!! Please Subscribe to our RSS Feed or sign up to receive future articles by mail. Go to our subscription link, or join us on Facebook- Coin Docere®™
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Gold prices made modest advances overnight, ahead of the release of the US GDP data this morning as more tentative buyers emerged following the precious metal’s largest monthly for of the current year. Almost at the same time, and as a few funds made a fresh foray into the market, physical gold buyers in India backed off and started to once again hold out for lower prices. The country is set to import half of the gold it imported in the month of July last year.
Gold prices opened with a $4 gain this morning, quoted at $1170.50 the ounce as the trade prepared to square books ahead of the weekend and as it digested the results of position roll-overs from the past couple of sessions. There are still vocal bulls around, though just a tad fewer, and they are now happy to indicate that we might yet see $1,300 this very year. Curiously, a lot of the $2K sloganeers have quietly slipped away; perhaps to a summer vacation spot on a remote beach.
This morning’s principal focus however, remains on the GDP numbers; that much was being made clear by investors, as currency markets largely Moody’s warning that Spain’s sovereign rating may yet see a one-letter downward adjustment, that the IMF warned that the US financial system may yet be in need of some $76 billion in additional capital, and that European inflation climbed to a near two-year high. The dollar was last seen climbing by 0.19 to 81.80 in the index and the euro remained above 1.30 even as local equity market (in Japan and Europe) sold off a bit in anticipation of the US data.
Silver lost a nickel on the open, quoted at $17.67 per ounce on the bid side. Platinum continued a bit higher, adding $3 to open at $1560.00 while palladium also gained in value, climbing $4 to reach the $487.00 mark at the start of the week’s final session. Rhodium marked time at $2170.00 per ounce after having posted a $20 loss during the previous trading day.
And, drum roll….here it was. The US GDP number. The one that showed the economy slowing to a growth pace of ‘only’ 2.4%. Yes, that is well below the 4.4% rate recorded in the past half-year, but at the same time, Q1 growth was revised upwards, to 3.7% from the previous 2.7% estimate. Recall that surveyed economists had already baked an estimated 2.5% rate of expansion into the cake. In all, not a shocking number, nor one that screams “double dip here now! “at all. If anything, the GDP number was indicative of tepid consumer spending (see below) and a wider trade gap.
Go tell that to the markets, however. Or, especially, to certain fund dudes who will have a field day trading the juice out of the news for the day. Until the next set of statistics is on the horizon, anyway. Sure enough, gold was up (?) on the news, mainly as the dollar took it on the chin just a tad after the GDP. Should gold be up on the news? Judging by June/July’s behavior as relating to contraction tremors in the global economy, no. Judging by perhaps recently oversold conditions, it’s good enough for a Friday morning. Does it alter the bigger trend? Also probably not.
That so much was riding on the GDP figure shows more that markets and investors have become addicted to the next set of statistics from which to take trading cues, rather than a deeper understanding of what it all means. After all, to simply throw ‘double-dip’ labels around –while quite the fashion these days- is rather silly at this juncture, as: a) as no one really knows how to clearly define such an animal and b) as most economists do not expect the GDP to fall into negative territory, now or perhaps even later on.
In fact, perhaps the best way to define the current set of economic circumstances might be to admit that no one knows anything with any certainty, despite their vocal claims to the contrary. Even in the gold market, all euro and sovereign debt-oriented explanatory punditry aside, the reality of the trend change is of another variety. It is no mystery that, in June, we got data showing that the Conference Board Consumer Confidence Index fell 9 points after an 11 percent drop in the S&P 500 the month before.
Then, the markets were on the receiving end of news showing that new housing starts in the US were at an eight-month low. Factor in that pesky unemployment rate still hovering near double digits, and Fed Chairman Bernanke’s new, to-be-used-until-shopworn-phrase, “unusually uncertain” only added to the malaise and en masse asset sell-offs. If there is anything that investors hate with a vengeance, that would be uncertainty.
Plug in the ‘unusual’ adjective and you have them in a total display of headless chicken behavior. In so many words, these are the conditions which may have pulled the rug out from under the gold rally, rather than the fact that Europe lived to see another day; something that practically everyone should have know was going to be the case, anyway.
Bloomberg sums it up by saying that “In such an environment, optimism about the economic future ebbs and flows constantly, with far-reaching consequences for a nation in which consumer spending accounts for 70 percent of the gross national product. It’s an economy that suggests an EKG- shaped recovery -- a sequence of mini booms and busts as consumer fads and pent-up demand drive sales, until the impulses fade. Erratic behavior is everywhere.”
None of this has stopped the Fed’s James Bullard from warning that the US remains in danger of turning Japanese- when it comes to the incredible shrinking economic act that comes with spiraling downward prices and other assorted trimmings. Mr., Bullard suggested buying more Treasuries to combat the rising threat of Nipponization of the American economy, but he firmly defended his stance of blasting the policy of keeping rates ultra-low for the ‘extended period’ that was in the previous Bernanke hit-parade of overused words.
Overlooked news item of the day: China grabs the number two spot on the global economic roster. Japan slips to number three. Raise your hands if you are one of the ones taken by surprise by this news item. Anyone? Hello? Okay, no one.
Back to “unusual uncertainty.’
Here is something certainly…certain: the weekend is upon us. Please go and make the most of it. That’s an order.
Happy Trading (but not until next week).
Jon Nadler
Senior Analyst
Kitco Bullion Dealers Montreal
Editor’s Note: Meet the Kitco Team at the upcoming Kitco Metals eConference September 12-13, 2010. A not-to-be missed event featuring Ron Paul, Marc Faber and other industry heavyweights. The eConference is free with Pre- Registration http://www.kitcoeconf.com/.
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Coin Docere®™ Article and Information Disclaimer: The views expressed in this article are those of the author and may not reflect those of Coin Docere®™ . The author has made every effort to ensure accuracy of information provided; however, neither Coin Docere®™ nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in precious metal products, commodities, securities or other financial instruments. Coin Docere®™ and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication. We hope you enjoyed this article!! Please Subscribe to our RSS Feed or sign up to receive future articles by mail. Go to our subscription link, or join us on Facebook- Coin Docere®™
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BLOOMBERG By Sandrine Rastello and Rebecca Christie
The U.S. financial system remains fragile and banks subjected to additional economic stress might need as much as $76 billion in capital, according to the results of International Monetary Fund stress tests.
U.S. President Barack Obama. Photographer: Joshua Roberts/Bloomberg
The findings, released today as part of a broader IMF report on the U.S. financial system, suggested that while the nation’s banking system is stable, it remains vulnerable. Home prices, commercial real estate loans and economic growth have the potential to cause shocks that could expose banks to more losses.
Under one scenario, small and regional banks as well as subsidiaries of foreign banks would need $40.5 billion in additional capital to meet a benchmark capital ratio of 6 percent Tier 1 common equity from 2010 to 2014. Under the adverse scenario, those needs rise to $76.3 billion, according to the report.
“Pockets of vulnerabilities linger,” the fund said in the report. The U.S. is recovering from what the IMF called “one of the most devastating financial crises in a century.”
Because the economic recovery is proceeding slowly, regulators must be especially vigilant in guarding against risks and weak spots, the report said.
The IMF also renewed its call for the Obama administration to push ahead with changes to Fannie Mae and Freddie Mac, the government-sponsored enterprise housing companies. The report suggested a partial privatization strategy, in which the government would take over the GSEs’ public housing mission while privatizing investment operations.
Regulators’ Role
The IMF stopped short of recommending recapitalizing the banks it studied in the report. Instead, it urged regulators to monitor conditions, especially for smaller institutions with less market access.
The numbers “are not frightening,” said Christopher Towe, the IMF’s deputy director of monetary and capital markets who directed the assessment. The review process was created in the wake of the Asian crisis, and the U.S. is the first major economy to undergo it since the global financial turmoil.
“We are particularly concerned about the situation among the small and medium-sized banks, which are most heavily exposed to the commercial real estate sector,” he told reporters in a press briefing yesterday.
The IMF said second-quarter results underscore the balance- sheet risks identified by the stress tests. “Initial releases of second-quarter earnings results have been disappointing,” the IMF report said.
Real Estate
The IMF said about $1.4 trillion of commercial real estate loans will mature from 2010 to 2014, almost half of which are already “seriously delinquent,” with payments 90 days or more past due, or “underwater,” with loan values exceeding property values. Home prices are another concern, as are the spillover effects if problems intensify as they spread among institutions.
U.S. regulators will need to step up their efforts to coordinate oversight after the Dodd-Frank legislation that President Barack Obama signed this month, the IMF said. The report generally praised the new law, while also flagging ongoing concerns.
“In some areas we were a little bit disappointed,” Towe said. “We see the system of regulatory agencies as still remaining exceptionally complex with a very large number of agencies involved and we would have preferred to have seen a much more bold streamlining.”
To contact the reporter on this story: Sandrine Rastello in Washington at srastello@bloomberg.net Rebecca Christie in Washington at rchristie4@bloomberg.net;
Is this a Reason or Cause to Invest in Metals ???
Coin Docere®™ Article and Information Disclaimer: The views expressed in this article are those of the author and may not reflect those of Coin Docere®™ . The author has made every effort to ensure accuracy of information provided; however, neither Coin Docere®™ nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in precious metal products, commodities, securities or other financial instruments. Coin Docere®™ and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication. We hope you enjoyed this article!! Please Subscribe to our RSS Feed or sign up to receive future articles by mail. Go to our subscription link, or join us on Facebook- Coin Docere®™
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Gold companies have seldom delivered much pizzazz for investors in the dividend department, but it looks like that is starting to change.
Gold Deliver Man-Your gold has arrived!!
Buoyed by high prices for the yellow metal, Barrick , the world’s No. 1 miner of the precious metal, announced on Thursday that it is raising its dividend by 20 per cent to 12 cents (U.S.) quarterly. Just a day earlier, rival gold giant Newmont Mining Corp. did the same thing, raising its payout a whopping 50 per cent to 15 cents a quarter.
Kinross Gold Corp., another major producer, will be reporting earnings next week, and with two of its competitors sending fatter cheques to shareholders, it too will be in the spotlight over its payout intentions.
The focus on dividends is a big change for gold stocks, which previously would never have been mistaken as being in same staid class of regular payers like banks and utilities.
Investors traditionally have bought shares of major producers for only one reason: as a leveraged way to profit from a rise in the price of bullion through capital gains. Bullion itself doesn’t yield anything, one of the reasons there was never much consideration about earning a dividend from stocks that mine it.
“Everybody says gold pays no yield. Gold miners can,” said John Ing, who follows the industry at Maison Placements Canada Inc. and applauds the dividend increases.
The leverage play has not worked out so well over the past few years, and with gold at lofty levels, companies have few other options than dividends as a way to reward shareholders. They’re more than able to do so because they’re coining money at these bullion prices.
Any gold price “over $1,100 (U.S. an ounce) they’re very happy campers, no doubt about that,” Jon Nadler, a senior analyst at Montreal-based precious metals dealer Kitco., said of gold mining companies.
To be sure, the yields on gold shares are still relatively thin, even with the recent increases. No one would mistake them for stereotypical dividend payment investments, like banks or utilities, which typically yield 3 per cent to 5 per cent.
With its latest increase and at current share prices, Newmont has 1.1-per-cent yield and Barrick 1.2 per cent. Kinross is at just 0.6 per cent while Goldcorp Inc.has even less, 0.5 per cent. Agnico-Eagle Mines Ltd. has an almost invisible 0.3-per-cent yield The skimpy payouts are one of the reasons gold stocks typically don’t get placed in most dividend funds.
The Claymore S&P/TSX Canadian dividend ETF doesn’t hold any gold stocks because none of them meet the tough entrance threshold required to be included in the fund: five years of rising dividends.
“Just because a stock pays a dividend doesn’t necessarily mean it’s worthy of getting into a dividend fund,” said David Taylor, who manages the Dynamic Canadian Dividend Fund.
He said stocks need a minimum yield of about 2 per cent to be considered candidates for the dividend investment category and “anything less than that it’s almost not even” worth the effort. He called the yields on some of the gold stocks so low they’re “a joke.”
Mr. Taylor has previously bought gold names for his funds, but not for the prospect of dividends. He thought the shares were undervalued, relative to those of other commodity producers.
Mr. Ing, the gold analyst, said bullion producers are going in the right direction, reversing their “shabby treatment towards the dividend.” He thinks the trend to bigger payouts has further to go and may eventually bring yields to 3 per cent.
“Shareholders should be rewarded and in fact should be rewarded more,” Mr. Ing said.
Coin Docere®™ Article and Information Disclaimer: The views expressed in this article are those of the author and may not reflect those of Coin Docere®™ . The author has made every effort to ensure accuracy of information provided; however, neither Coin Docere®™ nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in precious metal products, commodities, securities or other financial instruments. Coin Docere®™ and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication. We hope you enjoyed this article!! Please Subscribe to our RSS Feed or sign up to receive future articles by mail. Go to our subscription link, or join us on Facebook- Coin Docere®™
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During 30 years as a full time professional numismatist, I have had the opportunity to examine and handle many of the most important rarities in the American series, including two Brasher doubloons, all five 1913 Liberty nickels, two 1894-S dimes, and four 1804 silver dollars. I have handled 80 of the 100 greatest U.S. coins according to the study published by Jeff Garrett and Ron Guth.
Last week I had the pleasure of examining and researching a coin that I believe carries more numismatic and historical importance than any of those coins mentioned above, or any other coin that I have ever handled. It is the 1907 Wire Rim Indian eagle with a plain edge. Only two plain edge specimens were struck, and they were the first Indian eagles ever created, to fulfill the wish of a dying man.
Augustus Saint-Gaudens was near death in the middle of July 1907. Dies for the Indian eagles had already been created, but the collar containing 46 stars was not completed. For that reason, the two plain edge coins were minted, one was sent to President Theodore Roosevelt, and the other was sent to Saint-Gaudens. The sculptor passed away a couple weeks later on August 3.
Roger W. Burdette has traced the issue in his reference Renaissance of American Coinage 1905-1908 (Seneca Mill Press, LLC, 2006), and Michael F. Moran has also examined the issue in his 2008 reference Striking Change — The Great Collaboration of Theodore Roosevelt and Augustus Saint-Gaudens. In a July 28, 2008 Coin World article, P. Scott Rubin writes: “I received an important e-mail from Roger W. Burdette
… that this coin was ‘…one of two plain edge pattern pieces struck in July 1907.’ Just as important, he informed me that one of the specimens went to Secretary of the Treasury Cortelyou and the other went to Augustus Saint-Gaudens… I learned that this was the only coin similar to those issued to the public designed by Saint-Gaudens that the artist saw before his death.” While we are unable to say with certainty that the present piece was the coin sent to Saint-Gaudens, it almost certainly is. The coin that went to Cortelyou was forwarded to President Roosevelt who returned it to the Mint. In all likelihood, the Cortelyou-Roosevelt coin was melted, as it does not appear among coins at the Smithsonian Institution.
It is thought that President Roosevelt returned the coin he received, and it is also believed that the coin sent to Saint-Gaudens was retained by the artist. It is my belief that the coin I handled is the exact coin that Saint-Gaudens received. Since all other Indian eagles and all double eagles of his design were minted after his death, this single coin seems to be the only coin of his own design that Saint-Gaudens ever saw in person.
This plain edge 1907 Wire Rim Indian eagle will be offered for sale as lot 3561 in the Platinum Night session of Heritage’s 2010 ANA auction in Boston. The Platinum Night session is scheduled for 6:00 PM EST on Wednesday, August 11. I hope to see many of you there, and hope that those unable to attend will be watching this historic offering on HA.com/live.
Coin Docere®™ Article and Information Disclaimer: The views expressed in this article are those of the author and may not reflect those of Coin Docere®™ . The author has made every effort to ensure accuracy of information provided; however, neither Coin Docere®™ nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in precious metal products, commodities, securities or other financial instruments. Coin Docere®™ and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication. We hope you enjoyed this article!! Please Subscribe to our RSS Feed or sign up to receive future articles by mail. Go to our subscription link, or join us on Facebook- Coin Docere®™
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That’s the message the Citizens Coinage Advisory Committee sent loud and clear July 27 as it recommended designs for only one of eight coins presented by the U.S. Mint.
“We’re putting more value on our recommendations,” said CCAC Chairman Gary Marks.
So after adopting a new voting procedure that calls for a majority rather than plurality of votes before a coin design can be considered “recommended,” the CCAC only gave thumbs up to an obverse and reverse design for the 2011 First Spouse coin honoring Lucretia Garfield.
But the CCAC isn’t blaming the Mint artists for the disappointing designs.
“The artists are pretty much told what to render,” Marks said. “There isn’t a lot of creativity going on in what the artists are allowed to do.”
And that’s where design excellence comes in, Marks said.
“We have some of the best artists in the world, but they are not allowed to bring their full talents to bear in the designs that are being produced by the U.S. Mint,” Marks said.
Ten CCAC members attended the meeting held in Philadelphia. Each member’s vote for a design is worth three points, so each design had a possibility of garnering 30 points. The Garfield obverse design No. 1 received 16 points and the reverse design No. 5 received 17 points, which were majorities of votes cast.
All of the designs presented for the reverses of the Eliza Johnson and Lucy Hayes gold First Spouse coins were rejected by the CCAC, which asked the Mint for entirely new designs.
Artistic quality aside, the main reason they were rejected was historical inaccuracy.
Two of the designs for the Eliza Johnson coin show President Andrew Johnson, who had been a tailor, working at a sewing machine while his wife read to him to further his education, Marks said.
But there’s a problem with that scene.
CCAC historian Michael Ross pointed out that the sewing machine hadn’t been invented when Johnson was in office.
“Historical inaccuracy is humiliating,” said CCAC member Donald Scarinci. “If you can’t get objective historical information correct then how can you hope to produce artistic excellence?”
Another probable mistake, Marks said, was the depiction of African-American children at an Easter egg roll on the White House lawn for the Lucy Hayes reverse design. At that time, President Benjamin Hayes was reducing troops from the South as a precursor to segregation, Ross told the committee, so it’s questionable that the event would have had a racial mix to it.
In all, the CCAC reviewed designs for four 2011 First Spouse coins and four 2012 Presidential gold coins.
It took umbrage at the portrait designs presented for the Presidential coins, which led to a discussion about design originality, Scarinci said.
“What we’re getting now are just tracings of some other dead artist’s work,” he said. “It’s not illegal, and there is no copyright issue, but let’s not pretend and call it art.”
The Mint sales and marketing staff provides the artists with source materials – photographs, paintings – and the artists “pretty much turn that into coin-sized portraits,” Scarinci said.
“The Mint is clearly hearing from the Commission of Fine Arts and the CCAC that’s not what we want,” Scarinci said. “We don’t want traced images of someone else’s work. We want the artists to be artists and do what they are capable of doing. Give us original portraits based on multiple images.”
Coin Docere®™ Article and Information Disclaimer: The views expressed in this article are those of the author and may not reflect those of Coin Docere®™ . The author has made every effort to ensure accuracy of information provided; however, neither Coin Docere®™ nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in precious metal products, commodities, securities or other financial instruments. Coin Docere®™ and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication. We hope you enjoyed this article!! Please Subscribe to our RSS Feed or sign up to receive future articles by mail. Go to our subscription link, or join us on Facebook- Coin Docere®™
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With silver at roughly $18 a troy ounce presently, what do you think a fair price would be for the Mint to charge for the upcoming silver versions of the America the Beautiful quarters?
Each coin will contain five troy ounces, or $90 worth of bullion.
It will be an unusual issue. The U.S. government has never issued five-ounce coins before.
The coin will have twice the diameter of a Morgan dollar and will be unusually thin, so thin in fact that a special new press had to be purchased in Germany to strike it.
That is new equipment, the cost of which, will have to be amortized during the coining program.
Because it is made of silver rather than gold, I think it is fair to say that on average the numbers sold each year will be higher than the numbers achieved by the First Spouse half-ounce gold coins, but considerably less than the popular collector versions of the silver American Eagle.
That’s a wide middle ground.
So what do you think? $149.95 for the proof and something less for the uncirculated? HIgher? Lower?
And how many will you be willing to buy at that price?
Coin Docere®™ Article and Information Disclaimer: The views expressed in this article are those of the author and may not reflect those of Coin Docere®™ . The author has made every effort to ensure accuracy of information provided; however, neither Coin Docere®™ nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in precious metal products, commodities, securities or other financial instruments. Coin Docere®™ and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication. We hope you enjoyed this article!! Please Subscribe to our RSS Feed or sign up to receive future articles by mail. Go to our subscription link, or join us on Facebook- Coin Docere®™
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A.M. Kitco Metals Roundup:
30 July 2010, 8:16 a.m.
By Jim Wyckoff
Comex gold futures prices are trading slightly higher Friday morning, on a corrective short-covering bounce from recent losses. Traders are awaiting key U.S. economic data due out Friday morning: the second-quarter gross domestic product report. That report is expected to show a 2.5% growth rate. A stronger-than-expected reading would likely be bearish for the gold market, as investor risk appetite would likely uptick. December gold last traded up $1.90 an ounce at $1,173.10. Spot gold was last quoted up $3.60 at $1,170.50.
Friday is the last trading day of the week and of the month, which could make for a more active trading session as some end-of-the-month book-squaring is likely by investment firms.
Reports continue to say demand for physical gold is good at the present lower price levels, which is keeping a price floor under the market, at least for now. Wire service reports overnight said SPDR Gold Shares holdings were near unchanged on Thursday, but down 3% this month.
Gold futures prices on Wednesday hit a fresh three-month low of $1,159.30, basis December Comex futures, and have seen quieter trading action and a pause since then. This pause does not favor the gold market bulls.
The U.S. stock indexes are trading weaker early Friday, while crude oil prices are also weaker. The U.S. dollar index is slightly higher early. These key "outside markets" could also be impacted by Friday morning's U.S. GDP report. The overall recent postures of the commodity markets and the U.S. and European stock markets does suggest investor risk appetite is increasing, which is an underlying bearish factor for gold, as it takes away safe-haven investment demand for the yellow metal.
The London A.M. gold fix was $1,168.00 versus the previous P.M. fixing of $1,162.50.
Technically, December Comex gold futures bears still have the overall near-term technical advantage. Prices are still in a six-week-old downtrend on the daily bar chart.
For the gold market bulls to begin to regain some fresh upside near-term technical momentum, they will have to push and close December futures prices back above solid chart resistance and psychological resistance at $1,200.00 an ounce. The bears' next downside price objective is producing a close in December gold futures below solid chart support at $1,150.00.
For December gold, shorter-term technical resistance is seen at $1,178.80 and then at $1,188.00. Buy stops likely reside just above those levels. Sell stops likely reside just below chart support at the overnight low of $1,168.00 and then at this week's low of $1,159.30. Today's key near-term Fibonacci pivot level for December gold: $1,160.00.
Comex silver futures are trading slightly higher Friday morning, on some mild short covering. December silver last traded up 3.7 cents at $17.705 an ounce. Prices are still in a six-week-old downtrend on the daily bar chart and the bears have the overall near-term technical advantage. A minor bearish pennant pattern has formed on the daily bar chart.
The next near-term upside price objective for the silver market bulls is to push and close December Comex futures prices above solid chart resistance at last week's high of $18.335 an ounce. The next downside price objective for the silver bears is to push and close December silver prices below solid technical support at the June low of $17.335.
December silver finds shorter-term technical resistance at $17.775 and then at $18.00. Buy stops likely reside just above those levels. Shorter-term technical support for December silver is located at the overnight low of $17.59 and then at $17.50. Sell stops are likely placed just below those levels. Today's key Fibonacci pivot level for December silver futures is located at $18.21.
Editor’s Note: Meet the Kitco News Team at the upcoming Kitco Metals eConference September 12-13, 2010. A not-to-be missed event featuring Ron Paul, Marc Faber and other industry heavyweights. The eConference is free with Pre- Registration www.kitcoeconf.com.
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Coin Docere®™ Article and Information Disclaimer: The views expressed in this article are those of the author and may not reflect those of Coin Docere®™ . The author has made every effort to ensure accuracy of information provided; however, neither Coin Docere®™ nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in precious metal products, commodities, securities or other financial instruments. Coin Docere®™ and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication. We hope you enjoyed this article!! Please Subscribe to our RSS Feed or sign up to receive future articles by mail. Go to our subscription link, or join us on Facebook- Coin Docere®™
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I started collecting coins in 1959 at age 12. My grandmother was a coin collector. She was also a heavy smoker. At the time, cigarettes were found in vending machines all over the place, the cost was 22 cents a pack. You put a quarter in the vending machine and you got a pack of cigarettes. Inside the cellophane wrapped pack was your change…three shinny new pennies. That’s how my grandmother got started. She saved pennies, then nickels, then dimes, then quarters and halves, placing them in her Whitman blue book coin albums.
My grandfather was very old country (Poland) old school…very conservative. He would not let my grandmother ever buy a coin she needed for her collection. She could only trade…a nickel for nickel…a dime for a dime. My grandfather’s comment…”Anyone who would pay a dime for a nickel is a fool.” An interesting comment for anyone who has ever owned a 1913 Liberty nickel!
I was very close to my grandmother. For my 12th birthday, she gave me the Lincoln cents and Jefferson nickels coin albums and I then started searching my parents change every night for coins I needed for my coin collection. I was totally and completely hooked.
I soon figured out that you could go to the bank, get two rolls of pennies…50 per roll…for a buck. I’d take the 100 coins home and search them for coins I needed. I also would line the 100 coins up in order of condition, so I guess that’s how I learned to grade, comparing one coin to the other, over and over and over again. I’d return the coins, trade at the bank for nickel rolls, trade nickel rolls for penny rolls and on and on, constantly searching thru coins.
In 1961, at age 14, I discovered coin shops. A friend of mine at school (8th grade) was also a coin collector. His dad was a coin collector too. His dad collected Morgan and Peace dollars and every Friday he cashed his paycheck at the bank in silver dollars…remember, this was 1961 and silver dollars were in circulation and available at face value from the banks. My friend’s dad would check the silver dollars he got at the time for coins he needed for his collection. He put the few coins he found into his collection and then used the rest to pay his bills. One Saturday they took me to the local coin shop. I thought I had died and gone to Heaven. Coins all over the place…and the bid boards…coin after coin hung on the wall and being auctioned every Saturday afternoon. I was also working in my parents business (draperies) and I was very involved in sports. But every night and every Saturday afternoon from then on it was coins, coins, coins. I stayed at the coin shop in downtown Santa Ana all day long every Saturday, looking at the coins on the bid board over and over again. The shop owner, Andy Verbance, was amazed at my enthusiasm. He gave me odd jobs, sorting pennies, sweeping up, etc. and at the end of each Saturday gave me a few Indian pennies or something like that.
I soon figured out that you could sell coins and make a profit. My first deal…I bought a BU roll (50 coins) of 1961 Philadelphia Lincoln cents for $1.50. I took them to school and sold them to my classmates for 10 cents each. They say, “Why would I want to buy a penny for a dime?” I’d say, “But this is not an ordinary penny. Look in your pocket. All your pennies have a D on them. They are from the Denver Mint. But my brand new never-been-in-circulation pennies do not have a D on them. They are from the Philadelphia Mint and they are much rarer than the Denver coins.” Amazingly, I sold all 50 pennies in one day. This is a true story! I had become a coin dealer.
As a 15 to 18 year old, I developed a bid board route. I’d buy BU rolls and proof sets and break them up and hang lots of individual coins on the local bid boards (the owner took a modest 10% cut). At the time there were four coin shops in downtown Santa Ana. Today, there are four coin shops in Orange County. I could buy a proof set for five dollars for example, do a whole bunch of work and end up making 75 cents profit. But I did it a lot and it was fun and addicting.
As I started to drive, I expanded my bid board route. I went all the way to Dick Striley’s coin shop in Compton. Dick’s son Mark is still in the coin business and comes to the Long Beach coin shows. During the Watts riots, Dick sat on the roof of his coin shop with a shot gun. I also started buying and selling between dealers at this time, buying from one guy and selling to another. A few dealers that knew me gave me coins on consignment and I drove around selling coins to dealers. I sold my first “bullion” coin in 1966, a Mexican 50 peso.
I went to my first coin show in 1966…the Long Beach Coin Show! It was really different then, almost all BU rolls and proof sets. I remember that one dealer had two cases at his table and both cases were filled up with 1957 proof sets. That’s all he had on display…1957 proof sets. He must of had over 1000 of them. I bought five or ten sets for my bid board route.
At the time (1966 or so) all the local dealers would go to Coin-A-Rama City in Hawthorne every Wednesday night for a mini-show. I think Ron Gillio would even drive down from Santa Barbara. That’s where I first saw Steve Deeds, trying to sell some rolls of 1955 P, D, & S dimes to George Pateras.
From 1967 to 1971 I wasn’t very involved with coins. I was in college and also playing in a crappy rock band at nights, trying to be a rock and roll star. In 1972 it dawned on me that I wasn’t going to be a professional musician, so I sold all my guitars and amps, took the money and started doing bid boards again, and also setting up at swap meets. The timing was good, gold and silver were taking off and the coin market was heating up. It was at this time I got into better type coins and gold. I met a few serious collectors and hustled coins to them. I was really into Gem type coins. I’d go to the shows and hang out with specialists like Hank Rodgers. I also started traveling the National coin show circuit…my first ANA was New Orleans in 1972. From then on it was up and up (OK some downs too) as I dealt in better and better coins. But after 1972 is another story altogether…we’ll save that for another blog.
Coin Docere®™ Article and Information Disclaimer: The views expressed in this article are those of the author and may not reflect those of Coin Docere®™ . The author has made every effort to ensure accuracy of information provided; however, neither Coin Docere®™ nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in precious metal products, commodities, securities or other financial instruments. Coin Docere®™ and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication. We hope you enjoyed this article!! Please Subscribe to our RSS Feed or sign up to receive future articles by mail. Go to our subscription link, or join us on Facebook- Coin Docere®™
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Let's begin by referencing an article by Susan Headley in "About Coins," concerning "[h]ow online auction sellers use coin grading services to defraud coin buyers," the subtitle of her piece, which can be found here. In it, she links to a company that specializes in MS60-70 coins.
The latter company was purchased in 2008 by David Lawrence Rare Coins, which transformed it into a second-tier company that, in my view, rivals ANACS and ICG for consistency, Dominion Grading Service.
In our "Crossover, 'Cross-under' and 'Cross-out'" series, I will acquire and test some of these services as occasion allows, sending coins in their holders to my grading company, PCGS.
A legitimate "crossover" involves a coin graded by one company earning the same grade by another company. A "cross-under," as the name implies, entails a graded coin receiving a lower grade by a different company. A "cross-out" concerns a graded coin being returned as non-gradable due to tampering, damage or questionable authenticity.
My local dealer has told me that third-tier companies often grade 20 or more points higher on the 70-scale for mint state and proof coins, when compared to NGC or PCGS.
I not only agree; I am embarrassed to submit some of these coins in their holders to PCGS, marking "Genuine" on the submission sheet, because sometimes I really do suspect a slabbed counterfeit. I have one such coin now undergoing analysis at PCGS.
In closing, I want to make a few observations. Third-tier grading companies are legitimate businesses whose graders choose to evaluate coins by more lenient standards, according to the conventional view. They may grade dipped or cleaned coins or overlook a scratch in their designations and attributions.
The real issue is as Susan Headley explains: Auctioneers and sellers citing values of these coins by referencing PCGS, Red Book and even Grey Sheet prices and bids. That also is the issue here.
To be sure, some viewers or clientele of these companies will complain that I purposefully chose to buy poor examples and mistakes of bottom-tier companies in online auctions on Proxibid which, unlike Heritage or Teletrade, permits auctioneers to hype some of these questionably graded coins.
In this series, one of my goals is to find a coin by a third-party company that actually does cross over.
That won' be the case with a coin I just purchased for about $55, slabbed by none other than Star Grading Service. It was the best of bad examples on the Proxibid auction block. SGS graded the 1921-S Morgan a gem MS66. It looks like an AU58 slider to me that appears dipped by the absence of uniform luster. That's not quite a 20-point "cross-under" grade, but it comes close--so close, in fact, that I will not verify its truer grade by sending it to PCGS, because that would be a waste of my time and money.
And that's the lesson. The next time you bid, ask yourself whether you are responding to the coin or to the auctioneer's claim. A coin worth purchasing in mint or high proof state should dazzle by strike and luster, not by label or bluster.
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Coin Docere®™ Article and Information Disclaimer: The views expressed in this article are those of the author and may not reflect those of Coin Docere®™ . The author has made every effort to ensure accuracy of information provided; however, neither Coin Docere®™ nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in precious metal products, commodities, securities or other financial instruments. Coin Docere®™ and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication. We hope you enjoyed this article!! Please Subscribe to our RSS Feed or sign up to receive future articles by mail. Go to our subscription link, or join us on Facebook- Coin Docere®™
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U.S. gold prices rose $8.80 on Thursday as the dollar fell to a three-month low and sparked a bout of bargain buying.
Other precious metals advanced with gold. Silver added 1.0 percent, platinum climbed 1.4 percent and palladium jumped 4.8 percent.
In other markets, the weakened dollar also spurred crude oil to close higher for the first time in a week while U.S. stocks ended modestly lower in volatile day of trading.
New York precious metals prices follow:
Gold for December delivery, now the most active contract, gained 0.8 percent to $1,171.20 an ounce. It ranged from $1,161.60 to $1,172.00.
Silver for September delivery added 17.6 cents to close at $17.617 an ounce. It ranged between $17.480 and $17.695.
October platinum advanced $21.70 to $1,563.40 an ounce. It ranged from $1,540.70 to $1,568.60.
September palladium soared $22.45 to finish at $491.20 an ounce. It ranged between $469.00 and $492.75.
In notable bullion quotes of the day:
"Gold is trading off the dollar," Frank Lesh, a trader at FuturePath Trading LLC in Chicago was quoted on Bloomberg. "The dollar’s getting whacked, and that’s helping gold."
"Redemptions in the GLD gold ETF (it reported holdings having lost 18.55 tonnes on Wednesday — the most in over two years’ time) and the further 13% shrinkage in net-long positions among futures specs (as of July 20) are clear manifestations of an ebb investment flows following the stabilization of the situation in Europe," noted Jon Nadler, senior analyst at Kitco Metals, Inc.
"Clear to all, except the ‘back up the truck, honey!’ crowd, that is. Evidently, they choose not to read their favorite newsletter writers’ (Adens, Gartman, etc.) latest concessions that there is indeed, a possible change in the market’s wind and keep rooting for the aggravation of whatever terrible conditions propelled bullion to the figures it reached in June."
In PM London bullion, the benchmark gold price was fixed earlier in the North American day to $1,162.50 an ounce, rising $5.50 from the price on Wednesday. Silver lost 3 cents to $17.600 an ounce. Platinum settled at $1,553.00 an ounce, rising $18.00. Palladium jumped $19.00 to $488.00 an ounce.
Coin Docere®™ Article and Information Disclaimer: The views expressed in this article are those of the author and may not reflect those of Coin Docere®™ . The author has made every effort to ensure accuracy of information provided; however, neither Coin Docere®™ nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in precious metal products, commodities, securities or other financial instruments. Coin Docere®™ and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication. We hope you enjoyed this article!! Please Subscribe to our RSS Feed or sign up to receive future articles by mail. Go to our subscription link, or join us on Facebook- Coin Docere®™
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P.M. Kitco Metals Roundup:
29 July 2010, 1:54 p.m.
By Jim Wyckoff
Comex gold futures prices closed higher and nearer the session high on Thursday, supported by short covering and some fresh bargain-hunting buying interest at lower price levels. A solidly lower U.S. dollar index and higher crude oil prices were also underlying supportive factors for the gold market. December gold closed up $8.80 an ounce at $1,171.20. Spot gold was last quoted up $4.50 at $1,168.50.
Gold futures prices on Wednesday hit a fresh three-month low of $1,159.30, basis December Comex futures, and have since seen quieter trading action and a pause. This pause does not favor the gold market bulls.
Reports continue to say demand for physical gold is good at the lower price levels, which is keeping a price floor under the market, at least for now. However, wire service reports overnight also said investor demand for gold via exchange traded funds (ETF's) continues to wane. SPDR Gold Shares holdings dropped by 18.55 metric tonds Wednesday, to 1,282.38 tons.
The overall postures of the commodity markets and the U.S. and European stock markets does suggest investor risk appetite is on the upswing, which is an underlying bearish factor for gold, as it takes away safe-haven investment demand for the yellow metal.
The London P.M. fixing was $1,162.50 compared to the previous P.M. fixing of $1,157.00.
From an important technical perspective, December gold futures are pausing after Tuesday's bigger losses. This pause is not bullish and suggests the bears are just resting and could make another run to the downside in the near term. Serious near-term technical damage has been inflicted this week. Prices are still in a six-week-old downtrend on the daily bar chart. Bears' next near-term downside price objective is closing prices below solid technical support at $1,150.00. Bulls' next near-term upside technical objective is to produce a close above solid chart and psychological resistance at $1,200.00. First resistance is seen at Thursday's high of $1,172.00 and then at $1,178.80. Support is seen at this week's low of $1,159.30 and then at $1,155.00. Wyckoff's Market Rating: 5.0.
December silver futures closed up 18.6 cents at $17.68 an ounce Thursday. Prices closed nearer the session high and saw short covering following recent losses. A weaker U.S. dollar and higher crude oil prices Thursday also supported the silver market. Silver prices are still in a six-week-old downtrend on the daily bar chart. The next downside price objective for the bears is closing prices below solid technical support at the June low of $17.335. Bulls' next upside price objective is closing prices above solid technical resistance at last week's high of $18.335 an ounce. First resistance is seen at $17.775 and then at $18.00. Next support is seen at Thursday's low of $17.53 and then at this week's low of $17.40. Wyckoff's Market Rating: 5.0.
December N.Y. copper closed up 395 points at 330.60 cents Thursday. Prices closed near the session high and hit a fresh three-month high. Copper bulls have the overall near-term technical advantage and have gained fresh upside technical momentum this week. Prices are in a seven-week-old uptrend on the daily bar chart. The next downside price objective for the bears is closing prices below solid technical support at 314.00 cents. Bulls' next upside objective is pushing and closing prices above solid technical resistance at 342.50 cents. First resistance is seen at Thursday's high of 331.70 cents and then at 335.00 cents. First support is seen at 327.50 cents and then at Thursday's low of 325.30 cents. Wyckoff's Market Rating: 6.5.
Editor’s Note: Meet the Kitco News Team at the upcoming Kitco Metals eConference September 12-13, 2010. A not-to-be missed event featuring Ron Paul, Marc Faber and other industry heavyweights. The eConference is free with Pre- Registration http://www.kitcoeconf.com/.
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Coin Docere®™ Article and Information Disclaimer: The views expressed in this article are those of the author and may not reflect those of Coin Docere®™ . The author has made every effort to ensure accuracy of information provided; however, neither Coin Docere®™ nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in precious metal products, commodities, securities or other financial instruments. Coin Docere®™ and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication. We hope you enjoyed this article!! Please Subscribe to our RSS Feed or sign up to receive future articles by mail. Go to our subscription link, or join us on Facebook- Coin Docere®™
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