United States Mint, National Park Service to Kick Off Fall Season

 with Grand Canyon National Park Quarter

WASHINGTON - The brilliant colors and panoramic landscapes of the Grand Canyon will be the backdrop as the United States Mint and National Park Service introduce the fourth coin in the America the Beautiful Quarters® Program. The new quarter-dollar coin, featuring Grand Canyon National Park, will be officially presented at a ceremony on September 21 at 1:30 p.m. (MST), on the park's South Rim, between Hopi House and Verkamp's Visitor Center.

Those planning to attend are strongly encouraged to park in one of the lots at the Grand Canyon Visitor Center or the Backcountry Information Center and ride the park's free shuttle to a stop near Hopi House as parking in the vicinity is extremely limited. Those unable to attend will be able to view a live broadcast of the ceremony on the Web at: http://www.americathebeautifulquarters.gov/.

Following the event, $10 rolls containing Grand Canyon National Park quarters will be available for purchase at face value. Children 18 years old and younger will receive a free quarter to commemorate the event.
In addition, on the evening prior to the ceremony launching the Grand Canyon Quarter, the United States Mint will host a Collectors Forum. The public forum will provide collectors an opportunity to ask questions and discuss the future of the Nation's coinage with United States Mint Director Ed Moy.

The America the Beautiful Quarters Program is authorized by Public Law 110-456. The program is a 12-year initiative to honor 56 national parks and other national sites. Starting this year, the public began seeing five different quarter-dollar coin designs, each featuring a new national site depicted on the coin's reverse (tails side). The United States Mint is issuing the quarters in the order in which the honored site was first established as a national site.

The United States Mint, created by Congress in 1792, is the Nation's sole manufacturer of legal tender coinage. Its primary mission is to produce an adequate volume of circulating coinage for the Nation to conduct its trade and commerce. The United States Mint also produces proof, uncirculated, and commemorative coins; Congressional Gold Medals; and silver, gold and platinum bullion coins.

A digital image of the Grand Canyon National Park quarter is available at: http://www.usmint.gov/pressroom/?action=Photo#AmericaTheBeautiful.

Additional information about the America the Beautiful Quarters Program can be found at: http://www.americathebeautifulquarters.gov.

Information about Grand Canyon National Park can be found at: http://www.nps.gov/grca/index.htm.

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United States Mint - Connecting America through Coins

Contact: Press inquiries: Gordan Hume (202) 354-7222
Customer Service information: (800) USA MINT (872-6468)






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Risk Aversion Returns!

Daily Pfennig 8/31/10:

By Chuck Butler
Aug 31 2010 9:11AM

http://www.caseyresearch.com/




In This Issue….

* Spending outpaces Income...
* Risk assets get sold after Spending report...
* Aussie data is strong...
* Canada's Current Account Deficit Widens...

And Now... Today's Pfennig!

Risk Aversion Returns!

Good day... And a Terrific Tuesday to you! Another game, and another loss for the Cardinals... They are tanking... And after they swept the Reds! One would have thought that sweep to be the harbinger of a run at a pennant, but something's burning here, and I don't think it's love!

Well, the happy morning for the Commodity Currencies turned sour, on the day, as the Risk Assets all got slapped around by the markets. The Risk Assets went sour after the Personal Income / Spending data printed...

Say it ain't so Joe!

Is this a case of "here we go again?"

Here's the skinny of what I'm talking about... Yesterday, Personal Income printed at .2 less than Personal Spending! So... Are we back to spending more than we make? I sure hope not... But, that sure seems to be the bill of fare here. I have to say that I'm not surprised that the U.S. Consumer continues to spend during the recession and labor depression that we have, for this is the main reason I've said that this will be the difference between Japan's multi-year deflation, and the U.S.... However, I am surprised at how strong that spending is...

Personal Spending rose .4% in July, Personal Income rose .2%, and the savings rate dropped to 5.9%... And if you adjust the Personal Income data for inflation, and taxes, incomes dropped .1%... Those aren't good numbers folks... And once again, the "bad data for the U.S." is a call to the markets to sell risk assets... I'll never agree with this trading pattern thought up by the mental giants of the markets... I think too logically for that to happen!

Over in Germany this morning, German Unemployment dropped for a 14th month in August. Unemployment declined by 17,000 in August with the unemployment rate remaining at 7.6%. This is good news for Germany, the largest economy in the Eurozone, and it looks as though it just might continue for some time. An economist at ING in Brussels said, "Looking at order books of German companies, we'll see this miracle continue at least this year, and that's all we need for a self-sustained recovery in Germany."

While we're on the subject of data overseas, did you see the strong 2nd QTR GDP report that printed in India? India's economy grew at the fastest pace in 2 1/2 years in the 2nd QTR to the tune of +8.8%! Add that to the 1st QTR's growth of +8.6%, and you've got yourself one strong economy! One would expect interest rates to continue to move higher here... Did you know that exports only account for 1/5th of India's GDP? So... If the U.S. economy is flopping around like a fish just brought into a boat, and Japan's economy is trapped in the basement, it doesn't hurt India... The key here? Domestic Demand... Ooooohhhhh, would that be nice to wake up to here?

I know I've just cross streams here, for earlier in today's discussion, I had a problem with the strong Personal Spending... But, there's a difference... If Personal Spending was strong, but Personal Income was stronger, and the savings rate was strong, then you would have what's needed to have the proper Domestic Demand... That's not the case in the U.S. and hasn't been for ages...

And keeping with the data overseas... In Australia, we have their 2nd QTR GDP printing tonight, but first we saw the color of July retail sales rise at a 0.7% clip, and July building approvals at 2.3%, (both of these were forecast to be much weaker than they printed) and the current account at came in at a negative A$ 5.6 Billion, but it was forecast to be A$6.5 Billion! These are all good reports folks... There's no reason for the A$ to continue be held hostage by the election results... But it is, and it really ticks me off! The A$ lost 1-cent yesterday... That's ridiculous!

As I said, tonight, we'll see the color of Australia's 2nd QTR GDP, which I expect to be around 1%... Annualized that would put Australia's GDP for 2010 at 4% (see Chuck's new math at work again!)

In New Zealand, kiwi got taken to the woodshed overnight when it was announced a Consumer Finance Company was going into receivership... The rumors of this happening had been hanging over kiwi for weeks now, and it finally happened... Should be a one-off hit to kiwi...

And finally with the data... Canada's Current Account Deficit widened in the 2nd QTR, which is not a good thing, folks... But it's not catastrophic either... Canada's Deficits widened by C$2.6 Billion, moving the overall Deficit to C$ 11 Billion... Shoot Rudy, $11 Billion in here in the U.S. was just spent, while I was writing the Pfennig!

Well, that short discussion we had yesterday, where I speculated that we could be seeing a reversal of the flight to safety, got deep sixed by the Personal Income / Spending data, and the 10-year Treasury came back strong on the day... UGH!

With the Risk Assets getting beaten like a rented mule (no animals were hurt here!) the currencies of Switzerland and Japan were strong on the day and in the overnight sessions. The Swiss franc is within spittin' distance to 98-cents, and Japanese yen is closing August with a gain VS the dollar, for the 4th consecutive month...

And the Swiss franc is not only gaining VS the dollar, it's completely out of whack with the euro again, surpassing record high after record high VS the single unit.

The U.S. data cupboard has the S&P/CaseShiller Home Price Index printing today... And here's where I believe we begin to see the home prices drop again... Remember, I've said that I expect home prices to drop another 10% before the housing meltdown is over... I do not believe the calls that housing has hit a bottom, and today's report should be the beginning of the proof in the pudding.

We'll also see Consumer Confidence, and the FOMC meeting minutes, which always seem to have a surprise or two in them...

Then there was this... I saw a discussion on TV this past weekend about the Cash For Clunkers (CFC) program that the Gov't sponsored last year... Long time readers know that I was totally against this plan, and that includes the ecology stuff... Well, did you know that because used cars were taken out of the system, that in today's world, if you wanted to buy a used car, you would have to pay about 30% more for it because of the lack of supply? And it certainly didn't rescue car sales long term, eh? And the damage to the deficit... Only $3 Billion... Well, that's what I hear the politicians saying anyway!

To recap... The Personal Income and Spending data, which showed Spending was double of what was gained on the earnings side, sparked another round of Risk Aversion, with only the currencies of yen and francs beating the dollar. And there is a ton of data to go through in today's letter.

Currencies today 8/31/10: American Style: A$ .8880, kiwi .6980, C$ .9410, euro 1.2675, sterling 1.5410, Swiss .9795, ... European Style: rand 7.4050, krone 6.3280, SEK 7.4020, forint 226.70, zloty 3.1635, koruna 19.5730, RUB 30.83, yen 84.30, sing 1.3565, HKD 7.78, INR 47.05, China 6.8075, pesos 13.19, BRL 1.7585, dollar index 84.12, Oil $73.63, 10-year 2.50%, Silver $18.90, and Gold... $1,234.30

That's it for today... When I was in San Francisco, I was given a pocket version of the Declaration of Independence and Constitution, compliments of Hillsdale College. At Hillsdale College they require every student to complete a one-semester course on the principles and meaning of the Constitution. Now, that's education that I would be very happy to pay for! I keep the book here at work, and told all the "kids on the desk" that they could read it any time they wanted... Too bad Woodrow Wilson didn't have a copy back in 1913! Or any of the other Presidents and members of Congress for that matter! Well, enough of that! It's time to go squeeze in some work... I've got an interview at 8:15, and a dentist appt this afternoon... I hope your Tuesday is Terrific!

Chuck Butler
President
EverBank World Markets
1-800-926-4922
1-314-647-3837

****

Two decades ago, Chuck Butler embarked on his extensive career in foreign investments as the Director of Operations for the Fixed Income Division of the Mark Twain Bank. He oversaw the clearing and custody of all bond department trades and Mark Twain portfolio transactions.







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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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Patterns Require Large Bank Balance

This article was originally printed in Numismatic News

Numismatic News
By Ginger Rapsus,



Everyone wonders “what might have been,” but United States pattern coins show this in detail. Many pattern and experimental pieces have been made, dating back to the early years of the Mint. Many are scarce, if not rare. Quite a few are beautiful, making collectors wonder why the particular design was rejected. Some are curious. All are historical and collectible.

Patterns are a very specialized series. Many collectors can build their regular coin sets for years and not be aware that so many patterns exist. A devoted collector who is interested in the minting process and the historical aspect of coins may be attracted to patterns. Those who appreciate artistic (and not so artistic) designs, and want to learn a little more numismatic history, would enjoy a study of patterns.

If a collector specializes in Trade dollars, he may find a whole new collecting world when he discovers patterns. If he likes odd denominations, there are patterns available for three-cent pieces and 20-cent pieces, some of which are more attractive than the adopted designs. A Morgan dollar lover can find pattern dimes and half dollars, even a pattern $10 gold, with the same lovely Liberty head.

Pick a favorite year, and collect the patterns from that year. Many patterns are available from the years 1870 and 1871, and not so many in later years. You can find one pattern of each denomination, or a number of patterns in your specialty, whether it be quarters, dimes, or cents. I once saw a set of coins, one of each denomination – but all were struck in aluminum.

A fan of Seated Liberty coins can find a number of variations on his favorite design. Different poses, different headdresses and scenes can be found on patterns. The famous “Liberty by the Seashore” pattern shows a ship sailing in the background – with the flag blowing one way and the sails another.

Large cent specialists may be amused by the 1868 pattern large cent, issued 11 years after the last circulation large cents were struck. Many other pattern cents exist with the familiar Liberty head.

Whoever claimed that a collector cannot specialize in Flying Eagle cents are obviously not familiar with patterns. Many different patterns, large and small-sized, were made showing the Flying Eagle in 1855 through 1858. Some show the eagle with angular wings. Some show different wreaths on the reverse, and one features the Indian head on the reverse. A lifelong challenge awaits the Flying Eagle fan.

If you have a favorite designer, you may find some pattern coins designed by him, including many that an average collector would never see, or be aware of. A specialist in Liberty nickels would have a long challenge in finding the many different patterns for that coin. The familiar Liberty head showed up on one-cent and three-cent patterns, too.

The numismatist with an eye for beauty can aspire to own some of the prettiest United States coins, with designs that were never adopted for regular use. Among these are the Amazonian quarter, half dollar and dollar, the Schoolgirl dollar, the Shield earring pieces.

And for those who like something different, there is a famous pattern three-cent with the Roman numeral “III” on one side, and the Arabic numeral “3” on the other. Plain and simple!

Numismatists who enjoy research and coin history may want to find patterns made in different metals and alloys. Aluminum had been considered for coinage in the 19th century. Pieces are also available in copper, gold and silver, and various combinations, including a few that the average collector may not have known. Ever see a coin made of billon, oroide, tin, or lead? Patterns exist in all of these metals.

There is even a pattern half dollar of 1814 struck in platinum. The word “platina” is engraved on the surface of one of these coins, of the familiar Capped Bust design.

Washington collectors find a multitude of coins featuring the first President, with different mottoes. One bears a head of Washington on the obverse and the legend, “God and our country.” A few Lincoln five-cent patterns are known also.

Other mottoes were proposed for use, including “God our trust,” that appeared on pattern half dollars.

If you are a fan of Shield nickels, a number of patterns exist for your collection, including an 1896 pattern with an entirely different type of shield. One-cent patterns of the same design exist. The 2010 Union Shield cent is not a new idea.

Among the most famous, and rare, patterns, is the 1874 Bickford International $10 pattern. This truly international design bears the weight and fineness, along with an exchange rate in five other currencies. A grand idea, but one that could not work in real life, as exchange rates fluctuate so quickly and so often. The obverse Liberty head is one of the prettier depictions of Miss Liberty.

The 1907 pattern $20 piece by Augustus Saint-Gaudens is a work of art. The Indian head similar to the one on the regular issue $10 gold is on the obverse, with the reverse design similar to that adopted for the regular issue $20 piece. The pattern bearing these two designs is magnificent.

The Amazonian gold pattern set of 1872 is unique and beautiful. The lovely Liberty and fierce eagle used on this piece are among the more artistic designs that were never sued for regular coinage.

Collectors who hope to own a nice selection of patterns need a copy of United States Pattern Coins: Experimental and Trial Pieces by J. Hewitt Judd and updated by Q. David Bowers, a lot of patience, and a healthy checkbook. Many patterns were minted to the tune of a dozen or so. Your favorite pattern may not come up for sale for many years, but you might find that the search is just as much fun as the purchase.

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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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Ancient Coins: Freedom of Information and New Import Restrictions sought on Greek “Cultural Property”

Tuesday, August 31, 2010
Filed Under: Ancients, Coins and the Law, Commentary and Opinion, Featured

Ancient Coin Collecting Blog
By Wayne Sayles,

Comments related to issues of cultural property management

The Freedom of Information Act, signed into law by President Lyndon Johnson in 1966, was born from the notion that “the people” (as in each individual citizen) have a constitutional right to know how the government acts in their behalf. This is of course a democratic notion that nationalist governments do not share. One might wonder at times if it is a notion that the U.S. Government shares?

FOIA has been amended and altered in its execution by Executive Branch order or parallel legislation many times during the past 24 years. While a forest of trees have been exterminated in filling FOIA requests, the amount of information provided to the public has been a matter of constant and continuous concern and variability. What the situation boils down to, in a nutshell, is that the Executive Branch of the U.S. government releases eactly and only what it wants to release and when it wants to release it. The public often is obligated to fight in the courts for the most innocuous of details about some item or action of interest.

Filing a Freedom of Information Act lawsuit is an adventure in frustration—fraught with government impediments. The prosecution of a simple suit can be delayed by repeated government requests for extensions of time and the excruciatingly slow pace of the legal system in general. Then, the ultimate judgement is not always a black and white reflection of law. Political persuasion is not a stranger to the bench, and the outcome of litigation can depend, it seems, nearly as much on luck of the draw as on the merit of arguments presented. The consequence of this cumbersome review process is that the impetus for a request may well be moot by the time a judgement is rendered. The suit itself is sometimes more important, as a statement of dissatisfaction with government, and demand for accountability, than the material that might conceivably be released.

Why should any person, or organization, have to endure the trials and tribulations of litigation against their government to affirm basic rights promised by the law of the land?

The cause of this pervasive and untenable attitude of secrecy and unresponsiveness in American government is its very structure. Law is rightly regarded by the Legislative Branch as a means to assure rights and protections. Elected officials within the Executive Branch typically espouse a similar view. However, neither elected officials nor political appointees are directly involved in the execution and enforcement of law. This key, and often most important, element of any law is delegated to an army of bureaucrats that are directly responsible for that part where the rubber meets the road. The technical authority of politically appointed Secretaries and Undersecretaries, etc., means little in a world of revolving doors. Just as bureaucratic agencies can drag an issue on in the courts for years, they also can “stonewall” the most ardent elected or appointed official with relative ease and virtual impunity. The judiciary often seems, perhaps understandably, reluctant to serve as the nation’s guardian against government excess.

Do we really have Freedom of Information in America today? Well, that depends on who you are, who you are asking, and what you are asking. Ancient coin collectors and dealers obviously do not enjoy much freedom to examine the workings of State Department processes that threaten their avocation and trade. The State Department’s Bureau of Educational and Cultural Affairs is one of the most secretive and manipulative bureaucracies in Washington. For the past decade, national investigative reporters have exposed that secrecy in the media, legislators have repeatedly expressed concern about that secrecy and one former Chairman of the Cultural Property Advisory Committee called that secrecy “unAmerican”. The Ancient Coin Collectors Guild is presently arguing in the U.S. Court of Appeals that the widely experienced secrecy at State is unfounded and rises beyond the limited exemptions allowed by Congress.

Import Restrictions sought on Greek Cultural Property

A request from Greece asking that import restrictions be imposed on cultural property will be considered by the US State Department in October.

A Federal Register notice filed by the US State Department (DOS) on 25 August 2010 announces receipt of a request for import restrictions on cultural property from Greece. Despite all the previous concerns expressed about fairness, again the comment period is rather short. Although the request was received by DOS on 7/2/10, notice to the public was delayed nearly two months.

In contrast, comments from the public must be received by 9/22/10 a window of 28 days. This tight window to assemble arguments and publicize the issue to interested parties is increasingly typical of the State Department’s public comment policies.

A three-hour public hearing by the Cultural Property Advisory Committee is scheduled for 10/12/10. Oral comments at that hearing are typically limited to five minutes. The option to fax or email comments has also been eliminated.

In recent CPAC deliberations, thousands of faxes were received from coin collectors. Instead, it will now be necessary for those wishing to comment to use the online comment feature of the http://www.regulations.gov website. Those electronic comments will reportedly be made available for review by the public. Though a summary of the request is promised, the actual details of the request are secret. In other words, it is unlikely that DOS will announce whether coins are to be considered in this request.

It may be worth noting that coins were included in import restrictions recently imposed on cultural property from China and Cyprus. Members of the archaeological community also argued before CPAC recently that coins should be added to a renewal of the Memorandum of Agreement with Italy. That action is still pending. More information about this request will be posted here as it becomes available. Specific details of the comment system, along with talking points, will be provided in the forthcoming ACCG newsletter

About the Author

Retiring in 1982 from the U.S. Air Force, Wayne earned a MA degree in Art History at the Univ. of Wisconsin. In 1986, he founded The Celator — a monthly journal about ancient coins. He co-authored "Turkoman Figural Bronze Coins and Their Iconography" (2 vols.) and wrote the six vol. series "Ancient Coin Collecting" (3 are in expanded 2nd ed.), the monograph "Classical Deception" and the exhibition catalogue for the Griner collection of ancient coins at Ball State University. He wrote the "Coin Collecting" article and revised the main "Coins" article for Encyclopaedia Britannica. Wayne is a Life Fellow of the ANS; Fellow of the RNS (London); Life Member of the Hellenic Numismatic Society (Athens); Life Member of AINS;and member of numerous other numismatic organizations including the American Numismatic Association and the Numismatic Literary Guild. He is the founder and current Executive Director of the Ancient Coin Collectors Guild, has lectured extensively, written more than 200 articles about ancient coinage, and is a recipient of the "Numismatic Ambassador" award from Krause Publications. He is a biographee in Marquis, "Who's Who in America" and in "Who's Who in the World".




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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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Miracle-Gro: The Universal Solution?

By Jon Nadler
Aug 31 2010 9:52AM

http://www.kitco.com/




Good Morning,

Crisis-oriented mentality remains pervasive on this last day of August and it will be interesting to see how the gloomy emotional state of global investors will reflect in the markets when full participation resumes in them in about one week’s time following summer’s holidays.

More of the same was on tap during the overnight hours; more widespread nervousness regarding the global economic recovery, more gains in the gravity-defying yen, more weakness in crude oil prices, more declines in global equity markets, and more steadiness in gold. Albeit the yellow metal touched lows near $1,231.00 per ounce, it remained fairly well bid while speculative buyers duked it out with would-be physical buyers in India.

The latter turned away from buying the precious metal for the moment, as the perception that gold prices are too high and that they might correct soon dented festival-related shopping enthusiasm. Gold priced in rupees remains but one percent below its all-time highs. Meanwhile, cheaper gold than that which is imported was making its way onto India’s shopkeepers’ shelves as consumers are once again turning the spigots of scrap flow open a few more notches at current values.

The country’s denizens are thought to have a larger than 20,000 tonne gold stash; part of it at least, could be mobilized when owners decide the price is ‘right.’ The World Gold Council recently reported a 35% surge in scrap gold supplies as having taken place in the second quarter –coincidental with gold’s setting a fresh record during the Eurodebt crisis.

Precious metals opened to the downside in New York this morning, ahead of US consumer sentiment, car sales, and home price data; all of which were expected to underscore the slowing in the US economy recently acknowledged by the Fed with its ‘whatever it takes’ jawboning. Adding to the modest selling pressure at the open, the fact that a wide range of different assets was seen as being sold by global investors in the quest for cash following hefty equity market declines. The Dow was barely hanging on to the 10K level as of Monday while the Nikkei average shed 325 point overnight, free-falling to the 8824.00 level.

Eurozone inflation cooled this month, with results showing a 1.6% pace in price gains; still well below the ECB’s targeted two percent level. At the core of the falling number is the absence of wage pressures in the region, as the local economies are beset with high joblessness levels (like 10% for the fifth month in a row, with nearly 16 million people out of work). Over in Japan, talk (but nothing more) continued regarding intervention in the currency markets to halt the yen’s seemingly unstoppable rise. To be continued. The ‘talking about it’ part, anyway.

Gold started Tuesday’s session with yet another marginal drop in spot prices, down $1.20 to $1,235.20 per troy ounce. Silver fell 8 cents to open at $18.96 but more substantial declines were recorded in the noble metals complex.

Crude oil’s near $1 drop in the wake of soft stock index futures did not help matters much, either. We still look for fund activity to try to push gold values higher prior to month’s end (i.e. closing time tonight). Regardless, August could still finish with a better than 4% showing in the metal following intense attention from funds.

Uniformly bullish prognostications remain as abundant as a fall wheat harvest. Current “we will see” targets are clustered around $1,400 and $1,500 per ounce with the $1,280-$1,320 zone not even worth mentioning as a waypoint or rest stop. A few technicians might hold a…diverging opinion on the matter, however.

Merv Burak

One of Kitco’s ‘classics’ –chartist Merv Burak - notes in his weekly take on matters technical (issued yesterday) that gold is exhibiting a negative divergence. Basically, he argues, gold’s ascent to new highs in June was not corroborated by corresponding highs in momentum. Momentum has in fact waned after having peaked almost a year ago when the $1226.00 pinnacle was etched into the record books in gold.

Such partings of the ways are not necessarily a flag for the end of the bull run, but rather, a ‘caution ahead’ signal. On the Elliott Wave side, analysts only see a negation of the current wave pattern underway if and when the $1,265.00 June peak is taken out on the charts. At this juncture, we are $20 short of that target, but someone is apparently gunning hard for it, still. First things first; $1,250.00 resistance is the next closing mile marker to have to pass by.

Platinum shed $12 from Monday’s closing values, dropping to $1,511.00 the ounce, while palladium slipped a more by a more-modest-but-still-largest-in-percentage-terms $4 (0.81%) to start at $489.00 per troy ounce. Automobile sales data in the US for the month that is drawing to a close tonight is expected to be quite disappointing, when it is released tomorrow.

The numbers might in fact turn out to reflect to slowest August at car dealers’ lots in some 28 years. Annualized car sales could have fallen to under the 12 million unit level, about 2.6 million shy of last year’s sales pace. Noble metals staged recent rallies mainly on the back of spec fund and ETF oriented demand and observers opine that it will still take a near-full revival in US and western European auto sales levels to better underpin the values in the pgm (platinum-group metals) complex. The only steady metal remained rhodium, which did not budge from Monday’s $2,080.00 bid closing quote.

Closing out today’s roundup, a fresh take on matters Chinese. Marketwatch’s Andy Xie, pulls out the magnifying glass and discovers that China’s phenomenal growth may in fact contain the seeds of some no-so-pleasant unwinds in the making. Andy’s article focuses on the chicken-egg conundrum between Chinese growth and US dollar weakness but contains one globally valid insight we thought we would mention here as it is as time-tested as can be, and as predictable as a Shinkansen train’s arrival at Tokyo Station. Or, make that the Maglev train’s arrival at Pudong airport:

“A crisis always seems to follow a period of high growth in emerging economies. People tend to blame the crisis on slow growth. It actually gets the causality wrong. The problems that are allowed to accumulate during the high growth period cause both the slow growth and crisis. Nothing hides problems like high growth. Hence, there is a tendency among policy makers to prolong high growth as long as possible, hoping to grow out of all the problems. The problems that China's economy faces today and the policy recommendations that many recommend bear resemblance to what had been observed during high growth in other emerging economies. History teaches us that one couldn't grow out of all the problems. The longer the growth lasts, the more intractable the problems are. Trying to grow out of one's problems inevitably leads to monetary excess. The weak dollar makes monetary excess supportable in the short term, as the external pressure restricting money printing is weak. It leads to bubbles. The asset appreciation then becomes the source of profit that justifies investment. A collapse is inevitable.”

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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Old paper money shows up

Posted by Dave,

In these times of economic stress, older coins have been showing up in change in larger numbers than usual as people cash in their BU state quarter rolls, or stashes of change.

Readers write letters to point out their latest circulation discoveries, which are always welcome and interesting. There has been quite an uptick in these in recent months.

At the bank the other day I asked for five $20 bills. Yes, I was actually talking to a teller. Small towns are wonderful that way.

I received four of the Big Head type with color, but one note was one of the old-fashioned kind. It was kind of jarring to see it, as jarring as when I received the first of the Big Head notes when they were first introduced with the Series 1996.

I looked at the date. It was a Series 1977. It was not uncirculated. It had definitely seen its share of wear, but neither was the wear so much that it would be retired from circulation for that reason.

It easily could have been part of a private stash that many people keep for a surprise bill or emergency.

Because paper wears out quicker than coins, even in stressful times the number of older notes in circulation is not high. Usually the older notes that I do get are the $1 Federal Reserve Note, because that design has not changed.

The Small Head $20 note was the first one I had been given in years.
I probably won’t get another one, but then again, maybe I will.
Have you received an old-style note lately?

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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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Comex Gold Weak as Market Consolidates at Month's End; U.S. Jobs Data Awaited

A.M. Kitco Metals Roundup:

 

31 August 2010, 8:28 a.m.
By Jim Wyckoff
Of Kitco News
www.kitco.com




Comex gold futures are trading slightly lower Tuesday morning in more quiet market activity. Tuesday is the last trading day of the month and the gold market is seeing some book-squaring and profit taking by traders, amid a general consolidation mode ahead of Friday's important U.S. employment report. December gold last traded down $2.50 an ounce at $1,236.70. Spot gold was last quoted down $2.00 at $1,235.00.

The U.S. dollar index is trading slightly lower Tuesday, while the U.S. stock indexes are also weaker. Crude oil prices are lower. These key "outside markets" are not providing strong price direction for the precious metals so far Tuesday.

Trading is quieter so far this week in the U.S. and European markets, as the month of August ends and ahead of the last summer holiday weekend in the U.S.

Precious metals traders are awaiting Friday's U.S. employment report, which is expected to show the key non-farm payrolls figure to be down 123,000 in August, following a decline of 131,000 jobs in July. The unemployment rate is forecast to come in at 9.6% from the July reading of 9.5%. Look for more active trading in the precious metals and other markets in the immediate aftermath of Friday morning's jobs data.

Major U.S. economic data due out Tuesday includes the ISM New York and Chicago business indexes, the Case-Shiller home price index and the consumer price index and the FOMC meeting minutes.

The London A.M. gold fixing was $1,233.50 versus the previous London P.M. fixing of $1,235.00.

Technically, there is not a lot new in the gold market recently. Bulls still have the overall near-term technical advantage. Comex gold prices are in a solid five-week-old uptrend on the daily bar chart. The longer-term charts also still fully favor the gold market bulls, as they, too, show longer-term price uptrends in place.

The next near-term upside price objective for the gold market bulls is to push and close December futures prices above solid chart resistance at $1,250.00. The bears' next near-term downside price objective is producing a close in December gold futures below solid chart support at last week's low of $1,211.70.

For December gold, shorter-term technical resistance is located at the overnight high of $1,239.80 and then at last week's high of $1,246.00. Buy stops likely reside just above those levels. Sell stops likely reside just below chart support at the overnight low of $1,233.50 and then at $1,230.00. Today's key near-term Fibonacci pivot level for December gold: $1,228.00.

Comex silver futures are weaker Tuesday morning, on some profit-taking pressure following recent solid gains. December silver last traded down 8.9 cents at $18.985 an ounce. The silver bulls still have the overall near-term technical advantage. Silver will continue to generally follow the lead of the gold market.

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 the June high of $19.55 an ounce. The next downside price objective for the silver bears is to push and close December silver prices below solid technical support at $18.40.

December silver finds shorter-term technical resistance at overnight high of $19.135 and then at this week's high of $19.275. Buy stops likely reside just above those levels. Shorter-term technical support for December silver is located at the overnight low of $18.86 and then at $18.75. Sell stops are likely placed just below those levels. Today's key Fibonacci pivot level for December silver futures is located at $18.93.

By Jim Wyckoff, contributing to Kitco News; jwyckoff@kitco.com

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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