Gold rallied strongly last week - while stocks declined - due in most part to the escalation of violence in the Middle East. Hundreds of missiles were launched into Israel and the ISIS militants gained ground in Iraq. As a result, gold kept rising last week, based on its role as a global crisis hedge. But on Monday, July 14, gold suffered its worst one-day collapse of the year, falling $30 back to $1308 on some negative fundamentals for gold supply and demand, namely (1) India is not reducing its gold tariffs from the currently stiff 10%, (2) Chinese demand has trended down recently, and (3) mining companies have resumed their forward-selling of gold output, which tends to put a damper on any gold price increase.
For decades, I have liked better-date rare gold coins. I even wrote multiple NLG award-winning books about them. Currently I believe it is a historically opportune time to acquire select better-date gold coins in better grades. This week’s graphs show how a portfolio of multiple or fractions of coins totaling $10,000 in different rare gold coins would have increased in value over the time indicated that I have purchased them. These graphs reflect the price gains of actual coins I have been fortunate to buy, showing an increase from $10,000 to as much as $65,000.
According to the U.S. Commodity Futures Trading Commission, the net long position in gold futures rose 20% in the week ending July 1, the highest weekly gain since March. The trend continued last week, when the CFTC data showed that large speculators continued to raise their net-long precious metals holdings in the week ending July 8. In the first half of 2014, net long positions rose four-fold (+300%).
Last week, gold ETF holdings also grew at their fastest rate since 2012 - when gold prices were much higher - as some gold bears came out of hibernation and bought gold. Alas, some of these same fickle traders pushed the panic button early this week and sold their gold positions, pushing the metal down.
In bullion coin sales, Australia’s Perth Mint sold 39,405 gold ounces last month, a four-month high. June American Eagle gold coin demand was 48,500 ounces, 37% above May and the best month since January.
Michael Fuljenz, America’s Gold Expert® was honored with four awards in the 23rd annual Excellence in the Media competition conducted by the Press Club of Southeast Texas. The awards were for Fuljenz' consumer education and protection writings about buying and selling rare coins and precious metals.
A female resident was at home with her young niece late one evening when a man she did not know came to the door. He claimed that his vehicle had broken down and that he needed help. The man pulled a knife and tried to force his way inside…
Mike Fuljenz discusses the billions that America would save by eliminating the penny and the dollar bill.
America's Gold Expert® Mike Fuljenz, received multiple awards during the annual World's Fair of Money, including one of the profession's most esteemed honors, "The Clemy," for his consumer protection and education work in rare coins and precious metals…
Sandwiched between receiving an award, autographing copies of his book and purchasing gold coins to fulfill his customers' orders, America's Gold Expert® , Michael Fuljenz, recently was a keynote speaker at a special training course for Texas law enforcement personnel on the topic of investigating crimes involving rare coins, bullion and jewelry.
Mike Fuljenz with Rep Lloyd Doggett (D-TX) and Rep Jimmy Hayes (R-LA)
I am urging coin collectors and investors nationwide to promptly contact their Congressional representatives in support of the recently introduced Collectible Coin Protection Act (HR5977).
I was among a half dozen of the country's numismatic leaders who met in Washington, DC on June 28, 2012 with Congressional leaders and staff members to discuss the importance of the proposed legislation to protect the public.
Most Americans take those words for granted today and assume they’ve always been part of our national fabric. Thus, many were surprised when the House of Representatives recently voted to reaffirm that this simple phrase is the official national motto. The story of the motto is an engrossing one, full of fascinating twists and turns…
KFDM-TV Channel 6 in my hometown of Beaumont,Texas recently did a Crime Stoppers story about a Texas dealer who reportedly paid only $16,000 for nearly $250,000 of coins sent to him by an 82-year old California woman. The interviewer asked me for consumer protection advice so other people can avoid encountering this kind of problem.
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A note from the Numismatic Crime Information Center
Mike Fuljenz helps 42 Florida detectives become more knowledgeable about how to handle and investigate numismatic crime.
As you probably know, ICTA is the national trade association that is the “watch dog” for the coin/precious metals community, most especially on the federal level.