2012 1 oz. Silver Armenia 500 Drams Noah’s Ark Coin

2012 1 oz. Silver Armenia 500 Drams Noah’s Ark Coin

Noah´s Ark coins are legal tender issued under the authority of the Central Bank of Armenia. The coins are struck in Germany by  Geiger Edelmetalle GmbH.

The design for which the coins are named after  depicts a dove in flight with an olive branch and Noah’s Ark floating on floodwaters in front of Mount Ararat and the rising sun.  The story of Noah´s Ark and the Great Flood is well recognized around the world. Noah´s Ark is the most meaningful symbol in Armenian history.

Noah´s Ark Silver bullion coins .999 fine silver coins are also available in  1/4, 1/2, 1, 5, and 10 oz. sizes, as well as in 1 and 5 kilo sizes.

Diameter: 38.6 mm
Weight: 1 oz.
Purity: .999
Condition: Brilliant Uncirculated
Denomination: 500 Dram
Legal tender: Yes

The precious complex was able to pare losses and firm up over night

The precious complex was able to pare losses and firm up over night following yesterday’s bout of selling which could probably be attributed, in some part, to quarter end profit taking. Rumors that China may sit at the stimulus table, as early as next week, may have also have something to do with the rebound in prices. Platinum is seeing support from the ongoing stalemate between Anglo and the unions…currently trading at $1764. The markets appear to be in a wait and see mode right now as investors await the details of Spain’s 2013 budget that was released earlier today. The potential of new austerity measures, cutbacks and reforms have the populace of the heavily indebted nation up in arms and  as protests rage on, the benchmark 10-year bond yields in Spain have breached the psychological level of 6%.  Here in the U.S., durable goods orders fell 13.2%, a decline the likes of which haven’t been seen since the beginning of 2009. Second-quarter GDP was revised down from the previous estimate of 1.7%, coming in at a more depressing 1.3%. One bright spot in today’s data dump is the decline in initial jobless claims. However, the aforementioned figures for durable goods and GDP would suggest that the decline in jobless claims will probably be temporary. Have a great day!

 

What happens when you run out of cork to plug the leaks in your sinking ship?

What happens when you run out of cork to plug the leaks in your sinking ship? That’s what investors will be asking themselves as we draw ever closer to the end of the third quarter and the stimulus high wears off. A period of uncertainty lies just beyond the horizon and more likely than not the seas are going to get rough. Markets around the world are feeling the pressure from that global economic uncertainty leading many to head for the hills of safe-havens like gold and U.S. treasuries. While Tuesday’s U.S. consumer confidence data seemed to make that light at the end of the tunnel flicker just a little brighter, the conditions in the U.S. – particularly unemployment and “QE Infinity” – remain at the top of the list of concerns weighing on investor sentiment…a list of concerns that include the Eurozone debt crisis and the absence of China at the stimulus table. The global economic picture gets even gloomier if you take into account the International Monetary Fund’s plan to cut global growth forecasts and Caterpillar’s earnings forecast revision. With a lack of highly anticipated domestic reports for today, the focus will remain on Europe where tensions are building in Spain as protestors march against more austerity measures ahead of the new year’s budget. It doesn’t help that Spain’s Prime Minister seems to be playing a game of chicken, with his country’s financial future on the line, amid questions of whether or not Spain is going to seek a bailout. Have a great day!

Yesterday’s sharp sell-off in the precious metals

Yesterday’s sharp sell-off in the precious metals seems to have been met with some fundamental support but look for a bumpy ride as a choppy trading session is expected. Headlines out of the Eurozone have investors approaching the day with caution following weak business confidence data out of Germany that was released yesterday. Today, ECB President Mario Draghi will meet with German Chancellor Angela Merkel to discuss the Eurozone’s current situation amid calls from the IMF for the implementation of the European Stability Mechanism to ward of financial collapse of the regions peripheral economies. Here in the U.S., investors will take in reading on home prices and consumer confidence. Home prices were reported to have increased by .4% in July, a sixth consecutive increase. However, it was a case of ‘good but not good enough” as analysts were expecting a.9% increase. Have a great day!

 

Gold & Silver spot prices

	Bid	Ask	+/-	LDN	High	Low	Close
Gold	1771.22	1771.62	6.08	08:42	1775.01	1762.00	1765.19
Silver	34.22	34.27	0.21	08:42	34.51	33.90	34.02

The precious complex is in the red this morning as bullishness seems to be wearing off

The precious complex is in the red this morning as bullishness seems to be wearing off amid concerns of global economic malaise. With little in the way of domestic economic news to pressure markets the focus will shift across the pond to the Euro region where the newest headlines indicate that the German Business Climate Index fell for a fifth straight month to its lowest level since February 2010. Gold is managing a mere .82% drop on the day but the rest of the metals are seeing declines of more than 1%. Platinum is now trading at $1610, down more than 1.5% and palladium is down sharply to $637, down ~5% in early trading. Platinum has fallen from its day high of $1637 but continues to see support at current levels as concerns about wage disputes spreading across South Africa provide some downside resistance. Have a great day!

Gold & Silver spot prices

	Bid	Ask	+/-	LDN	High	Low	Close
Gold	1765.13	1765.53	-6.75	10:06	1771.15	1755.70	1772.20
Silver	34.11	34.17	-0.34	10:06	34.49	33.56	34.49

The precious metals complex is bouncing back nicely from a recent bout of sharp corrections

The precious metals complex is bouncing back nicely from a recent bout of sharp corrections throughout most of the week. Thursday’s disappointing global economic data out of Chine and Europe seem to be outweighed by positive sentiment supported by recent central bank actions that seek to defibrillate the sluggish economy. The drop in PGM’s, particularly platinum and palladium, has provided a good bargain hunting opportunity and with labor unrest still a persistent issue in South Africa platinum has been supported higher by more than 1%, currently trading at $1643. Palladium is up more than 1.5% and is currently trading at $671.50. Gold is up nearly 1% as well as the U.S. dollar gets thumped and investors head for higher ground. There’s not much in the way of domestic economic data on tap for today but being that it’s quadruple witching day, we can expect some volatility to end the week. Have a great day!

Gold & Silver spot prices

Gold & Silver spot prices

	Bid	Ask	+/-	LDN	High	Low	Close
Gold	1774.10	1774.60	6.87	06:59	1776.36	1767.10	1767.48
Silver	34.66	34.72	0.12	06:59	34.94	34.58	34.57

Disappointing global economic data has put downward pressure on many assets

Disappointing global economic data has put downward pressure on many assets across the financial landscape this morning. Reports out of China showed that the world’s #2 economy continues to suffer from a contracting manufacturing sector and the wave of disappointment continued into Europe with the regions PMI hitting lows not seen in quite some time.  Platinum reached as low as $1596 and is now trading at $1617 as bargain hunting provides some downside resistance…we’re off nearly $100 from just a few days ago! Palladium is down roughly 2% on the trading session and currently trading at $660. Much of the recent correction can be attributed to the agreement between Lonmin  and its miners at the Marikana operation and the hope for improving circumstances in South Africa. However, recent protests just outside Anglo Platinum’s Rustenburg operation have resulted in 2 more fatalities and is a reminder that the unrest persists. Have a great day!

That cushion to the downside I spoke of yesterday was quickly pulled

That cushion to the downside I spoke of yesterday was quickly pulled out from underneath the PGM complex after reports surfaced that striking miners at Lonmin had reached an agreement. Workers at Lonmin’s Marikana mine ended their six-week strike after agreeing to a 22% pay increase. The sell-off for both platinum and palladium was sharp but bargain hunting out of the far-east has the metals holding roughly flat or slightly up from yesterday’s close. Platinum is currently trading at $1635 while palladium trades at $673.50. In global economic news, the Bank of Japan announced a bond buying program of their own pushing Asian stocks higher overnight and leading to a slightly higher open in the U.S. markets. The BoJ’s $127 billion asset purchase is the latest attempt by world Central Banks to defibrillate struggling economies. The European Union and the United States have already taken action and, with the world’s third-largest economy joining the stimulus party, one is left to wonder when China will show up…perhaps sooner than later following PMI data due out overnight.  U.S. housing starts rose by 2.3% in August, outshining July but falling short of expectations. Yet another report on the U.S. housing market, existing home sales due out at 10:00 am EST will be watched with a keen eye as the Federal Reserve’s latest round of quantitative easing was aimed, in part, to support the beleaguered sector. Have a great day!

“What goes up, must come down”

Sir Isaac Newton once famously proclaimed, “What goes up, must come down” and while he was speaking of physical objects it looks as though his analysis can pertain to financial markets as well.  The jolt from last week’s QE3 announcement from the Federal Reserve pushed many financial assets to multi-month highs but the rally wore off with a vengeance to start this trading week. The precious metals complex was hit particularly hard as profit taking in the metals was exacerbated by a sharp decline in oil and modestly easing tensions in the South African mining community. The metals were pushed anywhere from 1% to more than 2% lower by the end of the trading session on Monday. Longs in the PGM complex took the opportunity to lock in profits following reports that wage negotiations would resume at Lonmin and Anglo American Platinum’s Rustenburg mining operation would restart today. Perhaps a more intriguing story is playing out in rhodium where the metal has jumped from $1100 to either side of $1400 in just the last day or so. Some would argue that rhodium, a byproduct of platinum mining, is simply catching up as Platinum moved roughly $300 north in a matter of weeks. While the unrest in South Africa appears to be softening the issues remain far from resolved giving the PGM complex some cusion to the downside.  Have a great day!

The shine of QE3 seems to be losing some luster

The shine of QE3 seems to be losing some luster as the recent rally provides a good opportunity to take some profits, particularly  in the precious metals complex. Platinum and palladium  are trading sharply lower to start the week with platinum down 1.4% to $1690 and palladium also off roughly .5% to $695. However, the PGM complex continues to see support from the ongoing troubles in South Africa. Reports indicate that wage talks are set to resume at Lonmin but that doesn’t mean the wage dispute will be solved anytime soon. Miners are demanding more than double their current wages. Anglo American Platinum said it’s Rustenburg operation would get back to work on Tuesday despite the continued threat of unrest by striking miners.  Today should be a relatively quiet session as there are no significant economic headlines this morning. Europe and China will come into focus throughout the week as manufacturing data and bond auctions will grab investors’ attention. Have a great day!

Assets across the financial landscape surged on Thursday

Assets across the financial landscape surged on Thursday following Fed Chairman Ben Bernanke’s announcement of actions the central bank will take to boost the sluggish economy. The precious metals complex experienced significant gains with gold having spiked 2% and silver settling the day nearly 4.5% higher by the end of the trading session. Platinum and palladium experienced sharp gains as well but continue to be largely supported by the labor dispute that’s playing out in South Africa. At the conclusion of the two-day FOMC meeting the Fed announce the heavily anticipated third round of quantitative easing saying that, beginning today, the Fed will purchase $40 billion worth of Mortgage Backed Securities per month. The Fed also announced they will look to keep key interest rates near zero until at least 2015 while also continuing Operation Twist aimed at helping to lower mortgage rates to stimulate the housing market. While the long and short-term effects of the Fed’s decision will no doubt be debated between both sides of the isle, especially heading into the election, the only thing that seems to be suffering is the U.S. dollar. The euro is already up .91% on the day and is trading at $1.31. In South Africa, mine workers at Lonmin’s Marikana mine rejected the company’s wage offer and labled it an “insult”. Marikana is the site of last month’s deadly confrontation between police and protesters. AS tensions mount, Platinum has broken through the $1700 level having reached $1714.5 before falling to $1694…still up nearly 1% from yesterday’s close. The metals could see some profit taking heading into the weekend which is not totally unexpected given the recent sharp gains. On the domestic economic front we have August retail sales data, August inflation numbers, August industrial production and some consumer sentiment data on tap. Have a great day!

If employment data is the litmus test by which the Federal Reserve

If employment data is the litmus test by which the Federal Reserve will determine further stimulus measures then it would seem that last week’s poor jobs numbers would make the decision a no-brainer.  However, markets remain relatively cautious ahead of the Fed’s announcement despite this morning’s report on initial jobless claims (up 15,000 to 382,000). Gold has seen some profit taking but that is to be expected following a ~$40 surge since Friday’s jobs report. The yellow metal corrected a bit on Wednesday but has found good support around $1736 ahead of the Fed’s 12:30 pm EST policy statement.  The PGM complex continues to see the bulk of its recent support coming from the ongoing wage disputes in South Africa’ mining sector. Anglo American Platinum, the world’s #1 platinum producer, was forced to suspend operations at its Rustenburg mine as workers there are being threatened and blocked from going to work. Platinum has added more than .5% in early trading currently trading at $1653 after touching as high as $1660.50.  Palladium has added more than .5% as well and currently trades just shy of its high at $683.50. The precious metals complex should trade in tight ranges until the Fed’s announcement and while there is a chance Mr. Bernanke could avoid pushing the QE3 button, it doesn’t seem likely and there is still more room to the upside. Buckle your seatbelts and hold on to your hats…today could get quite interesting. Have a great day!

 

Markets are finding support following the German Constitutional Courts decision

Markets are finding support following the German Constitutional Courts decision to allow the European Stability Mechanism to move forward. The decision has paved the way for the heavily anticipated program to take effect in an attempt to stabilize the peripheral economies. The euro surged to a high of $1.2936 on word of the decision and remains up .33% on the day at $1.2894. The next boost for the global economic picture, as well as the U.S. economic picture, could be the FOMC meeting that begins today which many are starting to believe will result in a third round of quantitative easing when the meeting concludes on Thursday. The precious metals complex is in the green early on in today’s trading session. Gold reached a high of $1749.50 and is now trading at $1738 (up .20%) while silver reached as high as $34.145 and is now trading at $33.60. More tension in South Africa has platinum up more than 2% at $1641.50 and reaching as high as $1659. It has been reported that Anglo American Platinum’s Rustenburg operation is shut down as the mines workers have been blocked from going to work by “unidentified individuals”. Anglo American Platinum (Amplats), the world’s number one platinum producer, is the latest South African mining company to be disrupted by ongoing labor unrest. A violent confrontation between police and protestors at Lonmin’s Marikana  mine last month left 34 dead and scores wounded.

Markets have been relatively subdued but could see some choppy trading today

Markets have been relatively subdued but could see some choppy trading today as investors position themselves ahead of a number of key economic events both here at home and abroad. On Wednesday, Germany’s Constitutional Court will deliver its ruling on the European Stability Mechanism which could have a major impact on the ECB’s ability to right the ship. “Headline Risk” in the region has grown to include Dutch elections which could bring to power a less than willing participant in the bailout arena. Here in the U.S. investors are awaiting the start of the FOMC meeting which will conclude on Thursday. Expectations of a third round of quantitative easing are high as recent indications from Fed Chairman Bernanke and a weak jobs report last Friday give many reason to believe that the Fed can’t hold out any longer. Tensions in South Africa, between mining companies and the mining unions, persist and continue to support the PGM complex as platinum is now trading above $1600 while palladium is trading slightly higher than yesterday’s close at $674. Have a great day!

 

Precious metals complex looks to be cooling off a bit following Friday’s surge

The precious metals complex looks to be cooling off a bit following Friday’s surge on the back of less-than-encouraging non-farm payroll data and weak import data out of China. The U.S. economy added just 96,000 jobs in the month of August…falling well short of the 120,000 that were expected. The short-fall prompted further speculation that the Federal Reserve’s hand could be forced with regard to more economic stimulus (QE3). The Fed begins their two-day meeting on Wednesday. Chinese imports fell 2.6% in the month of July and while knee-jerk reactions pressured Asian stocks lower, they were buoyed by hopes of further stimulus by China’s central bank.  Meanwhile, investors will be focusing on Europe to start the week as a decision by the German Constitutional Court, on the legality of the European Stability Mechanism (ESM), will be Wednesday’s main event. Not surprisingly, the precious metals have seen some selling as profit-taking creeps into the market. However, the anticipation of Fed action on Thursday should provide some support for the metals. There are no economic reports on tap for the day. Have a great day!

U.S. Jobs data was released earlier this morning and showed only 96,000 were created

U.S. Jobs data was released earlier this morning and showed only 96,000 were created in the month of August. That’s well off the anticipated mark of 120,000 jobs and, though the unemployment rate fell to 8.1% from 8.3%, the labor force participation rate – the percentage of working-age persons in an economy who are employed or unemployed but looking for work – fell to its worst level in over 30 years. My arithmetic tells me that, with employment being cited as a key factor in the Federal Reserve’s decision to inject the economy with more stimulus, it’s becoming harder to make the case that the economic brain trust of this country won’t hit the QE3 button. There are no other economic reports on tap for today and frankly, if there were, it wouldn’t matter because assets across the financial landscape are surging already. The precious metals complex is well in the green early in the trading session as many begin to position themselves ahead of next week’s FOMC meeting that concludes on Thursday. Gold is up nearly 1.5% at $1730 with silver up 2.25% at 33.41. With platinum already being supported by the ongoing tensions in South Africa the white metal has been pushed even higher. Platinum flirted with the $1600 mark and is now trading at $1596. Palladium is only modestly higher at $648. Have a great weekend!

Strong support on the back of ECB President Mario Draghi’s outline of an aggressive measure to stem financial collapse

Markets across the financial landscape are seeing strong support on the back of ECB President Mario Draghi’s outline of an aggressive measure to stem financial collapse in the euro region’s peripheral economies. The bond-buying program has a new moniker, “Monetary Outright Transactions”, and will focus on short-term borrowing costs of countries like Spain and Italy which, like their benchmark 10-year borrowing costs, have soared to unsustainable levels in recent months. There are no limits on the amount of bond buying that will take place but Mr. Draghi did say the bond buying will end when objectives are met or countries fail to comply with certain requirements. The announcement caps off a little more than a month of anticipation following comments from the ECB President that he would “do whatever it takes” to save the euro. With that behind us, investors will now focus on employment figures ahead of next week’s FOMC meeting. Employment is a key factor in the QE3 equation as the Fed cited unemployment rates as a cause for concern. Earlier this morning, ADP announced private sector job growth had risen by more than 200,000 and jobless claims were reported to have fallen by 12,000….both better than expected. The U.S. government jobs data will be released tomorrow. Gold pushed above the $1700 level as the Euro strengthened on the back of the ECB announcement. The yellow metal is now trading at $1706 while silver trades around the $32.70 marks. Platinum continues to be supported as conditions in South Africa, regarding wage disputes, persist and threaten to get worse. The white metal is now trading at ~$1588. Have a great day!

 

Nearly 1.3 million new cars and trucks were purchased in the month of Augus

The PGM complex received some support following yesterday’s report of strong auto sales figures. Nearly 1.3 million new cars and trucks were purchased in the month of August, up 20% from the same time last year. GM, Ford and Chrysler all posted increases of more than 10%. However, ISM data showed manufacturing activity slumping yet again. The index slipped to 49.6 from the previous months 49.8. Markets across the financial landscape ended mixed on Tuesday as investors await a key event in Europe and the all-important government jobs data on Friday. The precious metals complex is trading slightly lower than yesterday’s close but should remain in a tight range as there are no more economic reports on tap for today. On Thursday, ECB President Mario Draghi takes center stage in a heavily anticipated meeting of Eurozone central bankers. He is expected to outline his plan for bringing borrowing costs under control. Have a great day!

While Friday’s Jackson Hole symposium, highlighted by Chairman Bernanke’s speech

Good Morning,

 

While Friday’s Jackson Hole symposium, highlighted by Chairman Bernanke’s speech, didn’t result in any definitive stimulus action by the Fed, Mr. Bernanke’s rhetoric did give investors reason to believe that QE3 is on the horizon. This promptly pushed the precious metals complex higher and with the light volume heading into the Labor Day weekend gold quickly tested the $1700 level while silver breached $32. Platinum is now above the $1550 mark and palladium was able to pare losses from earlier in the week and is now trading above $635. No longer is a crumbling economic foundation the parameter by which the Fed will decide on further monetary easing but a merely stagnant economy seems like it will be enough to tip the scales in favor of QE come the next FOMC meeting on September 12^t– 13^th. Chairman Bernanke cited unemployment, currently at 8.3%, as a cause for concern and, come Friday’s government jobs data, could further support the case for an economic booster shot. In the broader global economy, China’s government manufacturing index showed a decline to 49.2 from 50.1 indicating that factory activity is contracting. However, hopes of progress on the European front seem to have counter-balanced the concern, for now, ahead of the ECB’s highly anticipated meeting on Thursday. ECB President Mario Draghi is expected to release details of a bond buying program in the region aimed at thwarting fiscal collapse in peripheral economies and hopefully kick-starting a rally out of the current economic rut. The U.S. Markets will take in the ISM Manufacturing Index at 10:00 am EST followed by July construction spending figures. Auto Sales will come out throughout the day. Have a great day!

Gold & Silver spot prices at 6:33AM.

 

	Bid	Ask	+/-	LDN	High	Low	Close
Gold	1691.06	1691.31	0.30	06:33	1697.35	1689.53	1690.88
Silver	31.98	32.03	0.00	06:33	32.33	31.92	32.01