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Sales of American Eagle gold coins soar
Financial Times ^ | 12/10/12 | Jack Farchy

Posted on 12/10/2012 6:12:13 PM PST by Evil Slayer

Demand for gold coins in the US has soared since the presidential election, as small investors fret about the lack of action to address America’s ballooning debt.

The US Mint’s sales of American Eagles, one of the most popular gold coins, leapt 131 per cent in November, hitting their highest level in more than two years. The Royal Canadian Mint also had its strongest month of sales this year.

Terry Hanlon, president of metals at Dillon Gage, one of the largest bullion dealers in the country, said sales had risen sharply “within a day or two” of the election.

“You’ve got a lot of people who are very worried about the economy. With the election they saw that nothing was going to change,” he said.

While coins are a small part of the overall gold market, the jump in sales highlights gold’s role as the favoured investment of disenchanted Americans. The political gridlock in Washington and the prospect of further quantitative easing when the Federal Reserve’s “operation twist” expires at the end of this year have fuelled demand for precious metals among small investors.

“They don’t believe in Uncle Sam any more,” said the head of precious metals at a large bank.

Tobina Kahn, who runs a jewellery dealership in Chicago, said: “Obama did me a favour in some ways. Now people are buying gold and jewels not because they like them but because of fear. They’re trying to protect their wealth.”

Despite the increase in coin purchases, the gold market has struggled for momentum in recent weeks. Prices last week dropped below $1,685 a troy ounce for the first time in a month and some hedge funds have begun to lose patience with the precious metal’s lacklustre performance.

“The institutional investors cut back and are more on the

(Excerpt) Read more at ft.com ...


TOPICS: Business/Economy; News/Current Events
KEYWORDS: gold; goldeagle

1 posted on 12/10/2012 6:12:17 PM PST by Evil Slayer
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To: Evil Slayer

I’ll never understand the gold and silver markets. By now I would have thought they would be rocketing to new highs, but they just look stuck.


2 posted on 12/10/2012 6:25:45 PM PST by smoothsailing
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To: Evil Slayer
Watch the Financial geniuses here that don't own any tell you how dumb u are to purchase a little insurance....*G*....3-2-1
3 posted on 12/10/2012 6:32:04 PM PST by M-cubed
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To: smoothsailing
I’ll never understand the gold and silver markets. By now I would have thought they would be rocketing to new highs, but they just look stuck.

I get the nagging feeling those markets are being manipulated by either the fed or somebody's (America's, China's, Russia's?) government. I mean, if the Hunt brothers could do it privately, imagine what the fed, along with a complicit US government, could do? And without fear of prosecution.

4 posted on 12/10/2012 6:36:28 PM PST by Lancey Howard
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To: smoothsailing
Does this looks stuck to you...
http://www.goldseek.com/quotes/charts/5yeargoldchart.php

Personally...I like the fact the Feds continually manipulate the price down a few bucks.....Let ‘em take it down a few hundred and see if there's any buyers....lol

5 posted on 12/10/2012 6:40:59 PM PST by M-cubed
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To: Lancey Howard

I wouldn’t put it past them, that’s for sure. Particularly silver, it is incredibly undervalued, IMO.


6 posted on 12/10/2012 6:44:26 PM PST by smoothsailing
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To: Lancey Howard

yes, the markets had been manipulated for a few years... 2009 - 2011. almost every day you’d see gold drop in value during US market hours... and rise during Asian times. almost as if someone were selling everything they had in a big vault somewhere.... and have it bought up by the chinese


7 posted on 12/10/2012 6:49:37 PM PST by sten (fighting tyranny never goes out of style)
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To: Evil Slayer

I have found this website to be a very useful source of information on the economy, gold, and silver.

http://goldismoney.info/forums/


8 posted on 12/10/2012 6:55:53 PM PST by Silver Sabre
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To: Evil Slayer
gold’s role as the favoured investment of disenfranchised Americans--those not represented by either wing of the government party.
9 posted on 12/10/2012 6:55:53 PM PST by DeaconBenjamin (A trillion here, a trillion there, soon you're NOT talking real money)
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To: Evil Slayer

It’s just a hunch but I think silver is the better deal. It’s seems more undervalued and if the SHTF, a one oz gold coin will be worth a fortune. Such a coin will be hard to spend but a one oz silver coin will be much more “spendable”. Like I said, just a hunch.


10 posted on 12/10/2012 7:00:49 PM PST by muir_redwoods (Don't fire until you see the blue of their helmets)
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To: M-cubed

LOL.. When the dollar is worth NOTHING, silver and gold will ALWAYS be worth SOMETHING. Unless of course there’s a MASSIVE vein found along a ravine somewhere.


11 posted on 12/10/2012 7:01:03 PM PST by Obama_Is_Sabotaging_America (IMPEACH OBAMA)
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To: M-cubed

Not stuck long term, no. I expect metals to move upward over time.

I mean now, short term. I don’t pay as much attention to gold as I do silver. Silver has been bouncing back and forth between 32 and 34 for about a month. It just looks stuck to me. I keep expecting it to shoot up, it starts to, then plop, it falls back.

But like I said, I don’t understand the markets. :)


12 posted on 12/10/2012 7:07:50 PM PST by smoothsailing
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To: Evil Slayer

I’ll take Maple Leafs, thanks. When Obama is done symbols of America will be selling at a discount. Why pay a premium to Fed Gov for their symbol.


13 posted on 12/10/2012 7:25:06 PM PST by Jack Black ( Whatever is left of American patriotism is now identical with counter-revolution.)
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To: muir_redwoods

You’re right. Morgan cartwheels & `junk’ silver are universally known & will buy goods & services. `Peace’ cartwheels too, of course.

IIRC the only use of gold during hyperinflation was in Germany in 1923. Holders of gold stepped across the border to exchange their gold for hard currencies that could be spent back in the bankrupt Fatherland.

We don’t have that opportunity. Silver however will work.


14 posted on 12/10/2012 7:27:10 PM PST by elcid1970 ("The Second Amendment is more important than Islam.")
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To: Jack Black

Pesos, the up and coming currency.


15 posted on 12/10/2012 8:24:38 PM PST by gotribe
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To: muir_redwoods
All precious metals are a good hedge against inflation in a relatively safe nation with a functioning economy.

But in a true SHTF situation they're not worth much. Just what I heard from survivors of seriously bad situations. Mostly Soviet relatives living through the joys of communism and Nazism.

People with limited ability to buy things in an indefinite emergency situation aren't going to give you much for even an ounce of gold. You need things useful on their own, not just a good store of value. A propane stove/heater, batteries, medical supplies, water purifier, cigarettes, liquor, lighters, maps, tools, ammo. These things will be worth more than their weight in gold.

16 posted on 12/10/2012 9:14:53 PM PST by varyouga
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To: varyouga

Precious metals are always worth something. In a real SHTF situation they still have value. Prisoners in German concentration camps used small bits of gold to buy food from other prisoners. They are never worth nothing.


17 posted on 12/10/2012 9:21:34 PM PST by muir_redwoods (Don't fire until you see the blue of their helmets)
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To: Evil Slayer

What’s better, gold or real estate?


18 posted on 12/10/2012 9:30:02 PM PST by gunsequalfreedom (Conservative is not a label of convenience. It is a guide to your actions.)
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To: M-cubed
tell you how dumb u are to purchase a little insurance

Speaking of dumb, the word "you" is spelled y-o-u.

19 posted on 12/10/2012 9:41:09 PM PST by Isabel C.
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To: gunsequalfreedom

If you have to bug out, which is easier to carry? Gold? Real estate?

I prefer silver to gold. Before the government collapses, the possibility of converting silver without generating a 1099 is greater than converting gold.

If TSHTF, fewer commodity purveyors will be able to make change for an ounce of gold than for an ounce of silver.


20 posted on 12/11/2012 1:37:23 AM PST by tdscpa
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To: smoothsailing

Yep, stuck. No change.

8-7-2012 I bought some 90% silver Franklin and Walking Liberty Half Dollars for $2,244.86 per $100 face value.

Today the price was $2,616.65. Only up 16.56% in four months and three days. Total waste of time!


21 posted on 12/11/2012 1:52:13 AM PST by tdscpa
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To: gunsequalfreedom
What’s better, gold or real estate?

Which of those two things can a government gone crazy more easily locate and punitively tax or confiscate? Acres of land, out in the open for all to see (or discovered simply by checking public records)? Or a small cache of gold stored - who knows where?

Regards,

22 posted on 12/11/2012 3:05:35 AM PST by alexander_busek (Extraordinary claims require extraordinary evidence.)
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To: gunsequalfreedom
"What’s better, gold or real estate?"

In the 1920s the kulaks in the Soviet Union owned real estate-right up until the day that they didn't.

23 posted on 12/11/2012 3:08:47 AM PST by SnuffaBolshevik (In a tornado, even turkeys can fly.)
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To: Isabel C.
Thank U for pointing out something completely irrelevant to the conversation.......

May I assume “you” have neither PM’s or insurance from your snide remark?

24 posted on 12/11/2012 4:26:20 AM PST by M-cubed
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To: tdscpa

I’m referring to the last 30 days, spot silver in the 32-34 range.


25 posted on 12/11/2012 10:16:17 AM PST by smoothsailing
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To: All

Where do you buy gold and silver?

I’ve heard the ads on the radio just like everyone else and looked into Lear. It all seemed like high-pressure sales and turned me off. I came away feeling that I was about to WAY over pay.

So how’s a novis dip into gold and silver without feeling like they’re over-paying?


26 posted on 12/11/2012 10:28:04 AM PST by RacerXSpeedRacer (America...., I knew her well. I'm going to miss her, a lot.)
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To: RacerXSpeedRacer

Take your time. Bookmark Kitco.com and look at their gold and silver spot charts. Follow them for a while until you get an idea of how the spot market acts.

Find a dealer who prices their stock in relation to spot, preferably updating in near real time. Depending on the metal and it’s popularity, the surcharge may range from 99 cents per ounce to $70 or more. Be leery of dealers who won’t put prices up on their websites. Many want their salesmen to twist your arm over the phone.

Some also push numismatic coins (which carry a much higher premium) over plain bullion. If that’s your bag, fine. Caveat Emptor.

Start out with a small order-5 oz. of Silver Eagles, for example, so you can learn the ropes of payment and delivery and the dealer can establish you as a good customer.

My first wife’s chiropractor’s mother-in-law has had good luck with Gainesville Coins.


27 posted on 12/11/2012 3:24:45 PM PST by SnuffaBolshevik (In a tornado, even turkeys can fly.)
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To: RacerXSpeedRacer

I buy mine from APMEX.


28 posted on 12/13/2012 1:12:11 PM PST by tdscpa
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