Sell gold | <b>Gold</b> Falls, US Mint 5 Oz Silver Bullion Coins Temporarily <b>Sell</b> Out <b>...</b> |
- <b>Gold</b> Falls, US Mint 5 Oz Silver Bullion Coins Temporarily <b>Sell</b> Out <b>...</b>
- Chinese Banks And 100,000 'Outlets' <b>Selling Gold</b> – Demand To <b>...</b>
- Fashion Trends 5 Tips on <b>Selling Gold</b> to Jewelers
| <b>Gold</b> Falls, US Mint 5 Oz Silver Bullion Coins Temporarily <b>Sell</b> Out <b>...</b> Posted: 21 Apr 2014 02:45 PM PDT  The U.S. Mint temporarily sold of out its Great Smoky Mountains National Park Five Ounce Silver Bullion Coin Gold prices on Monday retreated to a two-week low in thin post-holiday trading. The loss marked the third in four sessions. Gold for June delivery shed $5.40, or 0.4%, to settle at $1,288.50 an ounce on the Comex division of the New York Mercantile Exchange. The closing price was the weakest since April 3. Gold ranged from a low of $1,281.80 to a high of $1,302.50.
Gold prices ended the Easter-shortened week on Thursday at $1,293.90 an ounce for a weekly loss of 1.9%. Other precious metals recorded weighty declines in starting the new trading week. In their daily breakdowns:
The three metals were mixed last week with palladium edging higher by 30 cents while silver fell 1.8% and platinum plunged 2.3%. London Fix Precious MetalsLondon markets shut down for Good Friday and Easter Monday holiday. The most recent PM fixings changes from Wednesday PM to Thursday PM had:
Last week, palladium rose 0.9% while the other metals logged declines of 1.4% for gold, 2.3% for silver and 1.2% for platinum. US Mint Bullion Sales in MarchU.S. Mint silver bullion coins advanced by 694,500 ounces with splits of 691,500 in one-ounce American Silver Eagles and 600 in five-ounce America the Beautiful Silver Bullion Coins. In related coins news about the latter, the U.S. Mint announced that it has temporarily sold out of Great Smoky Mountains National Park 5 Ounce Silver Bullion Coins. Sales hit 23,000 with the 600 increase on Monday.
The Great Smoky Mountains bullion coin launched on March 17 with the Mint noting around the time that it expected to produce enough to fulfill demand. The related collector version is nearing a sellout with last reported sales at 21,415 of the maximum 25,000. The U.S. Mint has not yet released the other five-ounce 2014 coins — bullion or collector versions. Below is a sales breakdown for U.S. Mint bullion products with columns offering the number of bullion coins sold on Monday, last week, last month, the month-to-date, and the year-to-date.
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| Chinese Banks And 100,000 'Outlets' <b>Selling Gold</b> – Demand To <b>...</b> Posted: 22 Apr 2014 04:44 AM PDT by GoldCore Today's AM fix was USD 1,290.75, EUR 935.19 and GBP 767.34 per ounce. Gold fell $4.90 or 0.38% yesterday to $1,290.00/oz. Silver slipped $0.21 or 1.07% yesterday to $19.42/oz.
Gold recovered from early losses on Tuesday as the dollar gave back some gains, but sentiment among investors continued to be lukewarm despite the uncertain backdrop. Platinum and palladium have risen and recovered from falls yesterday with platinum trading at $1,411.30/oz and palladium at $784.60/oz.. Yesterday, gold declined to $1,281.40 the day before – its lowest since April 3. The dollar index climbed to a fresh two-week high early on today but later slipped.
Geopolitical tensions over Ukraine has yet to lift gold's safe-haven appeal. An international agreement to avert wider conflict in Ukraine appears to be faltering which should support gold. Pro-Moscow separatists show no sign of surrendering government buildings they have seized. U.S. and European officials say they will hold Russia responsible and will impose new economic sanctions if the separatists do not clear out of government buildings they have occupied across swathes of eastern Ukraine over the past two weeks. Thus, the real risk of the toxic combination of economic, financial and currency wars loom large. Chinese Banks And 100,000 Dealers Selling Gold - Demand To Surge Another 25% Since 2003, we have pointed out how China's liberalization of its gold market would have enormous ramifications for the global gold market in terms of a huge new source of demand and would ultimately lead to higher prices in the long term. Bloomberg interviewed Goldcore nearly two years ago in May 2012, about the huge growth in demand in Asia and particularly China, and we commented that this Chinese demand was a 'paradigm shift': "We could be witnessing a paradigm shift from China on bullion demand." We pointed out "that the gold market was liberalised in China in 2003 and prior to that gold ownership was banned in China by Chairman Mao. The per capita consumption of 1.3 billion Chinese consumers, investors and central bank demand are very significant." Please click here to listen to the interview on the paradigm shift that is Chinese gold demand. Albert Cheng reaffirms the paradigm shift for the gold market that is Chinese gold demand. He points out two very important facts hitherto not known by market participants. First, there are now over 100,000 gold bullion dealers selling coins and bars in China. Second, he says this suggests that the majority of banks are now offering gold bullion products over the counter. The interview is very interesting and is well worth a look. Albert Cheng: China became the number one [gold] consumption country last year and people are starting to ask, would this be sustained? The World Gold Council report] shows that in the next four years, [Chinese gold demand] is going to increase by another 25 per cent. And the reason for that is that more and more middle class is coming on stream and people have money to spend. Rishaad Salamat: But that's just the thing, more and more people are buying gold, but what's caused that change? You can say people have got wealthier but we saw China overtaking India where there's been a traditional demand for gold. That's not something that is traditional in China, is it? So what's driving things? AC: I think that the key of this is investment demand. Six years ago you didn't see any investment demand in China. China opened up the investment market through banks and now literally any Chinese person can walk into a bank and buy gold products. And you look at the number of outlets where people can buy investment gold, gold bars, gold coins – there are a hundred thousand of them in China. If I make a comparison with America — Starbucks, McDonald's and Subway together have only fifty thousand outlets. In China there are more than a hundred thousand outlets where you can buy gold. So, the availability of gold in China, in every city, is the main driver behind gold. AC: Wedding jewellery consumption accounts for 40 per cent of jewellery consumption in China; there is about 300 tons of gold sold in jewellery form. AC: When people buy 24-carat gold jewellery, which has a markup of less than 10 per cent if it's a popular item, 15 – 20 per cent if it's a more designer item, that is the reason why Chinese people buying gold jewellery in China is equivalent to buying a piece of metal. At the end of the day, this is a way for them to keep their money, to keep their wealth. If they want to sell it, there is always a resale price for this kind of pure gold metal. So why China has become number one in the world is because if [people] want to save money China, there is not much alternative for them — you either can buy property of you get into the stock market. But neither of those are very attractive at the moment to the Chinese investor. In the past few years we've seen more and more people buying gold jewellery as well as gold bars. RS: You've got this forecast in that we've been talking about where there's a 25% gain in gold demand from China over the next four years. What are the risks here to this to the downside? AC: We all know that China is undergoing a big economic transition from an export-driven economy to a domestic consumption economy. This year is a transitional year. With these changes there will be a lot of major disruptions to the economic life of people here, and again, the shadow banking issue, which the government has addressed, will have an effect on liquidity and it also may impact gold in the short term. Long term, if China gets on to a domestic consumption economy, it will be good for gold jewellery consumption. More and more people will be encouraged to move from rural areas into cities, the urbanisation process will continue and people who are getting rich will get into consumption of gold jewellery or buying gold bars. So short term we will see some headwind but long term, medium term, we see the gold market continue to grow. The interview can be watched here. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fashion Trends 5 Tips on <b>Selling Gold</b> to Jewelers Posted: 22 Apr 2014 03:26 AM PDT Prices of the gold sore after a nearly two-year stagnation in the industry, and gold sellers, even the first-timers who have inherited coins collection or jewelry are looking to get some quick cash by selling gold they have in their drawers. Prices increase related to consumer sales, as well as a number of other objective factors, such as the ongoing crisis in the Ukraine, some disturbing corporate defaults in China, unrest in Latin America and volatile US economy. While there are limitless options now to sell your gold quickly, keep in mind that money doesn't tolerate rush. Instead, play it safe and quiet, and you may get the best price for your bling by just being patient while looking for that perfect deal. One of the simplest options is to sell your gold to a jeweler in person. Even if you're not satisfied with the price, it is the best way to have it evaluated and there's no obligation to sell whatsoever. There's nothing wrong with walking from door to door, negotiating, comparing and assessing the decency of the gold dealers. The advantage is that you have your bling with you at all times and can compare whether this or that pawnshop or jeweler is accurate in measurement and fair in price. Apart from polished jewelry quarters, prices range greatly. If your goal is to study the market, take it to the jewelers because they can do the tests for you. If there are some gemstones in your rings and bracelets, jewelers will be able to tell you if the stones are worth something. Here are negotiating tips when dealing with jewelers: 1. Have your bling evaluated by at least 3 jewelers. Never target one single shop in isolation. The rule of thumb should be to try at least 3 jewelers and compare their offers and their evaluations. Besides the solid foundation in terms of price and weight of your gold, it teaches you how to tell a decent gold dealer from a flaky opportunist. You will polish your instincts as you negotiate and try to get yourself a better price. The more gold you have to sell for Cash for Gold, the more shops you need to visit. 2. Check out Midtown Manhattan jewelry quarters, where the Buyers of New York are located. This area is famous for well-established and reputable gold dealers and hyper-competitive specialists dealing in bulk and paying more cash than regular stores. So consider taking a trip if you have a substantial load of gold to sell. This option is also quite decent even if you don't have that much to sell, but by going the extra mile you will save yourself the nerve and hassle of mailing your gold and waiting for that evaluation and check to come. 3. Use your charm. As with any kind of negotiation, charm is a powerful weapon when negotiating on the price for you gold. Your position should be firm, polite, non-challenging and maybe a little bit flirtatious. Charm and humor can get you more than you expect. 4. Act like a pro. If you visit several gold dealing stores, you will probably notice that jewelers not only estimate your gold, but also try to appraise you. The more knowledgeable you appear, the more chances you have to get a fair price. So, after a couple of visits to jewelers' stores, evaluating the karat and weight, walk in the next one and instead of "I have some old gold chains I would like to sell," march in and say with ice-cold confidence "How much are you paying for 30 grams of 14-karat?" 5. Finally, aim for a registered jeweler, or gold dealer. Ask them if they are licensed by the Department of Consumer Affairs, or if they are members of the National Numismatic Association. And under no circumstances should you do business with a gold dealer who does not request your ID. . | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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