U.S. Mint says has run out on Buffalo gold coins
On Monday September 27, 2010, 5:44 pm EDT
NEW YORK (Reuters) - The U.S. Mint has run out of a type of highly pure gold coin it had been selling amid record high prices of gold.
紐約（路透社） - 美國鑄幣局已用完一高純度金幣的類型，它一直在銷售中正值黃金價格創歷史新高。
The mint said it will not stock more of the 1-ounce, 24-karat American Buffalo bullion coins.
"The United States Mint has depleted its inventory of 2010 American Buffalo One Ounce Gold Bullion Coins," the Mint said in a statement, seen by Reuters on Monday.
Officials at the Mint could not immediately be reached for comment.
Gold prices have hit record highs over the last two weeks, breaching $1,300 an ounce, as investors bought into the precious metal on global economic health worries and possibilities of more U.S. stimulus programs that could weaken the U.S. dollar.
In Monday's trade, New York's most active gold futures contract, December, settled up 50 cents at $1,298.60 per ounce, after rising to $1,301.30. Spot gold, which reflects the price of bullion, hit a high of $1,300 against the $1,295.60 level quoted in New York late on Friday.
This year alone, gold prices have risen more than 18 percent. Fund managers and industry experts think the rally has further to run in the longer term as gold provides a hedge against inflation amid expectations that central banks worldwide could resort to more monetary easing to support their economies.
The Mint said on its website that the American Buffalo Gold Bullion Coins -- authorized by Congress in 2005 and first minted in June 2006 -- were "among the world's purest gold coins in terms of the fineness of the metal they contain".
Each coin contains a full 24-karat of purity, the Mint said.
(Reporting by Barani Krishnan; Editing by Lisa Shumaker)
How Realistic Is $5,000 Gold?
September 27, 2010 by
Taking into account 11 key measurements based on historical movements and price ratios, gold is likely to exceed $5,000 and silver is likely to exceed $200 within the next 5 years. If silver reverts to its historical ratio of 16 to 1 with gold, then it could rise even higher. Let me explain.
考慮到11個重點量度，建基在歷史變動和價格比率上，在未來 5年內黃金有可能超過 5,000美元，和白銀可能超過 200美元。如果銀恢復它與黃金的歷史比率16：1，那麼它可以升得更高。讓我解釋一下。
So says Chris Mack (tradeplacer.com) in a recent article* which Lorimer Wilson, editor of www.munKNEE.com, has reformatted into edited [...] excerpts below for the sake of clarity and brevity to ensure a fast and easy read. (Please note that this paragraph must be included in any article reposting to avoid copyright infringement.) Mack goes on to say:
In recent weeks gold and silver have broken through their multi-month consolidation levels, and investors are wondering where the precious metals are headed. On a short term basis both gold and silver are overbought and due for a correction that may retest the breakout levels of $1,250 on gold and $20 on silver.
$1,500 Gold and $30 Silver By 2011
On a longer term basis, gold is at an all time high and silver is at a 30 year high. These breakout levels were key because they removed any supply of sellers wanting to sell near their previous purchase prices. The result will be a vacuum in price discovery, because virtually any investor in gold and silver now has a profitable trade and the price will have to rise until enough of these investors decide to take gains. Projecting from the size of the consolidation in precious metals the next key level where sellers arise could be near $1,500 gold and $30 silver by 2011.
Gold and Silver Have MUCH Higher to Run
Gold has risen every year for 10 years in a row now, demonstrating a powerful bull market that began in 2000. Since gold bull markets tend to last 15 to 18 years, investors are wondering how much potential the precious metals have in them. Gold and silver have to move substantially higher to revert to their inflation adjusted highs. However further dollar devaluation could multiply the potential gains.
$10,226 – Current SGS inflation adjusted high 2015 with 6% inflation
$8,658 – Nasdaq 1995-2000, 6.66 factor
$7,949 – Gold 1975-1980
$7,689 – Current SGS inflation adjusted high
$7,240 – 1980 Dow to gold ratio of 1.5 to 1
$6,500 – 80% dollar devaluation
$5,430 – 1930′s Dow to gold ratio of 2 to 1
$4,719 – Nikkei 5yr 1985-1990, 3.63 factor
$4,697 – Adjusted by growth in money supply/gold supply
$3,618 – Current CPI adjusted high 2015 with 6% inflation
$2,382 – Current CPI adjusted high
$6,241.64 – Average
$594 – Current SGS inflation adjusted high 2015 with 6% inflation
$447 – Current SGS inflation adjusted high
$434 – 1980 Dow to silver ratio of 25 to 1
$410 – 80% dollar devaluation and return to 1/16 gold
$276 – Adjusted by growth in money supply/gold supply
$200 – Silver 1975-1980
$184 – Current CPI adjusted high 2015 with 6% inflation
$139 – Current CPI adjusted high
$136 – Nasdaq 1995-2000, 6.66 factor
$102 – 80% dollar devaluation
$74 – Nikkei 5yr 1985-1990, 3.63 factor
$272.36 – Average
The above analyses are in keeping with the projections of 102 other prognosticators, the majority of whom see gold reaching a parabolic price peak of at least $5,000 (see here for the 102 individuals and their projections and here for comments on Jim Sinclair’s $1 million dollar bet that gold will reach $1,650 by January, 2011), and silver going as high as $712 (see here for the rationale for such an extremely high price based on $10,000 gold and here for the reasoning behind James Turk’s contention that silver is going to $400 by 2015 and gold to $8,000).
While most of these statistics use the 1980 highs in gold and silver as a proxy, there is much more potential for a greater move in precious metals now because currency and economic imbalances are not confined to the U.S. but are global. If the US dollar is devalued, it is likely that the Euro, Yen and other currencies would also be devalued. While the 1970′s bull market in gold and silver was largely driven by U.S. buyers, a panic to buy precious metals within the next 5 years will be driven globally.
As I said in the opening paragraph, “gold is likely to exceed $5,000 and silver is likely to exceed $200 within the next 5 years. If silver reverts to its historical ratio of 16 to 1 with gold, then it could rise even higher.”
Given what you have read above would you not agree that you should buy some (or more) gold and/or silver at the first sign of any temporary weakness in price? I certainly think so!
*http://tradeplacer.com/blog/2010/09/26/1285512240000.html (Chris Mack is President of Trade Placer (tradeplacer.com) which brings the “Power of Wallstreet on Mainstreet” to its readers and can be contacted at firstname.lastname@example.org.)
- The above article consists of reformatted edited excerpts from the original for the sake of brevity, clarity and to ensure a fast and easy read. The author’s views and conclusions are unaltered.
- Permission to reprint, in whole or in part, is granted provided full credit is given as per paragraph two above.
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