Last week, if you were looking for gold coin news, you were likely to come across two stories about the release of brand new collector’s coins being issued by national mints.
The Royal Canadian Mint has released silver and gold coins commemorating the canonization of Pope John Paul II. The US Mint has released a new gold coin as part of their National Baseball Hall of Fame program, which is being heavily marketed as the “first curved coins ever produced.”
By Peter Schiff
So far, 2014 has been a paradoxical year for gold. Many investors aren’t even aware that it has rallied more than 7%. On the rare occasion that the financial media mentions the yellow metal, it is only in the context of comparing the recent rise to last year’s decline.
In spite of this overwhelming negative sentiment, gold is experiencing a stealth rally as one of the best performing assets of the year. Let’s look at some important metrics of the most under-valued sector in this market.
By Jeff Clark of Casey Research
We’ve all heard of the inflationary horrors so many countries have lived through in the past. Developing nations and advanced economies alike – no country in history has escaped the debilitating fallout of unrepentant currency abuse. And we expect the same fallout to impact the US, the EU, Japan – all of today’s countries that have turned to the printing press as a solution to their economic woes.
Now, it seems obvious to us that the way to protect oneself against high inflation is to
Jon Pawelko publishes the web comic Lampoon The System to poke fun at insane economic policies and educate the public on sound economics.
Click here for more cartoons and information on his anthology book, available for only $15.
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Korea Begins Spot Gold Trade
Wall Street Journal – The South Korean stock exchange has started trading physical spot gold for the first time, hoping to increase tax revenue from the yellow metal. South Koreans trade about 110 tons of gold every year, of which about 70 tons, worth $3 billion, are traded on the untaxed black market. Black market gold is a popular way to hide income and avoid taxes. The government is incentivizing gold traders to use the Korea Exchange by waiving import duties and offering tax reductions on these gold transactions. Read Full Article>>
China Gold Imports & Consumption Rise
Bloomberg – Chinese gold imports from Hong Kong increased to 109.2 metric tons in February, compared to 83.6 tons in January and 60.9 tons YoY. Chinese buyers purchased a total of 125 tons in February, compared to 102.6 tons in January and 97.1 tons YoY.
There was big news last week in the precious metals industry. Anthony Columbo and his companies (Premier Precious Metals Inc., Rushmore Consulting Group Inc., and PPM Credit Inc.) were banned by the FTC from selling precious metals “investment opportunities.”
The FTC charged Columbo with swindling millions of dollars from investors through hard-sell telemarketing schemes.
The saddest part is that a large number of his victims were senior citizens, who were probably looking for a way to protect their hard-earned savings from inflation and a crumbling US economy. We expect there’s going to be a lot more stories like this in the coming years as gold and silver start to make headline gains once again.
In his latest commentary, Peter Schiff pokes holes in the theory that the polar vortex and exceptionally cold winter is solely responsible for the poor economic data of the past several months. Peter argues that economists and the media are blowing a lot of hot… er, cold air to convince the public that the economy is doing better than it really is.
Politicians and the Federal Reserve are spinning tales of a slow but steady economic recovery in the United States. But economists and financial advisors like Peter Schiff are not fooled by the double speak. The Economic Collapse Blog published a good summary of recent major economic data and news that indicate the picture is not nearly as rosy as Washington would like us to believe.
By Peter Schiff
Before Bear Stearns and Lehman collapsed, the market for physical gold was limited to a relatively small group of investors who understood the havoc inflation was wreaking on our savings and the US markets. As the financial crisis took hold, a flood of new and inexperienced buyers entered the market, creating an opportunity for unscrupulous metals dealers to swindle their way to massive profits. This is what drove me to launch my very own gold dealer, Euro Pacific Precious Metals, to provide a safe alternative for those who were taking my advice to diversify into sound money. In our first year of business, I released Classic Gold Scams and How to Avoid Getting Ripped Off, a free report that has saved countless investors from losing their shirts.
By Peter Schiff
The most puzzling part of the investment business is seeing how the vast and largely economically illiterate masses interpret any given piece of news. Take the recent gold selloff: many large players were motivated to sell by news that Cyprus will have to liquidate its gold stockpiles to pay off acute debt obligations. But just a moment’s reflection shows this reaction to be knee-jerk.
The real story behind Cyprus’ deal has much more profound ramifications – and they are positive for gold.
