Oct 9, 2011

Indian Postal gold coins sale

During the annual press conference ahead of the World Post Day, celebrated on October 9, the Indian Postal Department announced the sale of gold coins at a discounted rate. Just a few days before its Diwali sales, the department has announced that it will offer a discount of 5-7% on gold coins weighing 5gms and above. No government identification proof is needed for the purchase.

According to the statistics provided by the postal department, the sale of gold coins is popular in the state. Gujarat ranks fifth, with sales in Tamil Nadu and Kerala being the highest.Introduced in 2008, this scheme has seen 2882 coins being sold up till September this year.

gold coin news

Even with sky-rocketing gold prices, the postal department has already sold 20.27 kgs of gold this year compared to 25.5 kgs in the last year. This number is slated to rise during the festive season. Moreover, with the facility of payment of electricity bills at the post office, the department aims to become the "single window for most government schemes," said Humera Ahmed, chief postmaster general, Gujarat Circle.

Ahmed also stressed on the need of accountability and transparency in the coming year. Among steps taken to improve the Indian Postal services are the traceability of registered items at every step of the process. If any complaint has to be filed, consumers can approach the circle head directly.

With Postal Week celebrations round the corner, the department plans to launch philately exhibitions across the state. One such exhibition has already been held at Palanpur while others are slated to take place in Surat from October 14 - October 15, Rajkot from November 19 - November 21 and Anand from the second week of December.

Apart from that, the department also plans to launch a book, 'Gujarat through the Postal Stamps' in December to encourage the science of philately.
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Taj Mahal Gold Coin

Presenting the Taj Mahal Gold Coin, first-ever gold Proof coin issued under the authority of the Monnaie de Paris commemorating the unsurpassed beauty that is the Taj Mahal. Great collector excitement always accompanies limited edition coins and the extremely low mintage of just 1,000 coins for the 1-ounce gold coins worldwide makes this Taj Mahal gold coin destined for a complete sell-out. As of November 2, 85% of total have already been sold!

Taj mahal

The Taj Mahal gold coin reverse features a magnificent sculptured image of The Taj Mahal viewed from the famous tree lined pool with the initials RF standing for the Republic of France as the official issuing monetary authority.

The Taj Mahal holds the distinction of being one of the Seven Wonders of the World built by man and is a white marble tribute built by the Mogul emperor Shah Jahan in the 17th century. The best architects designed this joyous building, built by the most skilled workers and artisans from Persia, Europe and the Ottoman Empire.

The obverse of the Taj Mahal Gold Coin depicts the official designation of this coin as legal tender with a face value of 200 Euros and the UNESCO logo. UNESCO is a worldwide organization of nations dedicated to promote education through the sciences and cultural heritage throughout the world.


Technical Specifications:

Metal: Gold 999.99
Quality: Proof
Weight: 31.104 gm
Diameter: 37 mm
Mintage: 1,000
Artist: Atelier de Gravure
Europe price VAT included : € 1,490.00
Item can be viewed at Monnaie de Paris and Franklin Mint.
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Oct 8, 2011

Canada Cougar Gold Coin 2011

Royal Canadian Mint proud to announce the release of this small pure gold coin measures only 11 mm across; Canada Cougar Gold Coin 2011. The coin struck in 99.99% pure gold, this coin is a collectible keepsake of Canada. Encapsulated and presented in a maroon clamshell case lined with flock and protected by a black sleeve. Only 15,000 coins minted for worldwide sale at USD77.04 a piece with a face value of 25 cents. A must have collection for Canda animal lover.


Cougar Gold Coin



The cougar is noted for its lithe musculature, long hind legs, and a tail that, at almost a metre long, acts as an important counterbalance for the noted jumper. Averaging 64 kg (140 lbs) in weight and up to 3 m (from 5 to 9 feet) in length. Cougars are known to disperse up to 1,000 km from their natal territory to establish their own hunting domains. Predators of elk, deer, sheep, young moose, and a range of smaller and domesticated animals, their biggest requirements when choosing a home are good cover, access to prey, and the privacy that allows the cougar to live the solitary life it enjoys.

The cougar’s elusiveness makes it difficult to track and protect. It is widely believed that the eastern cougar population was decimated throughout the last few centuries as North America was developed and deforested for agriculture. Many populations were hunted to extinction by livestock farmers. Cougars also disappeared as their prey populations were decimated by hunting, development, and disease. In 1978, the cougar was designated Endangered by the Committee on the Status of Endangered Wildlife in Canada. But in 1998 it was placed in the Data Deficient category because there was insufficient data to determine the extent and number of subspecies and hence to assign conservation status to each one.

Today, there is evidence that the cougar is returning to parts of its former eastern range and that its western populations are growing. Sightings remain rare as this secretive hunter passes through the landscape like a ghost, leaving behind only a few prints and a lingering aura of mystery and awe.

Specifications:
Mintage: Limited to 15000 coins worldwide
Composition: 99.99% pure gold
Finish: proof
Weight: (g) 0.5
Diameter: (mm) 11
Edge: serrated
Certificate: serialized
Face value: 25 cents
Artist: Emily Damstra (reverse), Susanna Blunt (obverse)

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Where do you hide your gold coin?

If you’re looking for a safe place to put your investments, Chad Venzke has a suggestion: Dig a hole in the ground four feet deep, pack gold and silver in a piece of plastic PVC pipe, seal it, and bury it. The 30-year-old central Wisconsin resident trusts no one but himself to store and protect his gold and silver—not banks, not investment funds, and certainly not the government. It’s precisely because of this suspicion of institutions that he invests in those metals to begin with.


hide your gold


In case of emergency, "you always want to have your precious metals within arms reach," he says.

Venzke is hardly the only investor who wants his precious metals nearby at all times. A pound of gold worth about $24,000 can easily fit in a pocket; how to protect it is a decision that carries expensive consequences. Do-it-yourself investors who don't trust banks must find creative storage options, whether burying gold in the yard, submerging it in a koi pond, stashing it behind air-conditioning ducts, or placing it under carpets. All these options are debated in online gold and silver investor forums. They're also debated and demonstrated in youtube videos, including one by Venzke that has been viewed more than 7,000 times.

While there’s no way of knowing how many investors take Venzke’s advice, there are growing piles of precious metals in, under, or near American homes. From mid-2010 to mid-2011, U.S. investors bought up more than 100 tonnes of physical gold coins and bars, up from 15.2 tonnes in 2007, according to the World Gold Council. (A tonne, or metric ton, is 1,000 kilograms.) Worldwide bar and coin demand rose 37 percent during the mid-2010 to mid-2011 period, according to the Council, even as demand from exchange-traded funds backed by physical gold, and similar products, fell 84 percent.

The notion of keeping one’s gold in a safety deposit box—inside the banks many gold aficionados find so untrustworthy—is anathema to many gold bugs. Venzke, who predicts "runaway inflation" and a crisis leading to a "new form of currency within this decade," worries that the boxes won't be accessible if banks shut down in a crisis. "How are you supposed to get your stuff out of there?" he asks.
For those storing gold and silver in or around their home, the most immediate danger isn’t a crisis or a dip in metal prices. It’s theft. The FBI, which tallies the theft of precious metals and jewelry in one category, says $1.6 billion was stolen in 2010, up 51 percent from 2005. Just 4.2 percent of the lost loot was recovered last year.

Metal detectors are a big worry. Basic detectors can find metal on the surface or in the first 12 inches to 14 inches below ground, depending on soil conditions, says Louis Mahnken Jr., a sales representative for Kellyco Metal Detectors in Winter Springs, Fla. That’s why Venzke advises burying it at least four feet deep. There are online debates about the best way to frustrate such thieves, including using scrap metal as decoys or hiding metal by covering it underground with asbestos or mirrors.

Metal owners also use the "hiding in plain sight" maneuver. According to dealers, some customers buy 100-oz. silver bars, paint them black, and use them as doorstops. That's foolish, says Steven Ellsworth, a coin dealer in Clifton, Va., who teaches security classes for the American Numismatic Assn.

Ellsworth is a believer in keeping precious metals in bank safety deposit boxes, as well as having high security at home. "My wife sometimes thinks we're over-secured and calls our residence 'the compound,'" says Ellsworth, a retired Army colonel. His security measures include fences, alarms, cameras, and dogs.

Safes can certainly deter thieves. Yet an inexpensive fire safe may be exactly the wrong place to put your valuables. Richard Krasilovsky, president of Empire Safe, calls such safes "handy carrying cases for burglars." A fire safe is designed to protect papers from fire, not from intruders, says Ryan Smith, a senior product manager at SentrySafe. "It wouldn’t be wise to put any more than $20,000 of valuables in our products," he says.

Krasilovsky, whose company makes high-end safes, says safes must be very strong and very heavy—a recent sale was of a $10,000 safe that weighed 4,000 pounds. A proper safe starts at $2,000 and could cost as much as $40,000, he says. If the safe isn't certified to resist burglars with tools for 30 minutes, a so-called "TL-30" rating, "you're buying an expensive boat anchor," says Ellsworth.

Of course, whether gold is buried, put in a safe, or hidden under your bed, there’s nothing to stop a determined person with a gun from making you show them where you put it. That’s why it’s important no one ever know you have gold in the first place. Krasilovsky’s company will deliver safes in the middle of the night, installing them where no one, including a contractor, is likely to stumble across them.

"People have to be extraordinarily secretive," Krasilovsky says. This secrecy keeps away not only thieves but also prying relatives and the tax man. "One of the benefits of owning precious metals is nobody knows you own it," Venzke says. "It’s the most private investment you can make."
Unless, of course, you feel compelled to post youtube videos sharing insights about where to stash your gold.Read More.

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Manager stole $30,000 gold coins

The manager of a Johnson City gold buying and jewelry business was arrested Thursday on accusations that he stole more than $30,000 in cash and gold coins from the store.

Scott Baughn, 540 Anderson Road, Sweetwater, was charged with theft of property over $10,000.


gold coin value


Baughn was the store manager at Southern Bullion Coin & Jewelry, 2244 North Roan St. On Sept. 26, store officials filed a police report indicating that an audit revealed that cash had been diverted from the business along with gold coins from the inventory. The total amount of property missing from the business was $32,914, police said in a news release.Read More.

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Oct 4, 2011

Wickham Market Hoard cleaning workshops

People have flocked to help clean a collection of 2,000-year-old gold coins found in a Suffolk field. The Wickham Market Hoard of 840 coins has been on display in Ipswich and it will later be visiting Colchester, Norwich and Cambridge. Ipswich Museum has filled the 50 free places it was offering to people for its cleaning workshops.

cleaning workshops

Caroline McDonald, curator, said: "We wanted our contemporary communities to experience the coins close up."

The hoard, which was in the remains of a pot, was found in 2008 by a man using a metal detector. Ipswich Museum had to raise £300,000 to keep the collection in Suffolk after it was declared to be treasure at an inquest.

The coins belonged to the Iceni tribe and are thought to date from 40 BC to 15 AD, pre-dating Queen Boudicca who led the revolt against Roman rule which destroyed Colchester in 60 AD.

Ms McDonald said: "Cambridge and Norfolk are part of the Iceni tribal heartlands, so essentially we're sending the coins back to where they came from.

"I like to think emotionally we're all related to the Iceni because we tread in those places that they trod 2,000 years ago.

"It's quite unusual for us to have members of the public in the conservation lab and even more unusual to have them around our treasure."

The coin cleaning and stabilisation project involves removing any remaining soil and corrosion using cotton swabs and alcohol, lacquering them and adding a tiny label.

Emma Hogarth, conservation officer, said: "Normally, if we were cleaning a Roman coin, we would clean each individual one under a microscope using scalpels and pins, but as these are in such good condition we don't have to do that.

"If they're pure gold, they don't decay, but as there is some copper in these ones, we do have a little bit of corrosion.

"It's certainly time-consuming which is why we're delighted to have the public get involved in the work we've got to do."

There is still a mystery as to why valuable gold was buried.

Ms McDonald said: "This is an incredible amount of wealth that went into the ground. Were they a gift to the gods? Were they to pay warriors to defend you?

"Something was happening to this community and we have to try and remember there's a very human story to why these things were put in the ground.

"There were native Britons here before the Romans and these coins were from the generation of, possibly, Boudicca's grandparents."Read More.
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Oct 3, 2011

Proxibid live auction 18 October

Proxibid, the world’s largest real auction marketplace, will provide live online bidding for Weaver’s Signature Coin &Currency Auctions upcoming two-day Gold Hoard auction. The live auction will take place on Tuesday, October 18 and Wednesday, October 19 at 5:30 p.m. Central, daily, with live online bidding taking place via Proxibid at www.proxibid.com/WeaverCoin.

gold coin auction

The Gold Hoard auction will feature 200 Gold coins (both collectible dates and bullion) from a collection not available in the open market in the last 15 years. The auction will highlight nearly complete Morgan Dollar and Buffalo Nickel sets, complete Peace Dollar, Silver American Eagle, Washington Quarter, Walking Liberty/Franklin Half $ and Indian Cent sets. Currency highlights include a high grade 1896 $5 Educational Note and a consecutively numbered pair of $1 Hawaii STAR Notes 1935A. Other featured items include diamond, gold and silver jewelry, 1795 Flowing Hair Half $, tokens and commemoratives.

“This is one of the finest collections we have seen,” said auctioneer Dave Weaver. “We are thrilled to bring this auction online on Proxibid, enabling collectors from across the globe the opportunity to add these beautiful pieces to their collections. With 650 lots, bidders are sure to find what they’re looking for in this auction.”

For more information about this press release or to place a pre-bid, Read More.
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Perth Mint 2012 Dragon Gold Proof Coin

In 2012, the popular Australian Lunar Gold Proof Coin Series II celebrates the Year of the Dragon, the fifth animal in the 12-year cycle of the Chinese zodiac. These superb proof quality releases are perfect for people born in ‘dragon’ years – 1940, 1952, 1964, 1976, 1988, 2000 and 2012 – who are regarded as confident, enterprising, independent, self-assured, brave and passionate. Struck from 99.99% pure gold in proof quality, the 2012 releases are available as individual 1oz, 1/4oz and 1/10oz coins, and a three-coin set comprising all three.

Dragon gold coin

Australia gold coin

The reverse of each coin depicts a traditional Chinese dragon, a long, scaled, serpentine creature with four legs, and a ‘pearl of wisdom’. The Chinese character for ‘dragon’ and the inscription ‘Year of the Dragon’ also appear in the design with The Perth Mint’s traditional ‘P’ mintmark. Issued as legal tender under the Australian Currency Act 1965, each coin features the Ian Rank-Broadley effigy of Her Majesty Queen Elizabeth II on its obverse.


No more than 3,000 1oz coins, 5,000 1/4oz coins, 5,000 1/10oz coins and 3,000 three-coin sets will be released. Each coin and set is accompanied by a numbered Certificate of Authenticity. Australian Lunar gold proof coins are housed in elegant oval-shaped display cases featuring a granite effect base and a glossy timber-effect lid. Each case comes in an illustrated shipper.

As well as appealing to gold proof coin collectors, these outstanding releases also make great gifts for people born in any year ‘ruled’ by the Chinese lunar dragon. Read More.

Technical Specifications:
Gold Content (Troy oz): 1
Monetary Denomination (AUD): 100
Fineness (% purity): 99.99
Minimum Gross Weight (g): 31.112
Maximum Diameter (mm): 39.34
Maximum Thickness (mm): 2.50
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Oct 2, 2011

China 1kilo gold coin sold USD1.29million

A 1992 China Compass 2,000 yuan one kilo gold proof coin, produced by the Shenyang Mint, was sold in August for US$1.29 million (HK$10.06 million), the auctioneer Champion Hong Kong announced.

The auctioneer said that it was a new world record price for a modern kilo gold Chinese coin. The coin had been certified by third-party agency, Numismatic Guaranty Corp, which provides grading services for numismatists. The 2,000 yuan coin is part of a series celebrating Chinese inventions and discoveries. The obverse features a compass and the Great Wall is on the reverse.

A Korean Yung Hi gold 20 won coin was sold for US$632,500, (including the 15 percent buyer's fee), early last month, Coin World reports.

1992 China Compass 2,000 yuan one kilo gold proof coin


The sale was recorded at the Dr Norman Jacobs Collection of Japanese and Korean coins auction on September 8 conducted by US-based Heritage Auction Galleries. The gold coin is part of the only set of Year 3 (1909) Korean Yung Hi gold five, 10 and 20-won coins available in private hands. The only other known set is held in the Bank of Japan museum, Coin World says.

Recommended reading: 2011 Standard Catalog of World Coins 1901-2000, and The Expert's Guide to Collecting and Investing in Rare Coins

Noteworthy: It was in 1974 that the United States restored the right to private gold ownership. Read More.
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China first Gold ATM

It has been a rough month for gold prices. But you’d never know it to see the bright red banner draped across the front of the Arts and Crafts Emporium on Beijing’s central pedestrian mall of Wangfujing, proclaiming the opening of the country’s first automated gold vending machine here.

“Gold is very popular now and this is a very convenient way to buy it, just like using a bank machine,” said a staffer with the Gongmei Gold Trading Co., watching over the machine after a brief unveiling this week. In typical new-China fashion, the gold ATM went online this week with great fanfare, then was switched off again after it couldn’t produce receipts.

China gold


But the Gongmei company which has brought the vending machine to Beijing has promised it will come out of its 8th floor hiding place and onto the emporium’s main floor this weekend once a software glitch is repaired, just in time for China’s National Day holiday.

China is the world’s second-fastest growing market for gold, with a population that is steadily becoming better off, but which has few reliable options for investment. Stock markets are volatile, the property market is inflated and limited by government restrictions, and inflation of just over 6 per cent has not abated.

The ATM dispenses gold bars and coins based on market prices, which are to be updated every 10 minutes. It can hold up to 200 kilograms of gold at once, in varying denominations.

It is opening after a rocky month for gold prices; the spot price has fallen from a high of $1,905.56 on Sept. 5 to hover around $1,624 this week.

But China’s demand for gold is growing, rising 25 per cent in this year’s second quarter, year over year. Demand for gold jewelry was up 16 per cent, while demand for gold bars and coins was up 44 per cent.

“Increasing prosperity among Chinese consumers, supported by very strong growth in the domestic economy, is still a driving force behind gold jewelry demand. However, the investment motive also remains a key influence, fuelled by the persistent high inflation that has kept real interest rates negative for some time,” reads the World Gold Council second-quarter report for this year.

Recent market losses have also been stemmed largely to the demand in China and India; while India prepares for wedding season, China has been gearing up for the gift-giving associated with the national holiday, popularly known as Golden Week.Read More.
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Gold Coin Buying Guide

With so much interest in the gold and silver market, most financial professionals are getting flooded with questions about how best to gain exposure to precious metals. Unfortunately, this has created a fertile market for dishonest firms with big advertising budgets.

Since many financial professionals have little experience purchasing and taking delivery of a commodity asset, here’s a little buying guide so you can help your clients avoid the major tricks and traps in the industry right now.

gold coin value


The Numismatic Bait and Switch

The most important concept for new gold and silver investors to understand is the difference between bullion coins and numismatic coins.

Bullion coins are those that derive their value almost entirely from their metal content. If a bullion gold coin is priced at $1,800 per ounce, it’s because it contains close to $1,800 per ounce worth of gold.

Numismatic coins derive their value from being rare or collectable. If a gold numismatic gold coin is priced at $3,600 per ounce, it probably still contains only $1,800 worth of gold; the rest is a premium for the coin’s aesthetic qualities.

If your client wants to invest in precious metals, he should be buying bullion coins or bars only. Numismatic coins are only for those looking to build a coin collection for sentimental or historical purposes.

The Confiscation Con

One of the main techniques a metals broker will use to switch customers from bullion to numismatics is to talk about President Roosevelt’s “confiscation” of gold—and then claim that only their coins are exempt. This is baloney.

The reality is that no gold was forcibly confiscated in the 1930s. However, to debunk this claim on its face, all you have to know is that almost all numismatic coins sold by scams dealers do not even qualify as “rare and unusual” under the terms of Roosevelt’s order. Most are simply old coins that were minted en masse by historic empires. They are genuinely old, but about as rare as a Members Only jacket.

Proof Sets and Commemorative Sets

Clients should be wary of anything using the term “collectible,” “proof” or “commemorative,” as they often indicate a rip off.

Proof sets generally consist of legal tender coins which were specially pressed by the mint to give them a shiny, mirror-like finish. They can be quite beautiful, but they contain no precious metal content. Buying a 1986 U.S. Mint Proof Set leaves the buyer with an asset worth approximately $0.91.

Commemorative coins are those coins that are created to memorialize a specific group, activity or occasion. Though often fashioned to mimic the look and feel of precious metals coins, they typically do not have precious metal content of any worth. When they do, customers still end up paying much more than bullion value because of the sentimental design printed on the coin.

These coins are often created to appeal to purchasers’ minds and hearts. You’ve probably seen ads for the commemoratives clad with gold or silver “recovered from the vaults beneath the Twin Towers after 9/11.” The fact remains that the coins are essentially worthless.

Investment Grading and “MS-70”

Many coin dealers are selling bullion coins with an MS-70 (mint state, flawless) rating at multiples of the price of an ungraded coin. My research uncovered one company selling 2011 American Silver Eagles with an MS-70 grade for $129 when the spot price was below $35.

Clients should be advised that every widely circulated bullion coin is “investment grade.” Grading is only meant for genuine old, rare coins. I like to use a car analogy: You’re not going to pay extra for a 2011 Corvette in “mint condition,” but you might for a ‘69 Corvette.

When it comes to bullion, all clients should worry about is the weight of pure precious metal. Scratches are irrelevant unless someone lops off a chunk of the coin.
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