Christmas Cash for Gold?

The Salvation Army is hoping for extra generosity on part of its donors this year.

In the past, the Salvation Army has received valuable gold coins in its kettles as donations from generous citizens. With this year’s economy, it is questionable whether this generosity will continue. “It sparks attention and piques interest: ‘When are the gold coins going to show up?”, says a spokesman for the Salvation Army.

In the past, donors have dropped gold coins including American Buffalo, American Eagle and South African Krugerrands into the kettles. With each of these gold bullion coins worth around $1000 a piece, the Salvation Army claims that people know the value, they are just trying to help a good cause.

The Salvation Army sells the gold and dedicates 86 cents from every dollar to community programs that aid the needy.

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New Gold Coin - Sold for Limited Time - Gold Worth Cash

The New York Times ran an article this week entitled “Century Later, Gold Coin Reflects Sculptor’s Vision.

On Monday, the U.S. Mint released a new edition of the Double Eagle gold coins.

The $20 gold coins have been produced for over a century, with the first coin being converted in 1907. The new coin is based on the first 1907 coin that was designed by an American sculptor Augustus Saint-Gaudens. Saint-Gaudens was a friend of Teddy Roosevelt and was commissioned to design the coin.

The original Double Eagle coin design has a picture representing Liberty on the obverse with her torch raised and flowing hair with the Capitol dome behind her. The reverse of the coin shows an eagle flying into the sun. In 1908, Congress mandated that “In God We Trust” be added to the coins.

The coins are formed from 60 tons of pressure converting blank gold discs into “ultra-high-relief” coins at the U.S. Mint. The 1907 coins are highly rare and valuable. The Double Eagle is considered the most beautiful of the American coinage.

The new coins contain one ounce of 24-karat gold. They will be sold for only one year.

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Gold Demand Up - Get Cash4Gold

Another sign that the demand for gold is reaching further international highs….

The India Post, the largest network in the country, has begun retailing gold coins. The company is selling 24-karat gold coins in denominations of ½ gram, 1 gram, 5 grams, and 8 gram units.

The India Post joins many banks and post offices that are now selling gold coins, in addition to jewelers of the past. In a move that is sure to secure profits for both buying and selling gold as India’s Diwali season approaches.

Traditionally, the gold coins sold by banks are priced 22% higher than the current market price of gold. The India Post will be priced higher than current market prices, but not as high as 22%. Additionally, India Post will allow for the buying and selling of gold, where banks only sell gold.

The coins for India Post will be supplied by Reliance Money – and will receive the same pricing as Reliance Money outlets.

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TOO MUCH GOLD?

This week, Reuters reported that the world’s largest gold refinery, Rand Refinery Ltd, has run out of South African Krugerrands.

The Krugerrands were first introduced in 1967 at the South African Mint.   The blanks of the Krugerrand are supplied by Rand Refinery, and minted by the government.

The sold out status is apparently due to an “unusually large” order from an anonymous buyer in Switzerland.  Who is the buyer, and what does this mean?

The order was for 5,000 ounces.  This size order took from August 28^th to September 3^rd for inventory replenishment. 

Gold coins and gold bullion bars have become more popular with investors as a hedge against inflation.  Apparently, conflict between Russia and Georgia has increased demand as well. 

Demand of gold is 25% higher this year than last with investor demand up for gold collectible coins and gold bars.

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Precious metals popping up all over

Gold has raced up in price more than 50% in the last year. Other precious metals have gone along for the ride including platinum and palladium. So, is this the end of fiat currency as we know it, as gold bugs have claimed? has the commodities bubble finally burst and will gold prices head back south? What are the forces jostling the global metals markets?

Boris Schmitz-Thiersen's family has been selling jewelry in the same location in Cologne, Germany, for more than 100 years. He has begun offering bracelets made of a peculiar white metal mined in South Africa. "It's pure palladium," he explains. "Pretty, isn't it?" Yes - and relatively cheap, trading around $450 per troy ounce, compared to just under $2,000 for the same amount of platinum, and about $1,000 for gold. Silver, by contrast, is trading at between $17 and $18 per ounce.

The decision to sell palladium instead of platinum is one of those innocent ideas that if adopted by all the jewelry stores in the universe, could have major ramifications for the price of these two most precious of metals. Jewelry currently accounts for about 20% of total platinum demand, but that, unlike gold, platinum and palladium are primarily industrial metals and not stores of value.

"If prices of platinum get too high, you could see a substitution on the industrial side to palladium," she says. "This is why I'm more bullish on palladium than I am on platinum."

Yet it is platinum's secondary function as a precious metal that is driving prices to the stratosphere.

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Gold prices harden

Gold prices hardened in India on Friday. This steadying of gold prices is attributed to healthy gains made by overseas markets who were capitalizing on the weaker dollar. With India's busy season of weddings and festivals coming to an end the demand for gold just isn't there. Gold prices are at a discount in the local markets. The rupee's reported weakening spiked gold prices a bit but the few inquiries generated by this have not converted over into orders. India is still the largest market in the world for buying gold so small gold buying will continue to take place. There are still wedding gold purchase being made in North India for wedding coming up next season. People are buying ahead to avoid paying higher gold prices next season.

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