Coin Chat Radio May 28th Episode Summary
"What’s In the News" with Bob Van Ryzin leads off the May 28th edition of Coin Chat Radio with news of the formal release ceremony of the John Tyler Presidential Coin at the Sherwood Forest Plantation once owned President Tyler.
Ryzin also reminds listeners that the Smithsonian is premiering a numismatics exhibition called "Stories on Money." Among other displays, it showcases samples of money from colonial times in America to the present.
Numismatic News editor Dave Harper interviews Diane Piret, Industry Affairs Director of the Industry Council for Tangible Assets.
"ICTA was formed to represent anyone who has an interest in rare coins, currency and precious metals with government," Piret replied when asked what the Council was. "We had no voice, especially in Washington, before that, and laws were passed without input from us which were detrimental to our hobby and industry."
The ICTA has had a pivotal impact on Broker Reporting Regulations. According to Piret, the legislation was intended for commodity brokers, but the coin industry was sucked in as well, mainly due to large transactions like bullion sales.
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© Darrin Lee Unser for Coin News, 2009. |
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Bullion & Business Weekend Report – May 30
Markets were on fire this week and month. In terms of monthly heights, silver streaked ahead in New York to post its biggest monthly gain since April 1987, rising 27 percent. Gold rallied as well, advancing 9.8 percent. In black gold, crude-oil recorded its best monthly gain in 10 years. U.S. stocks made noise too, rising for three straight months.
For the week in London, gold rose 1.6 percent, silver soared 5.9 percent, and platinum jumped 2.3 percent. Precious metal spot figures follow:
London silver closed Friday to $15.52 an ounce, soaring 86 cents this week and an impressive $2.89 for the month.
London gold was fixed at $975.50 an ounce, rising $15.75 for the week while gaining $92.25 in May.
London platinum advanced to $1,175.00 an ounce, rising $26.00 on the week and increasing $82.00 for the month.
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Silver Soars to Best Month in 22 Years, Eagle Sales Rise
Silver continued its spectacular rise Friday, soaring another 45 cents in New York and scoring the best monthly increase in 22 years.
Silver futures for July closed to $15.61 an ounce, jumping 27 percent on the month for the biggest gain since April 1987. London spot silver ended at $15.52 an ounce earlier in the day, surging 64 cents.
"Extreme dollar weakness is adding to the momentum," Pradeep Unni, an analyst at Richcomm Global Services in Dubai, was quoted on Bloomberg. "Ascending oil prices, concerns of inflation and fears of massive U.S. debt have certainly been supporting" both gold and silver.
American Eagle Silver Bullion Coins experienced movement as well. Reports were abound earlier in the week on how authorized dealers for the U.S. Mint trimmed orders and left an inventory of bullion coins behind — a situation that had been unheard of since the Mint started rationing the coins and suspended production of the 2009 collector proof and uncirculated versions.
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© Mike Unser for Coin News, 2009. |
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Why is there a category for bull fighting but not for coin collecting?
Why is there a category for bull fighting but not for coin collecting?
Tax on buying and selling coins?
I’m pretty new to numismatics and I was curious about the sales tax on purchases of coins. I understand if you buy coins from the mint or a reputable dealer you will pay a sales tax. But what if you buy coins from a single person at a coin show who does not run a business, do you still have to pay sales tax? Also, if you sell your coins to a dealer do you charge them a sales tax?
The Numismatist
An experimental film about the dreams of a coin collector. Features Henry and some sick color grading. This movie contains absolutly no fight scenes or explosions. You have been warned.
US Mint Revives Last Chance Sale
The US Mint this week revived their Last Chance Sale, a practice which began last year to alleviate the Mint’s inventory of old coin products. The sale will last until June 30.
This year the Mint has re-branded the sale, calling it the "Last Opportunity." A red button with the same name will now greet visitors of their online store. Clicking the button launches a listing of nearly 20 products from 2008 — mostly 25c First Day Coin Covers, $1 Coin Covers and Denver or Philadelphia Coin and Die Sets.
Although the products are being liquidated, expect no special savings. The prices are identical to when they were first introduced in 2008. Any price reduction would have elicited a barrage of complaints from collectors who spent money on the coin products last year.
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Gold Above $960 as Silver Tops $15 an Ounce
Gold moved above $960 on Thursday, but the daily precious metals news focused on silver as the metal jumped above $15 an ounce for the first time since August. Platinum turned south. In other markets, crude-oil marched past the $65 barrier to reach a high last seen in November while energy stocks were a rallying cry for U.S. stock advances.
In New York trading futures for bullion:
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Silver for July delivery soared 29.5 cents, or 2.0 percent, to $15.16 an ounce.
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Gold for June rose $8.20, or 0.9 percent, to $961.50 an ounce.
- July platinum fell $8.70, or 0.8 percent, to $1,149.80 an ounce.
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Numismatic News: Mint Coin Reserve, Bullion Premiums, Coin Resources
May 28: Four numismatic news or coin blog articles are referenced on CoinNews every Tuesday and Thursday. These articles are not authored by us, but we recommend coin collectors read them for their unusual or interesting content. Here are today’s coin articles:
Gold “Unites” found in cellar expected to sell for £50,000
Morton & Eden | News-Antique.com
A hoard of 400-year-old coins discovered in the wall of a long-forgotten cellar is expected to sell for £50,000 in a sale at London specialist coins and medals auctioneers Morton & Eden. The 57 gold "Unites" date from the reign of James I (1603-1625) and were probably hidden at the beginning of the English Civil War…
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Royal Canadian Mint Unveils Notre-Dame-du-Saguenay Coin
VILLE DE SAGUENAY, QC — In the long-standing tradition of celebrating Canada’s natural and historical landmarks, the Royal Canadian Mint today unveiled a new collector coin featuring Quebec’s Notre-Dame-du-Saguenay.
The coin combines a painted illustration of Quebec’s world-famous Saguenay Fjord with an engraved cameo of the 10.5-metre statue of Notre-Dame-du-Saguenay, which has watched over sailors and passengers navigating the fjord’s waters for over 125 years. As the 2009 tourist season gets under way, visitors from Canada and around the world can now purchase this unique coin throughout the Saguenay region. This coin is available for $14.95 CDN, while supplies last.
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