April 2014, Week 3 Edition
Gold has been very volatile in the last week, rising from below $1284 on April 3 to $1330 on April 14 before correcting back to $1300 on Tuesday, April 15. Still, it's encouraging to see gold remain slightly above $1300 after starting the year at $1200. Meanwhile, the Dow Jones Industrials are down over 2% and the once-glamorous NASDAQ tech stock index fell 5% in the last week. Gold rose Friday on high producer price inflation and then got a boost Monday on a revival of violence in Ukraine, but consumer price inflation (released Tuesday) was "tame," so gold retreated, despite continuing tensions in the Ukraine.
Another reason for gold's decline on Tuesday was a strange article in The Wall Street Journal, titled "China is Losing its Taste for Gold." After 6,000 years of honoring gold, after finally being able to afford to buy gold as a luxury after centuries of living absolute poverty, after a decade of liberalizing laws to allow wider gold ownership in China, after setting a record all-time high for both gold production and gold consumption in 2013, and after a rapid acceleration in gold demand in China during the first two months of 2014, all of a sudden China lost its "taste" for gold? That word does not pass the "smell" taste.
The silver American Eagle, the best-selling U.S. bullion coin for more than a generation, could be on the verge of an exciting makeover.
The United States Mint is considering a dramatic new design for the coin's reverse – one that depicts a powerful naturalistic eagle. If adopted, it would replace the small heraldic eagle shown on that side of the coin since it was first issued in 1986.
If, in fact, a new Silver Eagle with a brand-new reverse does enter production in 2015, as now seems likely, the series figures to gain even greater appeal for those who consider these coins to be collectibles. With two distinct varieties to acquire, the series would seem certain to attract new enthusiasts, and existing collectors would have more incentive to fill in any gaps in their "Type I" sets, if that portion is complete.
Turkey season was nearing and for months, John and his hunting buddies had anxiously been anticipating a trip to Kentucky to hunt the wily Eastern Wild Turkey with the famed outfitters Knight & Hale. Yet, during a Friends of NRA Banquet, John almost tearfully informed his friends he would be unable to go on the long-awaited turkey hunting trip. Because of his pride, he wouldn't really tell his friends any of the details. The truth was though, since times were tough and money being very tight, his frugal wife had really put the kibosh on the entire venture…