May 2013, Week 2 Edition
Published by Award-Winning Texas Coin Company Universal Coin & Bullion
A National Gold & Silver Dealer Helping Customers Buy Gold Since 1994
Investors have been bailing out of paper gold (ETFs) while at the same time consumers are scooping up gold coins, bars, and jewelry at a torrid pace. Just when demand for physical gold has soared comes news that there will be less of it to go around.
The U.S. Geological Survey reported in its Mineral Industry Survey that U.S. gold production fell 8% year-on-year in February. That's after production fell 10% in January.
This year's production slump continues the declining trend of last year. USGS said U.S. gold production was down 225,055 ounces in 2012 from the previous year's output.
Not only are the mines not producing as much gold, but there's not too much going on to find more gold to replace what is being taken out of the ground now. Mining consultant and research firm IntierraRMG's latest State of the Market report reveals that exploration worldwide for new gold ounces fell to a record low in March, continuing a 17-month decline in the search for the yellow metal.
Gold imports to China are expected to swell even more after a strong surge for the second straight month in March. "Physical demand picked up significantly over the last couple of weeks. Consumers and industrial users tend to see price drops as buying opportunities," said Zhang Bingnan, secretary-general of the China Gold Association. "Investment demand should continue to stay strong through the rest of the year because of limited investment alternatives," said Zhang. He said gold sales and processing volumes both spiked in April.
Chinese buyers have been swarming gold shops, taking advantage of low prices and worried about the suddenly shaky Chinese economy. In the first quarter, purchases of gold bars zoomed by 49%. Jewelry surged by 16%. Overall gold consumption in China soared 26% in the first quarter.
Mike Fuljenz, President of Universal Coin & Bullion, joined Jessica Guidry on FOX 4 KBTV Southeast Texas Live to talk about the NRA convention in Houston, TX, gold and silver IRA's, authentication and grading.
Universal Coin & Bullion is Beaumont, Texas Chamber of Commerce business of the month. President Mike Fuljenz discusses counterfeiting, a ten million dollar coin and our national motto.
Michael Fuljenz was a keynote speaker at a special training course for Texas law enforcement personnel on the topic of investigating crimes involving rare coins, bullion and jewelry. Mike provided seminar participants with information on where they can promptly get assistance.
(Philadelphia, Pennsylvania) – America's Gold Expert, Michael Fuljenz, President of Universal Coin & Bullion (www.UniversalCoin.com) in Beaumont, Texas, set an unparalleled record of achievement at the World's Fair of Money in Philadelphia, August 7 - 11, 2012. He received another six prestigious industry awards, continuing a string of honors and accomplishments at these annual gatherings of the world's top rare coin and precious metals dignitaries…
Mike Fuljenz wins 2 First Place awards from the Press Club of Southeast Texas. One award was for his weekly "Mike Fuljenz Metals Market Report" that is read nationally by precious metal buyers and sellers. He also took first place for his prestigious "Personal Gold Guide" publication.
ICTA Board of Directors Member Mike Fuljenz Goes to Washington
To Support the Collectible Coin Protection Act
I was among a half dozen of the country's numismatic leaders who met in Washington, DC on June 28, 2012 with Congressional leaders and staff members to discuss the importance of the proposed legislation to protect the public.