March 2014, Week 1 Edition
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Gold shot up above $1350 on Monday, March 3, after tensions escalated in Russia's conflict with her southern neighbor (who was previously a captive member of the Soviet Union), Ukraine, which is also the pathway for much of Europe's energy supplies, so oil is rising too - though not as fast as gold. I also heard some indications last week from new Fed Chair Janet Yellen that she might slow the "tapering" of the Fed's money-pumping policy of "quantitative easing." This combination of a slowing U.S. economy and rising tensions in Eastern Europe caused gold's sharp rise, vs. smaller upward moves in silver and oil.
Saturday morning's edition of Barron's slammed gold in their Commodities Corner ("The Gold Rally's Fatal Flaws" by Tatyana Shumsky), even while Russia's Vladimir Putin was sending troops to occupy the Crimean peninsula (including the warm-water port of Sevastopol) in supposedly-sovereign Ukraine. In essence, the Barron's author seemed unaware that the Ukraine crisis was already brewing. Sometimes, analysts just look at a chart or local market dynamics, while ignoring the big, bad world around them.
Amazingly, Barron's gold author Tatyana Shumsky was credited as co-author (with Ira Iosebashvili) in Friday's Wall Street Journal article that was bullish on gold: "Gold Bugs Return after Last Year's Rout."
The Journal article begins: "Investors are buying gold again. Gold is up 11% this year and wagers on rising prices are at a four month high in the futures market. This month, investors were net buyers of SPDR Gold Shares, the biggest exchange-traded fund that buys gold, for the first time since December, 2012."
Two moose hunters, Wally and Jeff, flew a float plane into the interior of the Yukon Territory of Canada. They land on a very remote lake, unload and set up camp and before heading out moose hunting. After several days both manage to shoot giant moose.
When the plane returns to pick them up, Ron, the bush pilot looks at the size of these magnificent beasts and says to the hunters, "Hey guys, my little float plane won't lift all of us, the camping equipment, and both of those animals. You'll just have to leave one of those moose. We'd never make it over those trees on the takeoff." And he pointed toward the far end of the lake…
Mike Fuljenz explains why the world mints are working overtime trying to keep up with demand for gold coins. Fuljenz also praises famous Beaumont, TX gold coin designer Miley Frost.
Mike Fuljenz discusses the first gold coins struck by the U.S. Mint and the historic 1964 Kennedy half dollar.
At the American Numismatic Association (ANA) World's Fair of Money in suburban Chicago this month. I am happy to report that I was interviewed by Jeff Flock of Fox Business News, as the show was winding down. He commented on the massive (five-hour long) line of investors wanting to buy the new reverse proof buffalo gold coin from the U.S. Mint. We both noted the rising interest in physical gold.
Mike Fuljenz discusses the billions that America would save by eliminating the penny and the dollar bill.
America's Gold Expert® Mike Fuljenz, received multiple awards during the annual World's Fair of Money, including one of the profession's most esteemed honors, "The Clemy," for his consumer protection and education work in rare coins and precious metals…
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.
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.