Khalifa Gold Coin to be Legal Tender?
Khaleej Times
The Dubai Multi Commodities Centre (DMCC) has proposed to the UAE Central Bank a gold coin be introduced as legal tender. If approved, it will be the first of its kind in the Middle East. Existing legal tender gold coins such as the Australian Nugget and the South African Krugerrand are popular as a vehicle to invest in pure gold.
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Proof Gold Eagles Down by Third
Numismaster
Gold rebounded after testing the $1,078 level but then gave back its gains. It is apparent that there is significant selling coming into the markets every time they rally, which is a probable indication of further softness in the short term. An unexpected rise in jobless claims hammered the precious metals. Last time I mentioned the premiums on generic common date U.S. gold eagles and double eagles. Now many of them have dropped nearly 20 percent as of this writing.
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U.K. Royal Mint Doubles Gold Coin Production
Bloomberg
The U.K.’s Royal Mint, established in the 13th century, more than doubled gold-coin production last year as investors sought to diversify their assets and hedge against a weaker dollar and accelerating inflation. Output rose to 125,469 ounces from 46,315 ounces a year before, according to data obtained by Bloomberg News under a Freedom of Information Act request. Gold averaged $974 (612 pounds) an ounce last year. Fourth-quarter production rose 54 percent to 25,078 ounces, the data show.
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Taxing Gold Bullion Sales in the State of Washington
The Seattle Times
Ending special-interest tax breaks is an increasingly popular rallying cry for Democrats in the Legislature as they search for cash to plug a $2.6 billion shortfall and avoid deep cuts to government services. But, as lawmakers have discovered before, it’s much easier said than done. Take one emblematic example, the sales-tax exemption enjoyed by gold-bullion dealers, one of more than 500 tax breaks scattered throughout the state’s tax code.
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The Future Possibility of Silver Confiscation
Kitco
The history of confiscation of precious metals is well documented, with literally tons of gold and silver ripped from the hands of ordinary Americans during the financially tumultuous years of the Great Depression. However, history books and academic research rarely shine light into the confiscation of silver and rather focus on gold, even though both were made illegal for a total of 40 years.
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Green Police, Audi and What Diesel Means for Platinum and Palladium
Metal Miner
Now what Audi does not tell you relates to some of the precious metals at the core of some of these touted benefits. Precious metal demand (specifically platinum, palladium and rhodium) will increase due to new emissions standards in China, Europe and Japan along with a dozen or so states that have implemented tougher standards as well. These requirements will ultimately increase average platinum loadings per vehicle. Diesel engines, which rely heavily on platinum but for which palladium has become a growing substitute will also increase demand for these precious metals.
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