Gold Dealer Mark Yaffe’s Empire to be Liquidated by Court
Tampa Bay Online
Mark Yaffe, a Tampa businessman who became one of America’s leading gold coin dealers, will see much of his gold empire dismantled after a bankruptcy judge’s decision today. In U.S. Bankruptcy Court, Judge Michael Williamson on Wednesday converted National Gold Exchange’s Chapter 11 bankruptcy case to Chapter 7 bankruptcy. The judge’s action spells the end for the gold and rare coin company because Chapter 7 bankruptcy leads to a company’s liquidation.
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Have Gold and Silver Prices Peaked?
Coin Update News
Precious metals markets go in cycles, just like almost all other asset values.  At some point, the gold and silver markets will reach a peak.  I am regularly asked how high I think gold and silver might go before it tops out. I don’t know the answer to that question. However, I expect the peak prices for both metals will be so much higher than current levels, conservatively double or triple, that what some call today’s “high” prices will still be considered a bargain down the road.  I agree with my friend, silver analyst David Morgan, when he said, “The easy money has been made, but the biggest money is yet to be made.”
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Days Not to Buy Gold Identified
Numismaster
Despite the fact that the price of gold rose more in the previous decade than almost all U.S. paper assets, the rise has no short rapid spurts. Actually, the market action that limits gold from breaking upward is just one more bit of evidence of the manipulation of gold prices. Savvy analysts have long noted that as the price of gold might trend upward during daily trading, it has almost never increased by more than 2 percent from the previous day’s COMEX close. Once the price of gold might increase by 2 percent, that event would almost automatically trigger a round of sell orders to either cap the rise or even cause the price to retreat. Even if buyers stepped up their purchasing, it was obvious that a maximum of a 2 percent daily increase at the COMEX close was the unpublicized “rule” imposed by the U.S. government and its trading partners.
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Gold or Ammo?
The Daily Transcript
But what about gold? Isn’t that the commodity of choice for trade when the abstractions of paper money, or base metal coins, or certainly ATM cards become fully irrelevant? In the history of money, gold is actually not the first symbolic representation of trading value. First came tokens of grain and cattle, the number of which carried greater or lesser negotiating value, depending upon the supply of grain and cattle versus the demand. That was about 4,000 years ago. Then in 1,200 BC came cowry shells. These were felt to be imbued with mystical, magical properties, as well as being suitable for a monetary unit. After that, around 1,000 BC, the Chinese made the next abstraction: they created money in metal, cast to look like cowry shells. At around 500 BC, round coins were created in silver, bronze and gold. The metal had inherent utility, for either decorative purposes or for their elemental properties.
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Which Part of “Bu Dui” Is Unclear?
Kitco
Gold prices fell to a one-week low of under $1115.00 per ounce overnight as the US dollar continued its recent climb and reached 80.74 on the trade-weighted index. The rallies in risk assets came under pressure as perception resurfaced that this type of speculation has been largely underpinned by generous liquidity and ultra-low interest rate and that it has a finite shelf-life in the big scheme of things. The euro also continued under selling pressure early this morning as the Greek situation appears to remain without an obvious and/or imminent solution. The common currency was last seen trading near 1.354 against the greenback ahead of the closed-door meeting between US and Greek leaders today.
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Australians Rushing to Buy Swiss Gold Bullion
Commodity Online
Australian investors are rushing to buy Swiss gold bullion following the sovereign debt problems in Greece and some expert predictions of an upcoming period of financial market meltdown has allowed many investors in Australia rushing to buy Swiss gold bullion says George Vo, Precious Metal Sales Manager of Gold De Royale (http://www.goldderoyale.com.au), Australia’s leading online Swiss gold bullion dealer. Vo, explains “The Greek financial debt has worried many investors in Australia if it would contribute to the next financial meltdown. Economists around the world are worried of the Domino effect. That is, a Greek financial collapse would spread far and wide, much as the collapse of the Thai baht in 1997 which triggered an Asian meltdown and quickly turned into a global credit problem.
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