On February 20 the spot and futures
prices for gold topped $1000 per troy ounce for the first time in
nearly a year. During its only prior run above $1000, spot gold
closed at an all time high of $1011.25 per ounce on March 17, 2008,
according to
Kitco.
Spot gold climbed within a few dollars of that all time high on
February 20, 2009, before closing at $989. The price eased back further
the following week, but as of February 27 was still up about 7% year to
date. The current global financial crisis and concerns about possible
high inflation when economies do begin to recover are leading some to
divert assets to gold, which has long been considered a safe haven
during turbulent and uncertain times.
The United States Mint has announced that it has resumed shipments of
the 2009 Ultra High Relief Double Eagle Gold Coin described in the
previous issue of our newsletter. So
far few customers have reported actually receiving the coin. A new
policy adopted by the Mint allows the price to be adjusted
periodically, based on the price of gold during the prior week.
On February 27, the Mint was quoting $1339, or $150 higher than on
January 22, the date orders were first accepted. The Mint is still
maintaining a limit of one coin per household. According to the
resumption of shipping announcement, orders placed by February 23 will
be sent by April 24, while orders placed now will be available for
shipping May 24. If you've ordered from the U.S. Mint previously,
you're probably aware that any shipping dates it indicates are subject
to change.
The Mint has adopted another policy change that shortens the return
period for most products from 30 to 7 days, effective for orders placed
on or after February 10. While it applies to all numismatic products,
the abbreviated return window is widely viewed as an effort to prevent
returns when declining market prices lead the
Mint to reduce prices for coins containing precious metals. Previously,
some customers would return coins for a refund, then re-order the same
coin(s) at the lower price.
Receive our free newsletter by e-mail!
Messages sent about once a month feature announcements of new
purchases, special offers and
updates at our web site. Each issue also includes at least one article
containing news and/or commentary pertaining to the world of
numismatics.
To receive future issues of the Telesphere
Numismatics newsletter by e-mail, enter your name and e-mail address in
the form below and click
the "Subscribe Now" button.
Our newsletter is strictly opt-in only. No
one will be added without
requesting it. To protect your privacy, subscriber info will not be
available
to anyone else. Requests to unsubscribe are promptly honored.
