Gold

There are constant news reports on stolen metals: Bridges disappearing overnight, copper pipes stolen from homes, and large, bronze statues disappearing from the streets.  

Delaware State Police have decided to take a bite out of metals crimes, creating new rules for businesses which cover some of America‘s most stolen metals, including copper, brass, gold, and silver. WBOC suggests that these rules will stop metals thieves from striking: Pawn shops and scrap metal processors  that sell  metal  now  have to wait 18 days after purchasing  the metal  to sell it to a new customer. This gives police the opportunity to investigate when a potential victim claims property was stolen.

In addition, some of these shops will need to register with police for a sales license, as well as keep track of all sales to the store.  While securing a sales license and collecting information about sales shouldn’t harm businesses, some business owners worry that the 18-day wait before selling to new customers will hurt their own  operations, especially considering the fluctuating prices of metals in the economy.    
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One day, precious metals are gaining; the next day, they’re falling, and the rise and fall of the dollar is blamed.

Yesterday, the dollar rebounded after record lows against the Euro, and precious metals prices finally took a hit. “Silver for May delivery dropped 18.5 cents to $18.015 an ounce on the Nymex, while May copper lost 7.7 cents to $3.9230 a pound,” the AP shared, while similarly, “Gold for June delivery fell $5.60 to $931.90 an ounce on the New York Mercantile Exchange, after earlier falling as low as $925 an ounce. Gold has gained 7 percent this year but has struggled to return to levels approaching its all-time high of $1,038.60 an ounce, reached March 17.” Read more

Which would you prefer, a diamond or a sapphire? (sapphire) Which would you give your wife, gold or silver (silver)? Despite the fact that gold reached that $1000/ounce threshold last week, the yellow metal is still far away from its all time inflation adjusted high back in 1980, ($850/ounce in 1980 dollars) according to this article, that would be the equivalent of $2177/ounce in today’s dollars, though it only hit that peak for one day back in 1980. We have been asked several times to comment on where we feel the gold and silver markets are headed. In short, we do believe that gold is likely to rise still further as investors (and speculators) tend to put their money in gold when the dollar falls (and oil is high). Given the overall economic picture, we believe many speculators are moving their dollars to commodities in general and hence prices are still increasing. We’ll get to silver in a minute. Read more

While metals  such as  gold and copper have recently hit record highs, the future outlook is uncertain —  particularly since oil and the global economy are adding to the volatility of the metals market.

Always considered the safe haven of metals, gold reached a record $992.95 an ounce earlier this week. Soon, it could even hit $1,000 an ounce. Who is to say, however, if it’s a decent time to jump into a deepening pool of gold wealth? This is a terrific time to sell old gold jewelry and make some bang for your bling, as Lisa reported in a past entry, but  the investment arena isn’t as certain.  With prices that jumped 52 percent since the end of 2006, the oft-promising metal could be a high risk at this point. Then again, the dollar could be pushing gold even higher in value next week, when the U.S. jobs report, which is expected to be weak, is released against the backdrop of the U.S. dollar dropping further in value against the Euro.

In addition to the weak dollar, fresh highs for oil look set to entice further anti-recessionary/inflationary hedging towards gold and will ultimately push the metals higher, Bullion Desk analyst James Moore explained in a recent Forbes article.

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