LONDON - Some of the gold bars kept by the Bank of England to prop up the pound in times of economic turmoil are showing cracks and fissures, a newspaper reported Saturday.

Experts say the deterioration could temporarily reduce the value of the country’s 320 tonnes in gold reserves, which the central bank keeps on the government’s behalf, the Times reported.

The complete British reserve is worth around $8 billion.

Bank of England officials were not immediately available for comment. (more…)

WASHINGTON — A plan to raise interest in the Gold Dollar coin featuring Sacagawea has been stamped with Congress’ approval, but the Santa Fe artist who helped make the original thinks it’s “silly.”

Under a new law, the U.S. Mint will start reissuing the coin featuring Sacagawea, the Shoshone woman who guided Lewis and Clark, in 2009. On the coin’s reverse side, the mint will replace a soaring American eagle with depictions of other famous American Indians or American Indian events.

The Treasury Department has yet to pick the designs, but some suggestions in the law include a World War II Navajo Code Talker, Olympic athlete Jim Thorpe and the Pueblo Revolt of 1680, whose leader, Pop‚, already has a statue in the Capitol.

WASHINGTON - President George W. Bush will present the Congressional Gold Medal to the Fourteenth Dalai Lama on Wednesday, October 17, 2007, in a ceremony in the United States Capitol Rotunda. Prepared and struck by the United States Mint, the Congressional Gold Medal is in recognition of the Dalai Lama’s contributions to peace, non-violence, human rights and religious understanding.

On September 27, 2006, President Bush approved Public Law 109-287, calling for the United States Mint to strike the Congressional Gold Medal for presentation to the Dalai Lama. The law also authorizes the United States Mint to produce and sell bronze duplicate medals to the public. The bronze duplicates may be purchased at www.usmint.gov at 1 p.m. on October 17, 2007, or by calling the toll-free number,
1-800-USA-MINT (872-6468). (more…)

Gold rose, extending a rally to the highest price since January 1980, as the declining value of the dollar and surging energy costs boosted the appeal of the precious metal as an alternative investment. Silver also gained.

Gold’s 15 percent jump in the third quarter is the most since 1999, when bullion rallied from a 20-year low. Oil traded near a record high today, and the dollar fell to the lowest ever against the euro for the seventh straight session. Gold has rallied in five of the past six bear markets for the U.S. currency.

“There’s a lot of reasons why you want to have gold in your portfolio,” said Paul McLeod, vice president of the precious-metals department at Commerzbank Securities in New York. “People don’t want to own the dollar, and inflation is building.”

Numismatists from the around the world gathered at Spink in London yesterday to bid on one of the most exciting offerings of coins and medals to come on the market for some time. When the hammer dropped on the 753rd and final lot, the sale had realized a staggering total of £1,914,747. Several items sold for as much as twenty times their estimates in the end.

English coins and Russian medals stole the show with fantastic prices achieved. The highlight of the sale was the Charles II ‘Petition’ Crown by Thomas Simon which sold for an astounding £207,100. Spink last sold a ‘Petition’ Crown in May 2003 which realized £138,000. This numismatic masterpiece is the creation of the great engraver, Thomas Simon. Following the Restoration of the Monarchy Charles II ordered trials for a milled coinage from the Royal Mint. Simon, aggrieved that he had not been given the commission, was determined to win the King over and be chosen as the official designer with his clever concepts.

Thomas Simon engraved the dies for this Crown featuring a bust of Charles II on the obverse with “Simon” engraved just below the King’s clothed neckline. The “Petition” is two hundred raised letters in two lines around the coin’s rim which is only 35mm in depth and reads:

THOMAS SIMON MOST HVMBLY PRAYS YOVR MAJESTY TO COMPARE THIS HIS TRYALL PIECE WITH THE DVTCH AND IF MORE TRVLY DRAWN & EMBOSS’D MORE GRACE; FVLLY ORDER’D AND MORE ACCURATELY ENGRAVEN TO RELIEVE HIM (more…)