WASHINGTON [Updated Dec13th] - The United States Mint started sales of a limited edition, two-coin set today, Dec 13th, to commemorate the 10th anniversary of the American Eagle Platinum Coin Program. Mintage of the American Eagle 10th Anniversary Platinum Coin Set, offered at $1,949.95, is limited to 30,000 sets. Orders will be limited to one set per household. To ensure the broadest and fairest access to this United States Mint product, the order limit will remain in effect for the first seven (7) days of release. Following this initial sales period, the United States Mint will reevaluate and either extend, adjust or lift the limit.

The American Eagle 10th Anniversary Platinum Set will contain one proof coin and one enhanced reverse proof coin, each containing one-half ounce of .9995 platinum. The proof coin features a cameo image floating on a mirror-like background. The enhanced reverse proof coin features a frosted background and a brilliant, mirror-like finish on the raised elements of the coin. This is an enhanced reverse proof version because it is not an exact opposite polish of the regular proof version. The design elements on the enhanced reverse proof platinum coin were strategically selected to feature the proof, mirror-like finish in contrast to frosted background design elements to enhance the entire image.

This is the first time the United States Mint is offering a reverse proof version of the American Eagle Platinum Coin. (more…)

By by Gill Montia Metalmarkets.org

The Gold Anti-Trust Action Committee (GATA) is attempting to compel the US Federal Reserve and the Treasury Department to publicise the extent of the country’s gold reserves.

GATA is a non-profit making organization that seeks to prevent gold cartels controlling the price and supply of gold and its related financial securities.

The committee is demanding sight of all records in the possession or control of the Federal Government that contain mention of gold swaps involving the US Government from January 1, 1990, to December 6, 2007.

In addition, it is asking for documents identifying the legal authority for the swaps and will also request documents involving gold loans and leases “and any other possible impairments of the gold reserve.” (more…)

Britain was not alone in making the mistake of cutting reserves

The rise in the gold price to a 27-year high of about $800 per ounce during the past few months has been disagreeable news for many leading industrialised countries – including the UK – that sold official stocks of the yellow metal in past years.

Gordon Brown, the UK Prime Minister, oversaw, while Chancellor of the Exchequer, the sale of about 395 tonnes of gold from British reserves at prices that appear now to have been exaggeratedly low. The disposals took place between 1999 and 2002, when the gold price was trading between $250 and $330 per ounce. This was a long way below the short-lived peak of $850 reached in January 1980 after the Soviet invasion of Afghanistan, and less than half the current trading range. The 70% increase in the dollar price of gold in the past two years has made many central banks’ calculations look distinctly awry.

An appraisal of the gold price needs to take into account inflation, the fall of the US dollar and the lack of interest receipts on bullion holdings. Taking these factors into account, from the standpoint of an investor from the euro area, the present gold price would need to be about $2,600 to match the 1980 price in real terms. Even allowing for these caveats, however, the timing of the UK bullion disposals appears flawed. Read Full Article

New “eco-gold” coin offered

Mammoth Tusk Gold Inc. may be trying to tap into a new market by using socially and environmentally sound gold-mining procedures to produce what is known as “eco-gold”. According to the companies website, “Chemicals are not used while mining, and there are no toxic by-products from the extraction process. Water, motion, and gravity are used to extract the gold and very careful attention is given to ensuring the protection of waterways”.

Mammoth Gold officially unveiled its first eco-gold product this week, The Mammoth Gold Coin.

The initial product offering is 250 one ounce gold coins.

The coins are minted from Klondike gold which has been batch refined to .9999% purity. Each coin includes a chain of custody document that tracks the gold content from mining to manufacture. Also included is a certification of validity from the Yukon Territorial Government, a certification of minting from the Lasqueti Mint, and all coins are presented in a hand-made wooden box inlaid with Mammoth Tusk ivory.

Company literature says Mammoth Gold comes from a placer mine. Miners extract ore from creeks and rivers, which contain gold nuggets, flakes and dust. The ore is then sluiced, a process by which water, gravity and motion separate the heavier gold particles from the lighter gravels. (more…)

China’s demand for gold rose in the third quarter as a hedge against inflation and on expectation of strong returns from the stock market, the World Gold Council said yesterday.

Gold demand this year is expected to hit a record, the gold advocate said. Gold demand in China, including the mainland, Hong Kong and Taiwan, rose 24 percent in the third quarter to 88.1 tons, the World Gold Council said.

Mainland gold demand rose 25 percent to 78.9 tons in the three months ending in September. Gold jewelry demand rose 24 percent in the period to 74.8 tons, while investment gold demand rose 43 percent to 4.1 tons on China’s mainland in the third quarter. Read Full Story