The Friday Metals
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Another week of ups and downs for the metals. Let’s look at the graphs.
First, there’s gold:
Next, silver:
Then, there’s the expensive, white metal, platinum:
The last is palladium:
This week, platinum and palladium dropped rather significantly on Monday, further on Tuesday and again on Wednesday. Both metals started upward on Thursday and held their own on Friday’s close. Both platinum and palladium ended the week at a lower number than last week.
Similarly, silver dropped on Monday but not as dramatically. It continued with a slight fall on Tuesday and a dramatic drop on Wednesday. On Thursday, silver began going back upward and held on to the increase at Friday’s close. However, it is still less than last Friday.
Gold performed differently this week. It dropped on Monday went back up on Tuesday then dropped again on Wednesday. Like the other metals, gold increased on Thursday, but unlike the other metals, gold finished higher than last Friday. Look at today’s close, it is within 60 cents of its 30 day high.
Here are the numbers. First, let’s look at the low and high values for the last 30 days’ performance and today’s close:
| 30 day high | 30 day low | Aug 13 Last | Difference between High and Low |
|
| Gold | $1,216.00 | $1,157.00 | $1,215.40 | 4.9% |
| Silver | $18.50 | $17.47 | $18.14 | 5.6% |
| Platinum | $1,597.00 | $1,499.00 | $1,521.00 | 6.1% |
| Palladium | $514.00 | $438.00 | $476.00 | 14.8% |
Next, here are the comparison numbers to last Friday’s close:
| Aug 6 Last | Aug 13 Last | Percent Change | Dollar Change |
|
| Gold | $1,205.70 | $1,215.40 | 0.8% | $9.70 |
| Silver | $18.46 | $18.14 | -1.7% | -$0.32 |
| Platinum | $1,571.00 | $1,521.00 | -3.2% | -$50.00 |
| Palladium | $489.00 | $476.00 | -2.7% | -$13.00 |
Once again, the pundits have many predictions. Some are positive gold will reach $1300 soon. Others claim gold will drop.
Who really knows? We’ll continue to be entertained with the weekly results.
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RFID, Coins and Currency
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Last night, one of the fictional cable shows talked about how our (US) currency gives off radio frequency information, and when in large quantities such as a ransom payment, it gives off much more information.
Remember, this was a FICTIONAL show. But, how close are we to having RFID (Radio Frequency Identification) embedded into our currency? It could happen.
This is an interesting commentary from RSA Laboratories on RFID in currency:
Will RFID tags be embedded in currency? If so, when?
Various media reports have suggested that there were plans in Europe to embed RFID tags in currency by 2005. It is the position of RSA Laboratories at this time that such a plan is highly unlikely in the next several years. Indeed, RFID tags do not seem likely to serve as a cost effective anti-counterfeiting measure at present. RFID tags might be used to help track currency. As explained in a scientific paper by RSA Laboratories, however, it is very difficult to provide tracking capabilities to law enforcement authorities without making those capabilities more generally available and thus jeopardizing privacy.
With a simple search via Google, several patent requests such as “Passive radio frequency identification system for identifying and tracking currency” and “Embedded RFID Verifiable Currency” can easily be found.
Plus, there’s significant discussion about tracking Euros, especially large denominations, with an RFID thread. From a technology perspective, here’s an article from 2003: Radio ID chips may track banknotes. Along that same vein, here’s a discussion of the RFID Euro on a collector’s web site: RFID Banknotes.
But, RFID information can also be attached to coins. Take a look at this 2007 article: Canadian coins bugged, U.S. security agency says. But as one gentleman in the article claims, “From a technology perspective, it makes no sense. To me it’s very strange. You give the guy something with a transmitter that he’s going to spend — I mean, he might have it for an hour.” He’s right, putting a transmitter on a coin for spy purposes does not make sense.
A search for “RFID” on the Bureau of Engraving and Printing web site shows information about how RFID might help the visually impaired. However, some think a better optical reader for the current currency would be more cost effective and easier to do.
For more interesting (and scary) information check out this 2004 summary document FTC Workshop on Radio Frequency Identification: Applications and Implications for Consumers from EPIC (Electronic Privacy Information Center) where they claim, “RFID should never be employed in a fashion to eliminate or reduce anonymity. For instance, RFID should not be incorporated into currency.” Then later in the document, they comment, “Money now poses a risk to privacy because governments are considering embedding RFID tags in currency.”
EPIC’s main web site’s RFID pages also provide more information along with more recent legislation proposed. Scrolling down their page, they include a discussion on how to protect your privacy with the increasing technology and “Big Brother is Watching” concerns. Plus, they have links to many other web sites about the use of RFID technology.
One more site, RFID: Radio Frequency Identification Technology and its impact on privacy, includes a discussion of RFID and lists a significant number of other web sites with details about the use of RFID technology, both helpful and a threat to our privacy.
Back to the origin of this post. The statements made in last night’s fictional show about RFID information in our currency appear to remain fiction, but they could become fact.
(On a side note, a couple of years ago, many of the technology sites suggested a hammer blow strategically placed was the best solution for the RFID chip in the new passports. In the one of the links above, an article discusses how the Dutch considered our e-Passport technology until they determined an individual’s passport information was easily copied and compromised from 20 feet away.)
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Fun: A Coin Challenge
Take a look at our main web site’s home page: www.atlcoin.com. We have a coin challenge for you. The answers will be posted before the next show. In the meantime, have fun!
First Spouse Coins in 2009
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Did you know there were four presidential coins released by the Mint in 2009, but there were five first spouse coins?
The four presidential coins for 2009 included the ninth president, William Henry Harrison who served in 1841, the tenth president, John Tyler from 1841-1845, the eleventh president, James K. Polk from 1845-1849, and the twelfth president, Zachary Taylor from 1849-1850.
The five first spouse coins included Anna Harrison, Letitia Tyler, Julia Tyler, Sarah Polk and Margaret Taylor.
While in office, John Tyler had three First Ladies but only two wives – thus only two first spouse coins.
John Tyler married his first wife, Letitia Christian, on his 23rd birthday, March 29, 1813. In one of the few love letters found in their belongings, he writes, “Whether I float or sink in the stream of fortune, you may be assured of this, that I shall never cease to love you.” They were together until her death on September 10, 1842.
Letitia preferred to keep a low profile during all of his political years, instead she tended to their plantation home in Virginia. Her daughter-in-law described her as “the most entirely unselfish person you can imagine…Notwithstanding her very delicate health, Mother attends to and regulates all the household affairs and all so quietly that you can’t tell when she does it.”
Letitia Tyler was the first First Lady to die while her husband served as president. Her death in 1842 followed ill health after a paralytic stroke in 1839. Though she did receive prominent visitors such as Charles Dickens and Washington Irving while at the White House, the only time she came out in public was for their daughter’s wedding in January of 1842.
After her death, Priscilla Cooper Tyler became the First Lady. She was the wife of John and Letitia’s oldest son, Robert. Priscilla served as the twelfth First Lady from September 10, 1842 until June 26, 1844.
John Tyler met Julia Gardiner of New York in early 1842, but they did not begin seeing each other as the beginning of a relationship until early 1843 after his first wife’s death the previous September.
On a presidential excursion on the naval frigate Princeton, Julia’s father lost his life in a naval gun explosion. Tyler comforted Julia and shortly thereafter asked her to begin a secret engagement. Due to the circumstances of her father’s death, they kept their closer relationship quiet and had a secret ceremony in New York on June 26, 1844.
At that time, Julia Tyler became the thirteenth First Lady. Since Julia was a spouse, the Mint provided a coin for her:
Of course, there was considerable discussion at the time with Julia being only 24 to Tyler’s 54 years. Regardless of the issues with both family and constituents, Julia enjoyed helping Tyler with various political goals and functions. She is credited with being instrumental in obtaining the Congressional approval for the annexation of Texas. So much so that Tyler gifted her with the ceremonial signing pen which she proudly attached to her necklace and wore on formal occasions.
After the presidency, John and Julia Tyler remained together at Sherwood Forest Plantation in Virginia until his death on January 18, 1862 at age 71. Julia moved to Staten Island near her family after his death, but her fortunes suffered during the Depression following the 1873 financial debacles. She moved back to Virginia to live with the aid of their grown children until suffering a stroke in 1889. She died on June 10, 1889 at age 69.
By all accounts, John Tyler was prolific as a politician serving in several elected positions in Virginia and for the country. He was also prolific at procreation as he and Letitia had eight children, seven of which grew to adulthood. His marriage to Julia yielded seven more children who all grew to adulthood. Their birth years ranged from 1815 when he was 25 to 1860 when he was 70 years old.
At best, the Tyler family gatherings had to be interesting in the latter years of his life.
Isn’t it interesting what a few coins can entice one to learn?
Note: Coins images by the US Mint
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The Friday Metals
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It’s Friday after 5:00 pm in the New York (Eastern) time zone and time to look at the metals’ close prices for the week along with their overall performance for the month and compared to last Friday.
First, there’s gold:
Next comes silver:
Now, there’s platinum:
Last, there’s palladium:
What interesting variations from chart to chart. Silver has encountered a very bumpy ride for the last 30 days. Gold’s ups and downs are also frequent if not quite as dramatic. Whereas, platinum and palladium have been mountain climbing with a few dips along the way.
Let’s look at the highs and lows over the last 30 days:
| 30 day high | 30 day low | Aug 6 Last | Difference between High and Low |
|
| Gold | $1,216.00 | $1,157.00 | $1,205.70 | 4.9% |
| Silver | $18.50 | $17.47 | $18.46 | 5.6% |
| Platinum | $1,597.00 | $1,499.00 | $1,571.00 | 6.1% |
| Palladium | $514.00 | $432.00 | $489.00 | 16.0% |
Next, take a look at today’s close prices on the New York market compared to last Friday’s:
| Jul 30 Last | Aug 6 Last | Percent Change | Dollar Change |
|
| Gold | $1,181.40 | $1,205.70 | 2.1% | $24.30 |
| Silver | $17.97 | $18.46 | 2.7% | $0.49 |
| Platinum | $1,569.00 | $1,571.00 | 0.1% | $2.00 |
| Palladium | $496.00 | $489.00 | -1.4% | -$7.00 |
Look at platinum. At $1597 on Monday, it came close to kissing the $1600 mark – a new 30 day high. Though, it has quite a distance to travel to get back to the high in May of $1752.
Palladium also started off the week on a high note at $514. It’s earlier high in May was at $571.
Using the Friday close, the actual dollars to get back to their highs are $181 for platinum and $81 for palladium. But, in looking at percentages of the total, platinum has roughly 12% and palladium has roughly 17% to get back to the earlier highs.
What about the more volatile gold and silver metals?
Here’s another area where they differ. Silver had a high of $19.64 back in April/May period. But, gold enjoyed its high of $1261 in late June/early July.
Using today’s close prices, gold has roughly $55 or 5% to get back to its recent high. On the other hand, silver has to gain $1.18 or roughly 6% to get back to the $19.64 peak.
The metals and their peaks and valleys continue to be a source of entertainment along with the various pundits’ comments of why the increase or the decrease in the various metals. They also entertain us with their various predictions which tend to be all across the board. Plus, it’s interesting when the metals perform counter to what the pundits expect.
We’ll take another look at the metals next Friday.
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1956 Proof Set Envelopes
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In the past we’ve talked about how you should NEVER, EVER write on the packaging materials of the collectible sets from the Mint. But, what about the envelopes with address labels and postage stickers on them?
Here’s a clean and nicely preserved 1956 proof set envelope:
Here’s another 1956 proof set package:
(Note: The red blocks were applied to the digital picture to protect the gentleman’s name.)
Because the address label and postage were applied by the US Mint in 1956, this envelope is just as acceptable to numismatists as the clean version above. It is not necessary to remove the additional labels from the Mint. Actually, unwanted damage could occur by attempting to pull off the address and postage information.
Just for fun, take a look at the postage to send one insured proof set in 1956 – seven cents. Using inflation calculators, that seven cents would be the same buying power as 55 cents today. But, can we send the same weight and envelope for that price today?
Let’s see, the proof coins in the 1956 flat package - a penny, nickel, silver dime, silver quarter and silver half dollar – weighed 29.36 grams or just over one ounce. For the USPS to carry a similar envelope today with the coins and the two pieces of protective card stock via first class mail, the starting cost would be $0.81 before any insurance costs are added. That’s almost a 50% increase (.81/.55) over the cost of mail in 1956.
Isn’t that interesting. Wouldn’t you think that the increased efficiencies of automation and other improvements over the years would decrease the costs? Looks like that is not the case.
Did you see on the address label above that the US Mint gave the Postmaster permission to open and inspect the contents? Think about that time-frame – 1956. People were more trustworthy in those days. In the rare instance that a package was opened, in all likelihood it was by a postal official for mail purposes.
On a different note, the gentleman who ordered this proof set from the US Mint in Philadelphia is probably no longer with us today. But, just imagine him at his home in Nashville, Tennessee eagerly waiting to receive his new proof set to add to his collection. Just think of the excitement and thrill he had when he opened the envelope with the US Mint’s return address to see the shiny proof coins of silver, nickel and copper in their cellophane container.
Coins with their history and the history associated with their images are certainly interesting. But, it can be fun to look at the history associated with the peripherals (the packages and receipts) and imagine the original collector as well.
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1956 vs. 1959
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A few weeks ago, we looked at an old US Mint order form that was included with a 1959 Proof Set order.
Let’s look at one from 1956 and have fun comparing to learn what was kept the same and what changed in just three years.
Hmmmm, quite a few sections of the two forms are different.
Though it is not legible even on the the actual receipt, there is a red five digit number in the upper right corner of the 1956 receipt. Half of the number disappeared when the form was separated at the perforation. But, large number “2″ shows in the upper right of the 1959 form.
The title remains the same between the two receipts, but the note below the title differs significantly. In 1956, the note stated in black print, “If coins are not received within a reasonable time, please advise below and return.” But the 1959 format changed to red print between asterisks, “It is necessary that you refer to our Order No., shown hereon, when making any inquiry. An advice of Shipment will be mailed you when package is ready to leave the Mint.”
The blocks of information also changed between the years. In 1956, the blocks read from the left: Date Received, Type of Payment, No. of Sets Ordered, Year Requested, Type of Shipment, Cost, Refund and Type (if any) and Amount Received. The information blocks in 1959 changed: Date Received, No. of Sets Ordered, Year Requested, Cost, Type of Payment and Type of Shipment. Note that Refund and Type (if any) and Amount Received were no longer necessary in 1959.
In both forms, an Order Number shows to the right of the information blocks.
But, look at 1959, it adds blocks for Insurance and Unnumbered where in 1956 there is a black mottled area.
The lower part of the form remains similar between the two with the typed address and a place of the Date Shipped to be stamped. In 1956, they used a larger stamp with black ink whereas in 1959 the date was smaller in blue ink.
At the lower edge, the red “Advice of Shipment” shows on both forms. In addition, the 1956 form includes fine print with “Printed by the Standard Register Co., Dayton 1, Ohio, U.S.A.”
Notice, too, that between 1956 and 1959, some elements of the information blocks were pre-printed where in 1956, they were all typed. In particular, the No. of Sets Ordered, Year Requested, Cost and Type of Shipment were pre-printed in red ink along with the Insurance block.
Isn’t it interesting to look at the forms from 50+ years ago and think about the technology (or lack thereof) available to do the printing and packaging of the proof sets.
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REMINDER – Coin Show August 8
The monthly Greater Atlanta Coin Show for the month of August is this Sunday, August 8. For guests, the bourse opens at 9:00 am and continues until 5:00 pm.
The show is located at the Holiday Inn Select on Chamblee Dunwoody Road just inside interstate 285. Click on location and directions for more information about the venue.
The bourse includes over 30 dealers with interests across the spectrum of numismatics including coins, currency and bullion from ancient to old to new. Visit the show to buy, sell or trade in your interests.
Reminder: several dealers have long drives or other obligations. They arrive early and leave by mid-afternoon. For the widest range of dealers and numismatics that match your particular needs, plan to come to the show early in the day.
We hope to see you on Sunday!
NEW – Yosemite Quarter
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Last week on July 29, the US Mint held an event at Yosemite’s Valley Visitor Center to announce the Yosemite Park quarter dollar as the third in the America the Beautiful series. Director Moy of the US Mint was joined by Don Neubacher, Superintendent of Yosemite National Park, Kevin Cann, Chairman of Mariposa County Board of Supervisors and Tom Bopp, Cultural Historian.
Just look at the beauty of El Capitan on the new quarter:
Did you know Yosemite means “among them are killers?” The word comes from the American Indian language and described the Ahwahneechee people.
In 1864, President Abraham Lincoln signed a bill granting Yosemite Valley and Mariposa Grove to the state of California. With help from John Muir and others, Yosemite officially became a national park on October 1, 1890. Now, 120 years later with over 3.5 million visitors each year, 95% of the park remains wild and free.
The new quarter includes one of the parks icons, El Capitan. From the National Park Service’s web site, “El Capitan is a favorite for experienced rock climbers. Rising more than 3,000 feet above the Valley floor, it is the largest monolith of granite in the world. El Capitan is opposite Bridalveil Fall and is best seen from the roads in western Yosemite Valley, including Tunnel View, Bridalveil Fall area, and El Capitan Meadow.”
Not included on the coin but also iconic of the area are the Giant Sequoias in the Mariposa Grove. Some of the beautiful trees in Yosemite are estimated at over 3000 years old.
The park boasts 1169 square miles or 747,956 acres of land. With 95% of the park designated as wilderness areas, that keeps over 710,000 acres protected from development. People can enjoy the hundreds of wild animal species and thousands of plants in their natual habitats.
John Muir said of Yosemite, “It is by far the grandest of all the special temples of Nature I was ever permitted to enter.” The park is known for its granite cliffs and monoliths, its waterfalls and clear running streams, the giant sequoia groves and the redwoods, along with the two rivers , the Tuolumne and the Merced, that run wild through the park.
To help visitors enjoy the park, there are 800 miles of hiking trails and 282 miles of road. But, in addition to nature’s beauty, the park also houses five historic landmarks in the form of hotels and lodges.
The new Yosemite quarter honors the park and serves as a reminder of the beauty nature offers.
More information about the coin and its release can be found on the US Mint’s America the Beautiful web site for Yosemite.
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The Friday Metals
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Here we go again…another volatile week.
First, there’s gold:
Next, let’s look at silver:
Then, there’s the rare and expensive platinum:
Last, there’s the also rare but not as expensive palladium:
Before proceeding, note that the charts end on Thursday. That will be important when you see the performance of platinum and palladium today, Friday.
These charts are very interesting. With the exception of silver, all of the metals saw their lowest point on Tuesday. Silver fell a little further on Wednesday before pulling back into a positive direction.
But, perhaps more interesting is looking at the overall trend for the 30 days. Gold and silver show more movement down for most of the time. But, look at platinum and palladium. They were volatile throughout the 30 days, but they’re ending the month on a 30 day high.
Let’s look at the closing numbers for today and the highs and lows for the last 30 days:
| 30 day high | 30 day low | Jul 30 Last | Difference between High and Low |
|
| Gold | $1,244.00 | $1,157.00 | $1,181.40 | 7.0% |
| Silver | $18.74 | $17.47 | $17.97 | 6.8% |
| Platinum | $1,560.00 | $1,499.00 | $1,569.00 | 3.9% |
| Palladium | $488.00 | $429.00 | $496.00 | 12.1% |
Both platinum and palladium end the day at a higher number than the last 30 days while gold and silver still lag behind earlier highs.
Next, let’s look at how today’s values compare to a week ago:
| Jul 23 Last | Jul 30 Last | Percent Change | Dollar Change |
|
| Gold | $1,189.70 | $1,181.40 | -0.7% | -$8.30 |
| Silver | $18.12 | $17.97 | -0.8% | -$0.15 |
| Platinum | $1,539.00 | $1,569.00 | 1.9% | $30.00 |
| Palladium | $462.00 | $496.00 | 7.4% | $34.00 |
Interesting. Gold and silver closed today at values below last Friday’s numbers, but after the Tuesday dip, platinum and palladium increased over last week.
Some claim that improvements in the automobile industry’s sales help drive the platinum and palladium increases. Due to their high heat tolerance, other industries use these metals as well. And remember, these metals are as difficult to find and mine as gold.
With the economic turmoil and the political upheaval of an election year, the metals will continue to be entertaining to watch.
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