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China adds to gold holdings

The China syndrome; gold broke its $925 to $930 support level and plunged to $915 only to rebound to within $4 of last week’s level on news that China is continuing to add to its central bank gold holdings, now the sixth largest.

One of its economic advisers stated China is better off buying gold and land in America instead of holding more dollars.

Silver and platinum are down on poorer economic news and lower oil prices at only $68/barrel. This will continue to be a choppy road but remains long-term positive as we continue our addiction to foreign oil and wasteful spending. Numismatic proof is shown in higher levels of numismatic gold premiums, which have increased over the last three weeks.

There continues to be a major influx of counterfeit U.S. coinage coming into this country along with those counterfeit Rolex and Gucci watches. The greatest amount comes in through eBay and similar venues. This is having the effect of holding down values on certain type coins such as Bust dollars, Seated dollars and Trade dollars.

Conversations I have had with insiders indicate that up to several thousand items have been removed from eBay in a single day as highly questionable. Know your supplier and beware of bargains; even in this economy good coins don’t go cheap.

Email harrymkrause@optonline.net.

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