We recently received a bad review from a client who was upset that we didn’t pay full spot for a 1 ounce Krugerrand. In my interaction with this client surrounding his review it became very clear that he had a warped understanding of what we routinely refer to as the “spot price” and how that number impacts the precious metals trade as a whole. That disconnect lead me to the idea for this blog post…
Is the gold correction over?
The gold business is a funny thing. We wake up in a new world every day. Gold is up, now it’s down. We rinse and repeat this cycle nearly every day of the year and hundreds of times throughout the day and night worldwide. Add to that chaos the fact that everybody is a “gold expert” and you have a global tug-of-war. The “experts” are fighting to control the perceptions of any investor who would even consider gold in their portfolio. And have no doubt that there is a big fat black line dividing the gold bugs and the naysayers.
Nearly 300 gold coins discovered nearly 300 years after the famous 1715 Plate Fleet shipwreck are now coming to the market.
The coins are worth an estimated $1 million or more, according to John Albanese, who brokered the deal between the salvors and the firms now selling the coins.
More than 200 of the coins were found July 30 and 31, 2015, the 300th anniversary of the hurricane that drove 11 of 12 ships to the floor of the Atlantic Ocean.
The treasure was found in only six feet of water just 100 feet from the beach in Vero Beach, Fla., by salvors working for 1715 Fleet-Queens Jewels LLC.