DEMAND SHOULD RESUME IN CHINA – AFTER A PAUSE FOR "DRAGON BOAT" FESTIVAL THIS WEEK
Chinese markets are closed early this week (Monday through Wednesday) for the Dragon Boat Festival, so their gold markets will not be active, but there is a new series of gold exchange-traded funds emerging in China. Specifically, Huaan Asset Management and Guotai Asset Management received approval from the China Securities Regulatory Commission to launch gold ETFs denominated in the Chinese yuan. Like the similar U.S.-based ETFs, they will be traded as common stocks on the Shanghai Stock Exchange.
We all remember how gold demand took off in 2004 after the introduction of gold ETFs in America. That kind of surge could happen soon in China. Zhang Bingnan, secretary-general of the China Gold Association says that gold ETFs "should help boost gold demand as they will make Chinese investments in bullion much easier." Referring to fickle New York traders, he added that, "The dumping recently of holdings in gold exchange-traded products by overseas investors may not prove to be a wise move."
A "ROUBINI REBUTTAL" OR: WHY MOST ECONOMISTS DON'T UNDERSTAND GOLD!
It's usually a mistake to think that an expert in one field is an expert in all fields. Recently, we analyzed why Warren Buffett is a great stock picker but a lousy gold timer. He even "hated gold at $35" in the 1960s. There are many other examples we could cite. Last week, economist Nouriel Roubini, the famed "Doctor Doom," gave the world six reasons why he thinks gold will fall to $1,000 per ounce by 2015.
Here are his six reasons, in brief, and why we think he is all wet about a subject he doesn't understand:
Sandwiched between receiving an award, autographing copies of his book and purchasing gold coins to fulfill his customers' orders, America's Gold Expert® , Michael Fuljenz, recently was a keynote speaker at a special training course for Texas law enforcement personnel on the topic of investigating crimes involving rare coins, bullion and jewelry.
(Philadelphia, Pennsylvania) – America's Gold Expert, Michael Fuljenz, in Beaumont, Texas, set an unparalleled record of achievement at the World's Fair of Money in Philadelphia, August 7 - 11, 2012. He received another six prestigious industry awards, continuing a string of honors and accomplishments at these annual gatherings of the world's top rare coin and precious metals dignitaries…
Watch Mike’s FOX Interview Here: http://t.co/OJ5HGQH
Mike Fuljenz with Rep Lloyd Doggett (D-TX) and Rep Jimmy Hayes (R-LA)
I am urging coin collectors and investors nationwide to promptly contact their Congressional representatives in support of the recently introduced Collectible Coin Protection Act (HR5977).
I was among a half dozen of the country's numismatic leaders who met in Washington, DC on June 28, 2012 with Congressional leaders and staff members to discuss the importance of the proposed legislation to protect the public.
Most Americans take those words for granted today and assume they’ve always been part of our national fabric. Thus, many were surprised when the House of Representatives recently voted to reaffirm that this simple phrase is the official national motto. The story of the motto is an engrossing one, full of fascinating twists and turns…
KFDM-TV Channel 6 in my hometown of Beaumont,Texas recently did a Crime Stoppers story about a Texas dealer who reportedly paid only $16,000 for nearly $250,000 of coins sent to him by an 82-year old California woman. The interviewer asked me for consumer protection advice so other people can avoid encountering this kind of problem.
By Doug Davis - Numismatic Crime Information Center
The State of Texas has already arrested some out of state gold buyers for not adhering to new state requirements that were effective Jan 1, 2012. The Texas Legislative committee heard from coin dealer Mike Fuljenz whose expertise was invaluable during the drafting of the new legislation.