University of Texas May Buy More Gold
The Wall Street Journal headlined the fact that "Gold U." (Texas) has suffered from a drop in gold prices due to its $1.1 billion holdings in gold for the University of Texas Investment Management Co (Utimco). Chief executive of the fund, Bruce Zimmerman, began buying gold futures at $950 per ounce in 2009 and says he may buy more gold at today's lower prices: "Utimco is holding tight to its stash of the metal and even is thinking about buying a bit more." Even with the recent price decline, Utimco's gold positions are up a net 17%.
Record Gold Sales at Perth Mint
With gold prices taking a licking and gold-bashers in the media having a frisky romp at the yellow metal's expense, it would be easy to get the impression that nobody wants gold anymore. Gold sales for the Perth Mint of Australia proves that's not true.
In April, when the gut-wrenching plunge in gold shocked the markets, the Perth Mint hit record-breaking sales for gold bullion products as the low prices ignited vigorous consumer demand to own the physical metal. Silver bullion sales also surged to the highest level in six months.
Federal Debt is Not Suddenly "Under Control" After One Good Month
Last week, it was announced that a federal budget surplus in April (the main tax-filing month) was the best in years, pushing the projected deficit for this fiscal year (ending September 30) to just $642 billion, down 50% from a record-high $1.3 trillion in President Obama's first two years. That's good news, but the $642 billion is still much larger than any federal budget in history, before 2008, and shrinking deficits rely on super-low interest rates, which keep the service costs of the Treasury's $16 trillion in debt so low.
Right now, the political waters in Washington are more partisan than ever, due to arguments about the Benghazi hearings and the IRS' targeted persecution of Tea Party organizations, AP and Fox reporters. If a debt renegotiation had to happen, we would likely see more political stone-walling than in 2011, when stocks (as measured by the S&P 500) fell 21% while gold rose 29%. Nothing has really been solved since then, with the U.S. debt burden still growing, so we could see another budget showdown in 2013. Gold will likely rise if we see the government in Washington implode again, as in mid-2011.
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.