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  • Rare gold coin becomes a lifesaver for church looking to expand

    CHICAGO -- A rare coin is helping change the future for an Indiana church.

    The mystery person does not want the recognition for her good deed, but she did talk with CBS Chicago.

    Piles of dirt and construction equipment will eventually be replaced by worship and song.  

    The $3.5 million plans for GracePoint Church include an auditorium for more than 500, a kid’s center and a lobby.

    Pastor Ben Lamb said his congregation was outgrowing the space at a nearby elementary school and they needed $300,000 to secure a building loan.

    And then a kind of angel showed up.

    A woman provided the money with a single coin: an 1866 Double Eagle $20 dollar gold coin, a one that was never in circulation.

    The donor -- asked not to be identified by name -- said her late husband was an avid coin collector and bought it decades ago for $125,000. These days, at auction it could go for $300,000 or more.

    The woman downplayed her gift.

    “I have a roof over my head, I’ve got food in my mouth. I can get by just fine. I’m not looking for wealth. I’m just looking to be comfortable,” she said.

    The coin goes up for auction April 27 in Schaumburg located in a suburb in northwestern Chicago.

    This was found at msn.com

     
  • Kitco News: No Time Like The Present To Own Gold - Mad Money's Jim Cramer

    (Kitco News) - With geopolitical tensions rising now is the time to have a strategic allocation in gold, according to Jim Cramer, host of Mad Money and co-founder of TheStreet.com.

    According to some analysts one major factor that helped gold break through near-term resistance and soar to a new five-month high is because of growing geopolitical risk, with investors search for safe-haven assets. In particular tensions are rising among China and North Korea after a U.S. Navy strike group was sent to the area and following tweets from President Donald Trump..

    The TV personality and former hedge fund manager, said Wednesday that he likes gold in this environment.

    "If you're going to talk about North Korea and put it on the burner and put it in a Twitter comment about how North Korea has to watch it [as Trump recently did], then suddenly what you're going to see is something …-- which is that gold is much more attractive than people realize," Cramer said in an interview with TheStreet.com.

     "I have to tell you, I've always believed that people should own at least 10% of their assets in gold," he added. "There is no time like the present to buy gold."

    June gold futures last traded at $1,276.40 an ounce, up 0.17% on the day.

    This was found at Kitco.com

     
  • Kitco News: In 50 Years, This One Reason For Owning Gold Hasn't Changed

    Kitco News) - 50 years ago, one of the world’s then largest gold mining companies conducted comprehensive research into the gold market to gauge its supply and demand outlook. Since then, that report has developed into the GFMS gold survey, run by a group of analysts led by Rhona O’Connell.

    In an telephone interview with Kitco News, she noted that like all financial markets, gold is like a living organism so it’s not surprising that it has evolved over the last 50 years; however, she said what hasn’t changed in a millennia -- let alone the last 50 years -- is the fundamental reason people own gold: it remains a store of wealth and insurance against risk.

    “Gold is the only non-fiat currency in the world. It has always been a hedge against risk,” she said.

    While the end of a global gold standard was a major event seen in the gold market within the last 50 years, O’Connell noted that gold has still played an important role stabilizing nations’ currencies, reinforcing its role as a monetary metal. To illustrate, O’Connell highlighted South Korea in the late 1990s when the country collected almost 10 million ounces of gold from its private citizens to support its currency during a major financial crisis. This only worked because gold has always been seen as a store of wealth, she added.

    While gold’s role as a store of wealth hasn’t changed in the last five decades, O’Connell said that probably the biggest change has been the transparency in the market, in part because of GMFS’ survey. When the survey was first being developed, central banks were reluctant to reveal just how much gold were part of official reserves. That data is now released on a monthly basis by most countries.

    She added this growing transparency among central banks has been key to long-term stability in the market as it has led to more coordination and the development of central bank gold agreements, where central banks have agreed to limit and control the sales of their gold reserves. This stability has made gold a sought-after investment from all types of investors.

    In the investment sphere, O’Connell explained that the market’s growing transparency has helped to create new products like gold-backed exchange traded funds.

    “You can now see on a daily basis what is happening in the gold market and how it is flowing around the world,” she said. “It is now to the point where because you can see where the momentum is, ETFs have often been price makers instead of price takers,” she added.

    As to what the future holds for the gold market, O’Connell acknowledged that there has been a significant market shift, with gold flowing from western nations east-ward; however, she added that she expects London to remain the central hub.

    “I think London will remain as the prominent gold market because of its location. Because of the time zones, London can talk to the Far East and North American markets.”

    Although she expects to see growth for the gold market in Shanghai, Dubai, Singapore, she said the market may be too small compared to currencies and bond markets to sustain the continued growth.

    As to whether or not gold can be replaced with non-fiat digital currencies like bitcoin, O’Connell said that she thinks it is unlikely as gold’s physical appeal makes it the ultimate safe haven.

    “It’s already got 3,000 years of history and that is a lot of history out there. There are millions of people out there who will buy physical gold because they specifically see it as a store of wealth,” she said.