Gold Clings to $1300 on Technical Selling
Posted by Brian Ford on November 05, 2013
The gold spot price is close to falling through the $1300 floor due to some technical selling. The selling taking place this week appears to be evenly split between derivatives investments, gold bullion investments and certified gold coin investments, but the three segments of the gold market are experiencing sell-offs for different reasons.
Gold derivatives, such as ETFs, saw more shedding in October than in August and September combined as investors leery of government intervention into paper-based markets withdrew funds. Although GLD executives and members of the World Gold Council have downplayed the selling, GLD and other ETFs are at or near their lowest levels in years.
Gold bullion owners haven’t been doing as much selling as they have trading, according to reports from many U.S. gold bullion dealers. Gold and silver have been rather stagnant for much of 2013 but the growing rumblings of a bullish silver cycle that could significantly shrink the gold/silver ratio has motivated some investors to shift their focus from gold to silver.
The certified gold coin market has been somewhat tumultuous since gold’s initial large drop in April. Bargain-hunting has been the norm for the last couple of months but with gold above $1300 and the certified gold coin market trend now in line with bullion, some coin dealers are experiencing an overwhelming number of clients who want to sell their PCGS and NGC gold coins. This has forced prices of some coins lower, though analysts believe that prices should rebound in the coming weeks if the heavy selling slows and if gold can maintain an above-$1300 spot price.
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certified gold coin, certified gold coins, etf, gld, Gold Bullion, gold investment, gold spot price, World Gold Council
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They were particularly helpful when dealing directly with my current custodian and getting funds rolled over. Pat and Mary have been courteous, personable, and very professional working with me and even helped with questions outside the immediate business at hand. I have already referred friends to CGE and will continue to do so. Pat and team are very knowledgeable and professional! Customer since 2005. Professional, courteous, and helpful. CGE walked me through the process and provided the best prices available with minimum costs. Excellent service. What super service I received from the Certified Gold Exchange precious metals IRA team. Wow is all I can say! I had a large amount of coins in a gold and silver IRA for many years and decided to sell. I spent just about a whole day talking to several metals dealers about purchasing my metals. Call after call I did not feel good about what I was hearing with these dealers so I called the company that helped me set the gold and silver IRA up. Their name is Broad Financial LLC. I explained the problem I was having with finding a buyer and they said that is common in the industry. They told me to call the Certified Gold Exchange, Inc in Fort Worth, Texas. I spoke with Mr C there and was impressed that their quote was above the spot price (because I was hoping to get the spot price). They explained that American Eagles buy back at over spot and I said not with all the other dealers I called. I shipped the metals to their New York depository following the Certified Gold Exchange's instructions. Candace at CGE tracked the package every step of the way and I was updated along the way. Then when my metals arrived at the Certified Gold Exchange depository they told me that several of my coins were actually American Eagle Proof coins, not the bullion version I thought I had. They increased their original quote by $3000.00 dollars! Shocking that a company would be so honest because they could have just sent the original amount and I would have been happy. Needless to say I will never deal with a different metals dealer except the Certified Gold Exchange. Their gold IRA team is the best by leaps and bounds. I highly recommend Candice, Mr. C and the CGE team to any one looking to buy or sell metals with a great experience. Americans trusted source For Gold is not just a tagline with these folks. After searching and checking out different metals companies, I decided that Certified Gold Exchange Inc. was my choice. They have exceeded my expectations and made my IRA rollover easier than I thought.You can be very confident by the way every step was handled (very professional).So kudos to the whole TEAM and thank you I had a very good experience with Certified Gold Exchange and I highly recommend anyone considering a IRA Rollover into precious metals, talk to David White at Certified and do business with them. They are honest and will have your best interest as their concern.. David took care of my needs completely with honest and fair pricing. I shopped around and decided on Certified. Thank you David and Pat for educating us on the gold and silver markets. Pat especially helped us thru our first purchase of silver. So glad I found CGE! Although, they don’t do business in my state, David White was so kind to take the time out of his busy schedule to educate me on precious metal investing. His advice was extremely valuable which saved me a ton of money. I would definitely recommend and refer any of my friends or family members interested in investing in precious metals in their service area. So thankful for David and this company! My experience so far with Certified Gold Exchange was all very positive. Everything went smoothly and P. Collins was awesome in helping us navigate through the process. I called Certified Gold Exchange to get information on a crypto currency IRA. I had a ton of questions and Steve not only answered all of them but also informed me of many things I had not thought of.I decided to invest $60k and in just three months it's over $120k! Not only that, the team at Certified Gold Exchange has excellent customer service.I highly recommend them. Philip with the certified gold exchange was incredibly helpful in helping me to setup a Cryptocurrency IRA. He knew exactly what questions to ask my existing custodian to make the rollover as seamless as possible. 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This was the 3rd company I called and by far the most professional. Thanks Patrick for the great service! Thank you for donating 16 bibles for our foster children at Albuquerque Christian Children's Home! This is a wonderful company with a heart for ministry. I was interested in doing a gold IRA rollover and contacted several firms after researching on the web. Certified Gold Exchange's website had the most useful information by far compared to other firms. Their representatives have been a pleasure to work with--professional, answered every question I had, and I'd recommend them to anyone looking at a gold IRA rollover. I am a Certified Financial Planner, and Certified Gold Exchange has helped us purchase gold for 16 years without a hitch for our clients and at excellent prices. We couldn’t be more satisfied! My husband and I were thrilled with the service we received at Certified Gold Exchange! Shipping our gold to us was quick and very simple. So happy we did not have to pay for the TV advertisements with celebrities like so many of the other precious metal companies. We will be buying again from CGE! Certified Gold Exchange, Inc. is a highly professional firm that was a pleasure to do business with. It provides fast and accurate service. The firm went out of its way to be helpful on a number of key issues. I highly recommend them. I was extremely lucky for several reasons to have called the Certified Gold Exchange, Inc. when I was ready to sell my gold and silver coins. When I called the firm, Liam on the service desk explained that they scan hundreds of gold dealers to get me the best price. That was very comforting.When I spoke with coin dealer David White, he was able to give me a quote in 3.5 hours. He also explained the importance of shipping my coins via registered mail with the Post Office. David said that the Post Office requires a registered box to be sealed with brown paper tape to prevent tampering. David emailed me links to sites that showed the right tape to use and how to seal the box. He called several UPS stores in my neighborhood to try to find the tape for me. In the end, I bought the tape from the Post Office. David explained that while Fedex and UPS would ship the coins, since they are not allowed to ship gold or silver, I would have no recourse if my coins were lost. David even gave me his home number so I could reach him after hours if necessary.My experience with Certified Gold Exchange, Inc. stands in stark contrast with how two other coin brokers responded. The firm from which I had bought most of my silver coins never called me back. On November 13 when I called the broker from whom I had bought most of my gold coins, I couldn't get through on the phone. So, I emailed them and it took 5 days for them to respond! The broker didn't give me a quote until December 2 -- and then only for some of the coins! He said he would tell me what they would pay for the other coins after I shipped them!In addition, that broker explained that one of their customers had lost all their coins valued at $22,000 because the box was tampered with and they had failed to insure them for the full amount. However, I knew by then that if the firm had told the customer to ship the coins via registered mail as Certified Gold Exchange, Inc. does, the box could not have been tampered with.So, Certified Gold Exchange, Inc. is the only gold and silver dealer I recommend. The level of service is truly remarkable. What do you do with what little you have to put away for the future? After my divorce 16 years ago, I decided I needed to find an IRA and invest my children's money into something that would retain and grow in value through the years. 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Certified Gold Exchange is the best metals company in the US hands down! It's not always the case with precious metals dealers but the Certified Gold Exchange hires the best advisors in the industry and this is the reason for their outstanding reputation. We have purchased from several dealers and hands down these guys have been the best. Above and beyond are the words I would use to describe their service. You will not be disappointed if you have been on the fence about buying! Working with Certified Gold Exchange has been a great experience. The Certified Gold Exchange staff are very very good communicators and clearly have a lot of experience. Anytime we had a question or needed anything from them they responded the same day, if not the following morning. I would recommend working Certified Gold Exchange. Hands down great communicators and great business people. 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