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The Long Lost Double Eagles
Posted by: | CommentsA lot of controversy was created over a new found treasure: was it stolen or not? An American family discovered a treasure that had been lying around their house for years. Their grandfather seems to have bought the 9 Double Eagle gold coins just before Roosevelt decided to forbid people from owning large amounts of gold coins or gold bullion.
The Double Eagles are considered to be very valuable because they were minted back in 1933.The cause of the problems is that the coins minted in that year were never officially released by the government. Very few of them managed to make their way out of the federal vault. Only one coin of this kind has ever been sold in an auction. The amount of money it was sold at reached 7.6 million dollars.
The family took the coins to the United States Mint in order to be authenticated in 2004 but they had no clue what they were about to trigger. The Mint told them that the coins are genuine and then refused to give them back. What they claimed was that the grandfather had stolen the coins from the Mint back in 1930s.
After hearing the unpleasant news the family decided to go to court and there they have actually won an important ruling. The judge that presided the case ruled that they should be given the Double Eagles back or the Mint should come with hard evidence that the coins were stolen.
President Franklin Roosevelt decided to ban people from owning large amounts of gold coins or gold bullion but before this in 1933 almost half-million Double Eagles were minted. The decision was to melt all of these coins but somehow two of them managed to end-up at the Smithsonian Institute. Apparently these were not the only ones that escaped the meltdown
The police are now trying to figure out whether the jeweler was the legal owner of the coins or if he indeed had stolen them. Investing in gold or purchasing gold coins is no longer an issue these days. Economists advise us to diversify our portfolio and start investing in the precious metal.
Learn from professionals how to buy gold bullion in times of recession.
The New Gold Buyers
Posted by: | CommentsCentral Banks have started to buy gold following the example of the Indian Reserves Bank that bought 200 tons of precious metal from the International Monetary Fund last year.
India’s move determined the gold prices to climb up and stay there. India’s move triggered a trend among the Central Banks that have begun to buy large amounts of precious metal.Several countries are doing this. Russia, for example, has been investing in the glittering metal for 20 years and so have the Philippines and Venezuela. The important aspect is that they are buying the yellow metal from the local production, using local currency and thus adding to the reserves or selling it on the market. Whatever they do with the gold after purchase the bottom line is that they are investing in their own economy.
And the result is that for the first time in two decades the Central Banks have become buyers and not sellers. It is obvious that the Central Banks have become so interested in buying the precious metal because they were caught off-guard by the worst financial crisis since the great depression. China is the country that has made the most important investments in the yellow metal sector. The country has raised its reserves to 1.054 tons.
It has become clear that this precious metal has become an important asset that we must include in our portfolio. We should try to invest part if not all of our savings in the yellow metal because its prices cannot fluctuate like the prices of the paper currencies.
There are numerous ways in which one can invest in the glittering metal, from gold accounts to shares or even physical gold like coins or bars. Gold is and will be an important part of the economy and now it is rated at high prices so this is the perfect time to invest.
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