Gold Holds onto 7-Week Highs

Cassie Bastien

8/1/2017 12:41:14 PM

Daily Gold & Silver Market Report – 08/01/2017

“Market players looked ahead to a key batch of U.S. economic  data to gauge the strength of the world's largest economy and how it will impact the Federal Reserve's view on monetary policy,” which helped Gold prices stay above their seven-week highs, NASDAQ reported. that the U.S. is expected to release Tuesday saw the release of reports on personal income and consumer spending for June, as well as the Fed's preferred metric, the personal consumption expenditures inflation data. The Institute for Supply Management also published its manufacturing survey for July, along with data on construction spending and auto sales. Although the yellow metal ended Monday lower, it managed to hold its value and maintain the seven-week highs. Investing.com reports Gold logged a gain of 2.2 percent in July, its best monthly performance since February.

Has the First Silver Coin Minted by the U.S. Been Found?

After spotting a particular Silver coin in a 2013 catalog auction, David McCarthy figured it had to be one-of-a-kind. McCarthy, a senior researcher for the coin and collectibles firm Kagin's, said he noticed a few key indications the coin was something singular. “Its front features the all-seeing eye of God, surrounded by rays of light. The rays shoot out toward 13 stars - one for each of the colonies that had rebelled against Great Britain. A similar coin bore two words in Latin above the starburst: 'Nova Constellatio,' or 'new constellation' to describe the infant U.S. But this Silver piece bore no inscription at all. It was the first clue that the coin was something singular.” McCarthy essentially gambled his company's money to buy the $1.18 million coin at auction. CTVNews said “After nearly four years of late nights sifting through the papers of the Founding Fathers and studying the beading on the coin's edges, he is now making an exhaustive case that this Silver piece is indeed the first American coin, the precursor of what ultimately would circulate a decade later as the U.S dollar.” But how much is this coin really worth? American Numismatic Association President Jeff Garrett said the closest comparison was a 1794 Silver Dollar that sold at auction in 2013 for more than $10 million. However, coin values aren’t necessarily limited to their rarity or metal content, but more so it's history. How could a coin be worth millions of dollars? Garrett says, “It's because of the stories.”

At 1:41 p.m. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,276.60 Up $6.20
• Silver, $16.87 Down $0.02
• Platinum, $951.70 Up $10.00
• Palladium, $897.40 Up $6.00

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