Each state in the U.S. is unique, with different economic prospects and opportunities available to its residents.
For example, in a state such as New York, there is a surplus of high-paying jobs available in tech and finance sectors. Meanwhile, in places like North Dakota and Alaska, there is an incredible endowment of natural resources that help create an opportunity for the people living there.
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The third quarter saw a 9% year-on-year (y-o-y) drop in gold demand to 915 tonnes (t). Year-to-date (y-t-d) demand was down by 12%.1 ETFs had another quarter of positive inflows, but at 18.9t, they fell far short of the 144.3t influx in Q3 2016. A softer quarter in the jewellery sector (-3%) accounted for 17t of the y-o-y decline. Demand from other sectors firmed: central banks bought a healthy 111t of gold (+25% y-o-y) while bar and coin investment strengthened by 17% (to 222.3t), albeit from a low base.
Millions, billions, and trillions…
When we talk about the giant size of Apple, the fortune of Warren Buffett, or the massive amount of global debt accumulated – all of these things sound large, but they are actually extremely different in magnitude.
That’s why visualizing things spatially can give us a better perspective on money and markets.
Even today, with all the technology of the modern world, the minting process is not perfect. Frequently, a mint will commit errors in the minting process. These are referred to as “mint-made errors.”
Note that in numismatics, the term “variety” typically refers to types of coins with both intended and unintended characteristics. On the other hand, an error is almost always and unintended consequence of a minting process. There are three basic categories of mint-made errors: Strike errors, hub-and-die errors, and planchet preparation errors.
In the 1780s, the economy of the nascent United States suffered from a lack of circulating coinage. As the US Mint had not yet been established, some states contracted with private enterprises to produce copper coinage. Ephraim Brasher, a skilled gold, and silversmith in New York City petitioned the State of New York in 1787 with a proposal to produce copper coins for that state. His proposal was rejected, but soon after Brasher produced a handful of pattern coins in gold. It is still unclear if they were truly pattern coins for the proposed copper coinage or simply privately-minted gold coins. Either way, “Brasher’s Doubloons” have become some of the rarest and sought-after coins in American history.
The U.S. economy is massive on a global scale, and much of the country’s economic capabilities can be traced back to the innovation, knowledge, and productivity that tends to be clustered in urban areas.
The fact is that 80% of Americans live in cities – and the 10 largest metro areas alone combine for a whopping 34% of the country’s total GDP.
It may have taken over a century, but Augustus Saint-Gaudens’ vision for the $20 Double Eagle coin became reality in 2009.
The story of the 2009 Ultra High Relief Gold Coin actually began back in 1907, when President Theodore Roosevelt examined the Smithsonian Institution’s collection of Greek and Roman coins. Roosevelt was impressed by how the ancient coins were struck in extremely high relief. The coins’ design elemetals were boldly raised, which imparted a stunning visual effect. Roosevelt believed that America’s coinage was quite plain and uninteresting by comparison.
Though the early United States was theoretically on a bimetallic standard – with both gold and silver legal tender – the actual use of gold and silver coinage fluctuated with the prices of those metals. The California Gold Rush of the late 1840s brought a great deal of gold onto the market. This increased the price of silver relative to gold, and much American silver coinage was exported or melted during this period.
A-Mark Precious Metals, Inc.(NASDAQ:AMRK), (“A-Mark”), a full-service precious metals trading company and an official distributor for all the major sovereign mints, has entered into an agreement to be the exclusive distributor for the Texas Mint, a division of Texas Precious Metals (“TPM”). The catalog of Texas Mint products, including gold and silver rounds and bars, will be sourced, manufactured, and distributed through A-Mark’s vertically integrated subsidiary businesses.