White Diamond Record

A white diamond the size of a small egg sold for $30.6 million at a Hong Kong auction. The twice-yearly ritual in the southern Chinese city draws wealthy collectors from mainland China and other Asian countries and has made the city one of the world’s busiest auction hubs.

The “flawless” white oval diamond, mined and cut two years ago, was hammered down for $27.3 million, just under the low end of the $28 million to $35 million estimate range set by Sotheby’s. Total price including commission came to $30.6 million.  That was more than the previous record of $26.7 million for a white diamond set in May at Christie’s in Geneva.

The stone, which weighed 299 carats when it was found in the rough in 2011, is the largest and most significant such diamond graded by the Gemological Institute of America. Sotheby’s says it was discovered in southern Africa but won’t name the country because the seller wishes to remain anonymous.

But the results should not be taken as an indicator of how wealthy Asians are being affected by economic trends such as China’s slowdown. That’s because such stratospheric prices can only be afforded by the super rich, who he said are mostly immune from such fluctuations.

The world record price for a jewel at auction was set in 2010, when London jeweler Laurence Graff paid $46 million for a “fancy intense pink” diamond weighing 24.8 carats. That record could be blown away in November, when Sotheby’s puts a pink 59.60-carat diamond on the block that’s expected to fetch more than $60 million in Geneva.

Diamond prices steady and rock solid

Diamond prices throughout the summer have remained as steady as a rock.  Many experts speculate that this should continue throughout the summer months and into the fall.  Meanwhile, gold and silver continue their swings throughout the summer months, and there is a lot more questions about what will happen to these precious metal prices in the future.

Spot Price Drop

Recent price drops to the value of gold have resulted in a surge of buying worldwide for precious metals.   These drops were record drops not seen since the early 1980's.  Many experts believe that the recent price drop was a result of speculative gold traders operating in future markets, which was in sharp contrast to long term gold investors who are now buying the metal at record pace.

Therefore, a significant amount of buyers are viewing this as an opportunity to buy gold at prices not seen in recent years.  In many countries, buyers are now willing to buy $26 per troy ounce over London Fix spot price.  This bullish attitude has led to shortages of both gold bars and coins in Dubai, among many other international markets.

Boston Marathon

Sending our thoughts and prayers to everyone effected by the recent tragedy in the great city of Boston.  

PT - Platinum

Atomic Number: 78

Atomic Weight: 195.084

Melting Point: 2041.55 K (1768.4°C or 3215.1°F)

Boiling Point: 4098 K (3825°C or 6917°F)

Density: 21.46 grams per cubic centimeter

Phase at Room Temperature: Solid

Element Classification: Metal

Period Number: 6    Group Number: 10    Group Name: none

Gold prices remain steady to start week

Gold prices remained little changed to the start the week of trading on Monday morning. Prices continue to hover around $1,600 per ounce.  Last week, due to heightened fears about the economy of Cyprus, gold prices hit a three-month high of $1,616 per ounce.  Yet most of the fears of the market crashing in Cyprus have subsided drastically from a week ago. Beyond Europe, there are still a number of other factors for investors to create demand for bullion this week. North Korea has recently threatened to attack the U.S.  Furthermore, traders and investors are awaiting Friday’s release of the U.S. employment report, which is one of the most important U.S. economic reports this month.  

100 ozt Silver Bars

Here is a picture of three All-American Silver bricks.  Talk about a house made of gold: or rather silver.  We are proud to have been handling a lot of precious bullion for our customers in 2013, including a significant number of 100 troy ounce silver bars as pictured below.  Enjoy!

Bullish gold prices move above $1,600

Gold prices increased early Wednesday on the U.S. trading market. Prices increased to over $1,600 an ounce due to gains in for the American dollar and American economy.  These factors lead to a positive outlook for traders with precious metals, and resulted in financial gains for gold bullion.

Gold prices have also rebounded due to a positive outlook on the financial status of Europe after the recent Cyprus bailout.  Yet some investors are understandably concerned that the bailout in Cyprus could lead to future bailouts in other European countries.

Further, on Tuesday, the International Monetary Fund (IMF) said that the international central banks continued to add to their holdings of bullion in last month. Russia’s central bank increased its gold reserves for a fourth straight month, while Turkey’s central bank remained positive with precious metals and increased its bullion reserves as well.

Gold is on track for its first monthly increase since last September.  However, many signs of future growth point to the metal most likely having its first back-to-back quarterly losses since early in 2001.

Worldwide Gold Trading

For the second straight week, Gold moved upward today.  Recent market uncertainty regarding the US dollar and markets combined with traders excitement for precious metals prices has allowed the growth of gold throughout the globe.  Economic data is expected to be released later today on the consumer price index, industrial production,and international capital data.  This will have a key impact on gold prices coming into the weekend.

According to the World Gold Council, central banks are continuing to put their reserves in gold at the highest levels since 1964.  However, this is countered with the fact that two major global buying countries, China and India, both had gold buying levels down throughout the past week.  Of course, this was after the buying spree of last month during the Lunar holiday new year.  Later trading throughout this afternoon will better illustrate the overall feeling of the worldwide precious metals market heading into the weekend.

The "Four C's" of Diamonds

Diamonds have four specific characteristics which are evaluated when assessing their value.  These are typically referred to as the "Four C's" of diamond values: cut, clarity, color, carat weight.  Certification is often called the "Fifth C" of diamond value.

Cut is the most challenging of the "C's" to evaluate and understand.  Only a well trained and discerning eye can properly evaluate the nuances of cut.  Cut has a major impact on the brilliance of the diamond.  Clarity is based on the evaluation of the inner flaws of the diamond which are a result of the formation process.  The less flaws that a diamond contains results in more brilliance and hence value for the stone.  Regarding color, diamonds which are colorless allow the most light to reflect through them, as compared to lightly colored diamonds which absorb small amonts of light.  Typically, the less color a diamond contains the more its value rises.   Carats are simple: the bigger the carat, the bigger the size.  Obviously as diamonds grow in size the their value grows as well.

A certification, sometimes referred to as a grading report, is often referred to as the fifth C.  Diamonds which have gone through the certification process are called "certified diamonds."  The grading report of a certified diamond is a document made by a certified expert in the diamond industry.  It lists the different characteristics of the diamond which have been evaluated by the certifier.  There are numerous organizations which complete the certification process, with some being more more respected then others.

We invite you to the Charleston Gold Store for any diamond questions or needs that you may have.  We are proud to only work with the most respected diamond experts in the industry, and are happy to offer numerous diamond services to our respected clients.

US Constitution Article 1, Section 10

"No state shall...make any Thing but gold and silver Coin a Tender in Payment of Debts."
- US Constitution Article 1, Section 10

1964 - A turning point for US Silver Coins

Starting in the year 1965, President Lyndon B. Johnson decided to eliminate the production of 90% and higher silver dimes, quarters, half dollars and dollar coins. He decided to update all dimes and quarters to have no silver content, and change dollars to include 80% silver content on the outside of the coins and 19% on the inside of them.  Thereby, 1964 was the last year in a landmark era for US currency.

  

President Johnson did this because silver demand twice outweighed silver production.  This had a profound impact on the history of American currency, and forever altered the fate of Silver in American coins.

DOW Jones Industrial Average

The prices of gold and precious metals remained strong worldwide through wednesday's morning trading. Gold stayed about $1,580 per ounce, amid surprisingly sharp gains for the American economy.  The American economy soared due to the implementation of this week's drastic cuts of fiscal spending by the government.  

This had a surprising and sudden impact on the DOW Jones Industrial Average: bringing it to all time record highs wednesday.  Typically, a rise in the DOW will trigger a lowering of precious metals values.  However, Wall Street' traders remained bullish that world wide banks would continue to have very liberal monetary policy helped the value of gold remain at very strong levels.  

Worldwide Gold traders are now eagerly awaiting thursday's meetings by the European Central Bank and the Bank of England, as well as friday's official U.S. jobs data.  Until then, experts believe that gold will remain relatively consistent without any significant gains or losses.  The value of precious metals awaits the results of these upcoming reports.  

Welcome

Welcome to the Charleston Gold Store blog.  We look forward to keeping you updated on everything gold, silver, coin, and jewelry related.  Happy collecting!