It seems like nearly every day this summer, the price of gold hits a new high. Today is no exception. Not surprisingly, criminals around the world are starting to take notice. First, from Stuart Pfeifer writing in the LA. Times:
So far this year, gold chains have been snatched from the necks of at least 110 people during street robberies in Olvera's South Los Angeles division. His officers are circulating fliers and showing up at churches and community centers to warn residents to stop wearing gold in public, or at least to tuck it under their clothes.
The price of gold has hit all-time highs recently, touching $1,800 an ounce as the stock market swooned last Wednesday. But there's another commodity that's enjoying an even bigger bull market these days: rhino horns. According to a recent study by Kenya-based ivory expert Esmond Martin, and his colleague Lucy Vigne, the ivory trade is hotter than ever, fueled by booming demand in China, where it is coveted for its supposed medicinal purposes. The study found that the number of ivory items on sale in southern China has more than doubled since 2004. And most of it is traded illegally.
The Dodd-Frank reform bill includes a provision that prohibits companies from using conflict minerals (gold, titanium, tungsten), the mining of which yields profits that have financed wars in the Congo.
We've had some old unwanted gold jewelry lying around for a long time. With gold at $1,237 per ounce, we figured it was time to sell it. We are a living movement up the supply curve of gold.
I'm watching Deadwood, the remarkably well-written HBO series of a few years ago. In Episode 16, several wealthy townspeople, including the hotel owner, are spreading rumors that the gold field claims will soon be voided.
Germans may soon be able to purchase gold in vending machines at the country's airports and rail stations. It is said that the machines will charge a 30 percent premium (!) and prices will be updated every few minutes. Gold has generated significant investor attention, particularly in Germany, since the financial crisis hit.