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Archive for June, 2010

Gold and Money Fair

By admin on June 27th, 2010

A series of exhibitions at the World’s Fair of Money in Boston, Massachusetts will include a number of rare gold coins. The event which takes place in August and is organised by the American Numismatic Association (ANA) will feature a complete set of 1874 Bickford patterns that were struck at the Philadelphia Mint.

Meanwhile, the Smithsonian Institution’s Good as Gold: America’s Double Eagles exhibition will describe the history of the $20 gold coin, which is the largest gold piece to circulate in the US, by displaying the first and last double eagles ever produced along with a 1907 Saint-Gaudens ultra high relief pattern.

The American Numismatic Association’s executive director Larry Shepherd said the inclusion of these items in the World’s Fair of Money “provides an exciting and informative experience to visitors by displaying spectacular numismatic objects in an entertaining and educational way”.

The organisation recently announced that the Ship of Gold exhibition featuring gold bars and other objects retrieved from the wreck of the SS Central America will also be included in the Boston event.

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How to take care of gold

By admin on June 27th, 2010

Everyone loves their gold. It depicts love, stability,individuality and hope. Whether it is bought by a loved one or by ourselves. taking care of it makes great sense as it obviously would make the gold retain it’s value. Here are a few tips to take care of your gold

First of all avoid chemicals. Chlorine is the worst opponent of Gold. Being exposing to chemical can lower the structure of the gold until in the end it is leading to breakage. So, you should keep away this kind of jewelry from chlorinated cleaning products. It is better to remove first your gold jewelry when you are doing household cleaning solutions but if you don’t like to you may use rubber gloves while doing this task.

If being exposed to chemical may weaken the structure of gold jewelry, being exposed to moisture, make up, perspiration and dust can lose the Gold luster as time passes by.
Putting your gold jewelry in proper storage is important like cleaning it. Protect it by placing it in a jewelry box wrapped in a soft cloth when you are not wearing it. Moreover, it is better to keep pieces of this jewelry in special boxes separately to avoid them from being scratched to one another.

Secondly, always check out for the weakness or damage of your gold jewelry. If you see even a small damage in it, go to your trusted professional jeweler. They are the one who can handle this problem and restore the brilliance of the jewelry for you.
Finally, To clean gold use ammonia. It is known to remove dirt and corrosion.

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Golden temple in India

By admin on June 6th, 2010

The Golden Temple is the most significant shrine of the Sikhs and it is also one of the oldest Sikh gurudwara. It is located on a small island in the center of a pool called Amritsar, India. Its golden color is due to the overlay of gold foil, and hence it gets its name as a Golden Temple. The idea of establishing this temple was initiated by the 4th guru of the Sikhs, Guru Ram Das which carries the meaning of city of the Sikh Guru. This temple was first established in 1601 and was rebuilt by the Sikh ruler, Maharaja Ranjit Singh in 1803. The 5th Nanak, Guru Arjan Sahib had conceived the idea of designing the architectural framework of the Golden Temple.

The Golden Temple is built on a 67 feet square platform in the center of the Sarovar (tank). There is a door in the East, West, North and South respectively, and the door flame of its arch is measured 10 feet in height and 8 feet 6 inches in breath. At the top is the golden dome. It is shaped like an inverted lotus. It is said to be gilded with 100 kg of pure gold. The architecture of the Golden Temple reflects a unique harmony between the Muslims and the Hindus and thus it is regarded as the best architectural specimens in the world. This architectural style has been used to create an independent Sikh school in the history of India. Unlike a traditional Hindu Temple where the devotees have to climb up to offer their salutations as the structure is built on higher level, Guru Arjan Sahib had it created on lower level than its surrounding ground so that it is accessible to every person to offer homage to this holy shrine irrespective of his or her caste, creed, gender, race, color and religion.

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El Dorado- The city of gold

By admin on June 4th, 2010

El Dorado (Spanish for “the golden one”) is the name of a Muisca tribal chief who covered himself with gold dust and, as an initiation rite, dived into the lake Guatavita. Later on, it became the name of the legendary “Lost City of Gold” that has fascinated and has eluded explorers since the days of the Spanish Conquistadors.

Imagined as a place, El Dorado became a kingdom, an empire, the city of this legendary golden king. Deluded by the legend, explorers like Francisco Orellana and Gonzalo Pizarro have failed to find this city which continues to be only a legend. El Dorado is applied to a legendary story in which precious stones were found in fabulous abundance along with gold coins. The concept of El Dorado underwent several transformations, and eventually accounts of the previous myth were also combined with those of the legendary city. The resulting El Dorado enticed European explorers for two centuries, and was eventually found to be in Colombia.

Numerous legends and stories have been written about it , Hollywood too seems to be in love with this “Golden City”. The recent Indiana Jones movie was based on the legend surrounding this golden city.

The city of gold continues to fascinate and elude people up to this day. The legend of El Dorado endures because “you want it to be true,” says Jose Oliver, a lecturer at the Institute of Archaeology at University College London. “I don’t think we’ve ever stopped seeking El Dorado.”

So where is this lost city of gold? In his 1849 poem “El Dorado,” writer Edgar Allan Poe offers an eerie and eloquent suggestion: “Over the Mountains of the Moon, down the Valley of the Shadow, ride, boldly ride…if you seek for El Dorado.”

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Gold Price rises in India

By admin on June 3rd, 2010

India has the largest gold market in the world, but the domestic production of gold has been negligible all these years. The country produces about two tonnes of gold annually.Till 1991, practically all gold import to India was through smuggling!

Even though millions of Indian people live in poverty, India is the world’s largest consumer of gold. Not just a luxury for the rich, every family acquires and gives gold on special occasions. From a bride’s wedding ornaments to a baby girl’s first gold earrings or the gold grain placed in the mouth of a deceased loved one, gold is the touchstone of status and security in Indian culture.

The perpetual demand for gold, which India does not produce on a large scale is a major drain on the economy. Higher incomes, thanks to economic reform, have boosted the demand, but a drop in gold production around the world has forced prices up and high duty on imported gold has Indians turning to smugglers to satisfy their obsession.

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Unallocated and allocated gold

By admin on June 2nd, 2010

Gold has always been compared to cash. It has been used as money before the invention of paper money and also in trade though it is mostly considered a currency.

Regardless of how we categorize, gold is often considered as a currency. Here are some of the misperceptions about gold relative to cash.

Defining Gold Deposits

When gold is compared to cash, most people don’t realize that there are two main different ways of holding gold bullion in a bank account: (1) allocated gold and (2) unallocated gold.

Allocated gold is gold owned outright by an investor and is stored, under a safekeeping or custody arrangement, in a professional bullion vault. It is the property of the investor.
Allocated gold differs profoundly from unallocated gold which is the property of the bank.
Because allocated gold is not the bank’s property its owner is considered safe from the bank’s insolvency.

Unallocated gold is the most widely traded form of gold in the world. It hides a way of advantaging the provider – usually a bank – by subjecting buyers to a risk they will frequently remain unaware of until it is too late. The widely quoted ‘spot price’ refers to this unallocated gold, and they may sound cheap but in truth are very risky and expensive in the long run

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Rise in Gold prices

By admin on June 1st, 2010

Due to the fear about the hurricane season which influences the cost not just of oil, but of commodities such as natural gas, gold prices have started to climb up. The US government said that the hurricane season, which begins on June 1, could be “one of the most active seasons on record”.

At the time of this writing, gold prices have almost reached record prices. The price of gold, at $1215 per ounce, is up 10.7% thus far in 2010, and is set to rise for a remarkable tenth consecutive year. While the gold price rose 3.0% this past month, the Dow Jones Industrial Average posted its largest decline since 1940, falling 7.9%.

Silver prices though have not done so well as it’s prices fell by 2%. Even platinum prices fell down by 10%.

So happy gold selling !!!!

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