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Posts Tagged ‘Kitco.com’

Kitco.com has been my primary resource for precious metal price quotes in the past few years.

However, yesterday, Bob Chapman, The International Forecaster, on his appearance on Radio Liberty with Dr. Stan Monteith, pointed out that Kitco’s numbers have been too frequently erroneous over the years.

At 50:24, he states:

Kitco’s notorious for putting out false information. I mean, you’ll go to another site, and you’ll get gold up $10, and you go to Kitco, and they got it up 50 cents. And that stays on for a long time — they don’t just change it. So, there’s no updating. And often, many times, I have found them to be untruthful about the things that they’ve put up.

On May 19, 2010, I noticed that their reported low for silver on their main http://www.kitco.com/market page was $16.67, when in reality, it hadn’t dropped much below $18.

Even today, it says silver’s low for the day was $18.11, but when you look at the daily chart, it shows it reached $18.05 several times.

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From the historical London Fix data for 2009 on Kitco.com:

Gold went from a low of $810.00 USD an ounce on January 15, to a high of $1218.25 on December 3 — a 50% increase.

Platinum went from a low of $915.00 an ounce on January 15, to a high of $1500.00 on December 3 — a 64% increase.

Silver went from a low of $10.51 an ounce on January 15, to a high of $19.18 on December 2 — an 82% increase.

Palladium went from a low of $176.00 an ounce on January 15, to a high of $402.00 on December 31 — a 128% increase.

To those who say palladium has no historical use as a currency, consider that it has its own international currency code (XPD), along with gold (XAU), silver (XAG) and platinum (XPT), the Canadian Mint minted one ounce coins from 2005-2007 and in 2009, and you can purchase that and other palladium bullionĀ here, and from other stores like Kitco.

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