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Posts Tagged ‘Kitco’

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 bullion here, and from other stores like Kitco.

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On Wednesday, October 14, 2009, LewRockwell.com featured an article with the headline, “The Best-Performing Asset of the Decade: Gold, of course

But one shouldn’t pass judgment on the entire decade based on the value of gold relative to other precious metals on a single day.

Had the article been written on March 6, 2008, the title would’ve been, “The Best-Performing Asset of the Decade: Platinum, unfortunately”

Unfortunate, for gold bugs that is! Silver also outperformed gold as well. Ouch!

On December 30, 1999, gold had a London Fix afternoon price of $290.25 per ounce, while silver and platinum had a value of $5.33 and $443.00 per ounce, respectively.

On March 6, 2008, gold had a London Fix afternoon price of $986.25 per ounce, while silver and platinum had a value of $20.80 and $2249.00 per ounce, respectively.

Over the decade, platinum increased its value by 4.51 times, silver by 3.90 times, and gold by only 3.40 times.

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Now available at http://www.scotiamocatta.com/eStore

See today’s press release and their FAQ for more information.

Initial product offering: 5 varieties of gold coins (Canadian Maples from 1/20 oz. to 1 oz.), 7 gold bars (Scotiabank bars from 1/4 oz. to 5 oz.), 1 silver coin (1 oz. Canadian Maple), and 4 silver bars (from 1 oz. to 100 oz.)

Advantages over branch purchases:
– Product and price browsing 24/7
– Can buy from anywhere in Canada and ship to any registered Canadian address
– Can buy from 8:30 a.m. – 5 p.m. EST — an hour earlier and half an hour later than most branches are open on most days
– Can buy in CAD, instead of having to buy in USD

Disadvantages compared to branch visit:
– More limited product inventory
– Can’t buy platinum or palladium products
– Can’t buy gold, silver, or platinum certificates
– Can’t sell
– Have to pay GST and PST (if applicable) on the shipping costs
– Maximum purchase limit of $6000 CAD (excluding taxes, shipping) per 24-hour period
– Slower delivery time — an extra day or two
– Currently only available to Canadian residents

For price comparisons and other online buying options, see Kitco and Bullion Direct. Be sure to compare prices (including taxes and shipping), in Canadian dollars.

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