by John Foster. Email John.
After a rough week Gold looks to at least close the week on an uptick. The release of April’s employment report by Automatic Data Processing Inc. report showed that the economy added 119,000 jobs in April, while economists had anticipated the addition of 160,000 jobs. The unemployment rate fell by one-tenth of a percent, to 8.1 percent, but that was attributed completely to people who gave up searching for jobs. Stock futures fell after the report was released. Manufacturing index numbers beat initial estimates in a report this week, climbing to 54.8 percent for the month of April. This exceeded even the most optimistic estimates. Manufacturing “continues to be a bright spot in the recovery,” said Ellen Zentner, a senior U.S. economist at Nomura Securities International Inc. in New York. “We have yet to see a drop-off in foreign demand for U.S. manufactured goods, and that comes despite all the concerns of a slowdown in the global economy.”
European Factories Fading?:
Weak manufacturing reports out of Europe had a global affect. Even the strongest of the European nations are felt the economic downturn in the region. Germany’s data shows manufacturing down for a second straight month. “The debt crisis in Europe is weighing on growth and it’s rippling across the world,” said Peter Dixon at Commerzbank. With all of the latest economic concerns in Europe pressure is building on political leaders to step in. There is a prevailing perception among economists that European Central Bank President Mario Draghi may have overplayed his hand earlier this year. This viewpoint is fueled primarily by his more cautious statements recently. Bundesbank President Jens Weidmann recently said, “Monetary policy is not a panacea, and central bank firepower is not unlimited, especially not in a monetary union. We can only win back confidence if we bring down excessive deficits and boost competitiveness. And it is precisely because these things are unpopular that makes it so tempting for politicians to rely instead on monetary accommodation.” Austerity measures are taking their toll among a number of eurozone nations.
Gold Still Best:
A new poll this week showed that Americans believe Gold to be the safest long-term investment. Gold blew away the competition (real estate and stocks) in the poll, and researchers believe the information suggests that the sentiment regarding Gold is directly correlated to an increasing lack of faith in the American economy.
Product of the Week:
Jonah in the Whale – Holy Land Mint Biblical Art Coin Series
Israel has one of the most colorful and interesting histories of any nation in the world.
The Biblical Art coin series from the Holy Land Mint pays tribute to the rich cultural heritage of Israel, giving collectors the opportunity to journey to the heart of this fascinating nation. Now, you can own one of the most popular releases of this series – commemorating the biblical story of Jonah in the Whale – in a special three-coin set.
Even more special, this 15th release of the Biblical Art coin series is also an internationally acclaimed winner! The Jonah in the Whale .926 oz Silver Proof was chosen as the “Coin of the Year” and named “Most Artistic Coin” in the 2011 competition held by Krause Publications, an American publisher of numismatic periodicals. The selection was made by a panel of expert judges including writers, editors, and members of the American Numismatic Association.
The winning coin was designed by Jerusalem’s Gideon Keich and Moshav Beit Gamiel’s Aharon Shevo. The design was inspired by the Chinese Yin-Yang philosophy. The coins’ reverse, or back, depicts Jonah the prophet praying from the belly of the whale. On the obverse, or front, is the face value in English and Hebrew; the Israel state emblem; “Israel” in Hebrew, Arabic and English; and the mint year of 2010.
This three-coin Jonah in the Whale set includes one 1/2 oz Proof Gold coin with a maximum mintage of 555, one .926 oz Proof Sterling Silver coin with a maximum mintage of 5,000, and one .462 oz Proof-like Sterling Silver coin with a maximum mintage of 1,800. The coins come in a handsome display box with a certificate of authenticity as issued by the Holy Land Mint.
Also available separately is the Jonah in the Whale Smallest Gold Coin. This 1/25 oz .999-fine Proof Gold coin has a limited mintage of 5,000 coins and comes in an original box with the certificate of authenticity. Other designs in the Biblical Art series of Silver and Gold coins include Elijah in the Whirlwind, Samson and the Lion, And the Waters Were Divided, The Burning Bush, and Abraham and the Angels.
If you are looking to diversify your Gold or Silver collection, shop APMEX’s assortment of coins from Israel. Experience the traditions of Israel with APMEX’s selection of Gold and Silver coins from the Holy Land Mint.