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Ed Reiter, Executive Director,
May 2015 – Week 1 EditionGold fell from $1209 in the middle of last week to $1176 on the Friday close, but then it clawed back to $1194 on Tuesday morning. Gold still remains in a narrow trading range of $1142 to $1295 in the last nine months, with a central tendency (“magnet”) around the $1200 area. We are still awaiting a dramatic move outside this range, but the best hope for an upside move is that the U.S. dollar may have peaked, which would help gold rise in terms of the U.S. dollar as well as it has risen in terms of other currencies. My New “Double Eagle” Book was Just PublishedI’ve just updated and greatly expanded my book “Double Eagles, 1877-1907: The Smart Guide for Rare Acquisitions.” It contains many exciting new and updated sections, including these highlights:
The book is now being marketed for $39.95 in full-page advertisements in many publications, giving more favorable publicity to our company and more incoming calls to inquire about these gold rarities. The book has already received favorable reviews from prominent publications, and I’ve already fielded requests from at least three large coin dealers for bulk-rate shipments of the book. This will help increase overall demand for gold coins, which should help all of us by boosting the prices offered for rare gold coins. 10 Rare U.S. Gold Double Eagles to be Returned to Langbord FamilyIn other double eagle news, Yahoo just reported that the 3rd U.S. Court of Appeals in Philadelphia ruled by a 2-1 vote that the U.S. government must return 10 rare gold double eagle ($20) coins which they took from a collector family a decade ago. The court declared that Joan Langbord and her sons Roy and David are the rightful owners of the double eagles. The coins were minted 1933, the year President Franklin D. Roosevelt prohibited private ownership of most gold by American citizens Prior to FDR’s order, the Philadelphia Mint had produced 445,500 1933 double eagle coins. These coins were not granted legal tender status. Most were melted down and never circulated, but a few were smuggled out and became famous ‘underground’ treasures. (One surviving specimen legal to own was the famous 1933 double eagle owned by Egypt’s King Farouk. Another is in the National Numismatic Collection at the Smithsonian.) According to a Reuters report by Jonathan Stempel, “The government had long suspected without proving that the late Israel Switt, a gold dealer and father of Joan Langbord, had smuggled some of the coins with the help of a Mint employee.” The Feds later seized the Langbords’ 1933 double Eagle collection after the family had discovered the coins in a safety deposit box that once belonged to Switt. They asked the Mint to authenticate them, which led to their confiscation. The Langbords filed a ‘seized asset claim’ in September 2005, but the government refused to return the coins and did not seek their forfeiture within 90 days as required under the federal Civil Asset Forfeiture Reform Act. The Langbords lost the first round in July 2011, and appealed. In reversing the lower court decision, Circuit Judge Marjorie Rendell wrote: “The government knew that it was obligated to bring a judicial civil forfeiture proceeding or to return the property, but refused. “Having failed to do so, it must return the double Eagles to the Langbords.” Surprise! Democrats Generally Outspend the RepublicansYou hear a lot about the contributions by the conservative Koch Brothers, but you seldom hear about the greater contributions by Democrats like George Soros. In each of the last four elections – all of them in the “Obama era” – we see that Democrats raised more money than Republicans. In Presidential election years (2008 and 2012), the margin was a narrow 4.6%, but in Congressional election years (2010 and 2014), the Republicans won more seats in Congress despite the Democrats outspending them by 34%:
Source: The Center for Responsive Politics Overall, the Democrats have spent 16% more than the Republicans ($3.7 billion vs. $3.2 billion) in the last four election cycles. When you boil it down to the last Presidential race itself (Obama vs. Romney), the Center for Responsive Politics says Obama supporters donated $684 billion vs. only $433 billion for Romney, so political spending seems to be a lot more important to Democrats than to most Republicans.
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