Gold Fireworks are About to Begin

The gold bull is now on the verge of launching the most spectacular up leg of this 10 year bull market. This spring we should see the final parabolic rally of the massive C-wave advance that began in April `09 with a test of the 1980 high at $860.

First off let me explain gold's 4 wave pattern (and no it has nothing to do with Elliot wave).

Gold moves in an ABCD wave pattern, driven not only by the fundamentals of the gold market (which I will get into in a minute) but also by the emotions of gold investors and the thin nature of the precious metals market.

The A-wave is an advancing wave that begins and is driven by the extremely oversold conditions created during a D-wave decline (more on that in a second). A-waves can often test the all time highs but rarely move above them. Usually they will retrace a good chunk of a D-wave decline.

The B-wave is a corrective wave spawned by the extreme overbought conditions reached at an A-wave top.

The C-wave is where the monster gains are made. They can last up to a year or more. The current C-wave is now almost two years old. They invariably end in a massive parabolic surge as investors and traders chase a huge momentum driven rally.

Of course as we all know parabolic rallies are not sustainable. So the final C-wave rally ends up toppling over into a severe D-wave correction as the parabola collapses. This is about the time we hear the conspiracy theorists start crying manipulation. In reality all that has happened is that smart money is taking profits into a move that they know can't be sustained.

View full post on The Market Oracle

Today, the United States Mint released the 2011 Medal of Honor Commemorative Coins. The program includes $5 goldcoins and silver dollars.

Dave Harper reflects on the fact that the commemorative coin release lacks the excitement of the1982 Washington Half Dollar or 1984 Olympic commemoratives, as escalating metals prices put the coins out of reach.

Although the important details of pricing and release date are still not provided, here is the available information on the numismatic versions of the America the Beautiful 5 ounce Silver Coins.

Whitman asks for help in defeating a Maryland sales tax bill that would remove the exemption forcoins and bullion sales over $1,000.

During the past five years, the Royal Canadian Mint spent $85 million on marketing, making them the biggest government spender for advertising.

Ken Potter covers the 2007-W Proof Platinum Eagle die polishing error (frosted Freedom) and provides figures on the population of coins released to the public.

For his weekly column on CoinWeek, Greg Reynolds provides some suggestions for U.S. coins in the $1,000 to $5,000 range.

Does the original Sacagawea Dollar have one of the best U.S. coin designs since the mid-20th century?

The US Mint began sales of the Andrew Johnson Presidential Dollar rolls. However, after another price increase it might be better to try to obtain them from a bank or wait for the coins to be added to the Direct Ship program.

An article detailing the production of half cents and cents from 1795 to 1796, including the reduction in weight, sourcing of copper, and introduction of the Draped Bust Cent design.

Patrick Heller discusses the huge COMEX silver supply squeeze that is developing and says to expect more volatile gold and silver prices in the next few weeks.

And now for some notable auctions. First, a collection of 1950-1963 Proof Sets, housed in two capital plastics holders.

Next, a 1923-D Saint Gaudens Double Eagle graded NGC MS 66+.

Last, here are the current auctions for sets of the 2010 America the Beautiful Silver Bullion Coins. Prices have come down from initial levels, even as the price of silver has risen.

That's it for this update. Have a great weekend!

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