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Precious Metals

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BUSINESS
December 14, 2004 | By Porus P. Cooper INQUIRER STAFF WRITER
Those who beat a path to Howard Steinberg's precious-metals refinery in Northeast Philadelphia with old gold jewelry have done far better lately than those who went to their broker to buy stocks of gold-mining companies. That's because the price of gold has jumped since May - but the stock prices of many of the precious-metals mining companies are far below their 52-week highs, and nearly every mutual fund in the sector is down for the year. The situation is a classic warning to investors who might tend to mix up the two: The price of gold alone does not determine the price of gold-mine stocks, said Lynn Russell, precious-metals analyst at the Morningstar investment research group.
BUSINESS
May 5, 1987 | By MARC MELTZER, Daily News Staff Writer
Worry. Fear. Anxiety. To investors, such emotions mean one thing: It's time to buy gold, silver and other precious metals. Investors have been rushing to buy the metals in recent weeks speculating that such emotions will be nourished, spreading further in coming months. "We had a $1 million deal today," a weary Robert Corrie, assistant vice president of the precious metals department at Mellon Bank, said last week. "I've had no lunch for the last seven days. I'm very tired today, and I'm going home before 6 for a change.
BUSINESS
May 8, 2013 | By Erin E. Arvedlund, Inquirer Columnist
The killer drop in the price of gold last month prompted plenty of readers to ask about buying and selling the yellow metal - not only their investments, but also the actual gold bullion. Over the last 12 years, the prices of gold, silver, and platinum have soared and then corrected, and, as a result, fraudulent buyers and sellers have popped up as well - urging us to clean out drawers of old or unused gold and silver for sale at top-dollar prices. But precious-metal prices are also extremely volatile.
BUSINESS
April 12, 2011
(This story has been changed; the corrected text is below.) Gold recently soared to $1,475 an ounce, and silver reached near $40 an ounce. With some precious metals' prices hitting record highs, we thought it would be helpful to warn investors about getting caught up in scams involving commodities: gold, silver, and other metals, futures, and options, even cotton and sugar. So, with whom should you check before handing your money over to someone who trades commodities?
BUSINESS
February 5, 1998 | FROM INQUIRER WIRE SERVICES
Silver prices surged to a 10-year high of more than $7 an ounce yesterday, a day after billionaire investor Warren Buffett said his company had bought nearly 130 million ounces of the metal, or about 20 percent of the world's supply. The purchases by Buffett, known for making well-researched investments and sticking with them, sometimes for years, eased concern that the metal would be sold as soon as prices peaked. "The news answers most of the questions we have had about the silver market in the past few months.
BUSINESS
November 10, 1998 | By Bob Fernandez, INQUIRER STAFF WRITER
The global stock meltdown over the last year and the threat of the year-2000 computer bug, which some fear could disrupt the financial system after Dec. 31, 1999, have ignited sharp interest among private investors in precious-metal coins. This is happening despite slumping prices for gold, silver and platinum, attributable in part to a slowing world economy that is limiting industrial use of the metals, and reduced demand from jewelry manufacturers in Asia because of the region's financial crisis.
NEWS
March 2, 2013
Burlington Township police continued Friday to investigate a home invasion in which an 81-year-old man was bound to a chair and robbed. The victim told police the robber rang the doorbell of his Faulkner Court condo about 7:30 p.m. Thursday. When the resident opened the door, the gun-toting robber tied him up, police said. The victim, who was not injured, managed to free himself and call police about 8. Authorities say they believe the man was targeted because he deals in precious metals.
NEWS
June 10, 2010
City Council and dealers in precious metals reached a compromise Wednesday on a bill to slow the flow of stolen gold and silver. Councilman Jack Kelly's bill would establish new regulations for pawnbrokers as well, requiring an electronic tracking system that police could use to track stolen items. Currently, pawnbrokers report their transactions by way of individual paper slips, and Philadelphia police sought changes in the law that will greatly enhance their ability to trace stolen items and investigate burglaries.
NEWS
October 8, 1986 | By Burr Van Atta, Inquirer Staff Writer
Norman P. Garfield, 72, chairman of the board of the Garfield Smelting & Refining Co., died Monday at Northbridge Hospital in Fort Lauderdale, Fla. He was a former resident of the Germantown-West Mount Airy area and lived in Boca Raton, Fla. Mr. Garfield spent his life with the family firm, a company that smelts and refines precious metals, largely gold and silver scrap obtained from dentists, jewelers, optometrists and electronics manufacturers....
BUSINESS
November 8, 2011 | By Erin E. Arvedlund, Inquirer Columnist
I frequently receive questions from investors who buy precious metals in their portfolios, as well as in physical form, and two things happened last week that give insight into investor sentiment toward gold. Professional Wall Street investors are buying. If you are a consumer and interested in buying precious metals, you are in good company. But have an absolute sense of market prices and just what form of gold you are purchasing. First, a very successful hedge-fund manager, David Einhorn, who founded Greenlight Capital , said he was shifting money out of gold bullion (the physical metal)
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BUSINESS
May 5, 2015 | By Erin E. Arvedlund, Inquirer Columnist
How can you invest like multimillionaire Mitt Romney? Through something called a self-directed IRA. The former presidential candidate held from $20 million to $100 million in one. Self-directed individual retirement accounts let you invest in real estate, precious metals, even Eagles tickets. What is a self-directed IRA? Simply, you decide what, beyond Wall Street's offerings, to invest in your retirement account. It's a niche vehicle, with complex rules (see IRS Publication 590)
NEWS
December 20, 2014 | By Jonathan Lai, Inquirer Staff Writer
Dozens of jewelers, pawnshops, and other cash-for-gold locations in New Jersey municipalities violated state laws, potentially cheating customers, the state Attorney General's Office said. The most common violations included using unregulated scales, not posting precious-metal prices in prominent places, and not keeping proper receipts, according to a news release from the Attorney General's Office. An October crackdown in the state's urban areas led the office's Division of Consumer Affairs to file municipal court summonses accusing 71 stores of 9,967 civil violations.
BUSINESS
July 8, 2014 | By Erin E. Arvedlund, Inquirer Columnist
Inflation is making a comeback - although the Federal Reserve doesn't think so - prompting us to determine how we might hedge against it, or benefit from rising prices. Witness higher prices everywhere: at the grocery for meat and coffee, at the gasoline pump, rents, even health care. Invest in companies that benefit from rising prices, such as exchange-traded funds Market Vectors Agribusiness ETF (MOO) that correspond to the price and yield of the Market Vectors Global Agribusiness Index.
BUSINESS
May 8, 2013 | By Erin E. Arvedlund, Inquirer Columnist
The killer drop in the price of gold last month prompted plenty of readers to ask about buying and selling the yellow metal - not only their investments, but also the actual gold bullion. Over the last 12 years, the prices of gold, silver, and platinum have soared and then corrected, and, as a result, fraudulent buyers and sellers have popped up as well - urging us to clean out drawers of old or unused gold and silver for sale at top-dollar prices. But precious-metal prices are also extremely volatile.
NEWS
March 2, 2013
Burlington Township police continued Friday to investigate a home invasion in which an 81-year-old man was bound to a chair and robbed. The victim told police the robber rang the doorbell of his Faulkner Court condo about 7:30 p.m. Thursday. When the resident opened the door, the gun-toting robber tied him up, police said. The victim, who was not injured, managed to free himself and call police about 8. Authorities say they believe the man was targeted because he deals in precious metals.
BUSINESS
February 6, 2013 | By Erin E. Arvedlund, Inquirer Columnist
The Dow Jones index rose above 14,000 Friday, for the first time since October 2007. By itself, the number might not mean much. But portfolio managers and investment strategists believe it does signal one thing: The financial crisis is officially over. The Dow Jones Industrial Average gained 149.21 points to end last week at 14,009.79 - the highest since that rosy period just before the markets slumped and the Great Recession began. The Standard & Poor's 500 Index last Friday also jumped 1 percent to return near to a five-year high.
BUSINESS
February 7, 2012 | By Erin E. Arvedlund, Inquirer Columnist
With the government pumping money into the economy and the Federal Reserve pledging to keep short-term interest rates low until late 2014, inflation could soar. What's an investor to do? Pure savers will lose. Low interest rates mean that your deposits aren't going to earn much of anything for the next three years. You're going to lose money on holding cash - after inflation. JPMorgan's Chris Millard explains that with a 2.0-2.5 percent inflation rate, "that means if you leave your money in cash for the next three years, you lose 2.5 percent of that every year.
BUSINESS
November 22, 2011 | By Erin E. Arvedlund, Inquirer Columnist
It can be mildly entertaining or even enlightening to see how our elected officials invest, so we took a look at the excellent Center for Responsive Politics database and researched the portfolios of three Pennsylvanians: Sens. Pat Toomey, a Republican who resides in Lehigh County, and Bob Casey, a Democrat from Scranton, and Rep. Joseph "Mike" Kelly, who represents the Third District, which includes Erie and Sharon in the northwest corner of the state. The three offer both political and geographic diversity, but other than that, this is simply an arbitrary grouping.
BUSINESS
November 8, 2011 | By Erin E. Arvedlund, Inquirer Columnist
I frequently receive questions from investors who buy precious metals in their portfolios, as well as in physical form, and two things happened last week that give insight into investor sentiment toward gold. Professional Wall Street investors are buying. If you are a consumer and interested in buying precious metals, you are in good company. But have an absolute sense of market prices and just what form of gold you are purchasing. First, a very successful hedge-fund manager, David Einhorn, who founded Greenlight Capital , said he was shifting money out of gold bullion (the physical metal)
NEWS
August 30, 2011 | By Kevin Riordan, Inquirer Columnist
Before officially becoming their patron, comedian Patton Oswalt helped Kaitlin Kerr, Emi Savacool, Maricha Genovese, and Mallory Weston graduate from the University of the Arts. Oswalt's CDs, particularly Werewolves & Lollipops , kept the four students from New Jersey at least relatively sane during senior all-nighters in the studio at Broad and Pine in Philadelphia. "We were obsessed with his stand-up routines," Kerr, 23, recalls, sitting in her South Philly living room with Savacool and Genovese.
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