Proof, Bullion and Specimen – What’s the Difference?

We use three classifications to describe our precious metal coins – proof, bullion or specimen.

Proof Coins

The very highest quality coins produced by The Perth Mint feature a proof finish. The coin table (background) is highly-polished and mirror-like.
Traditionally, design elements are delicately frosted. However, as an alternative, we colour some or all design elements on many of our proof quality releases.
Because of the time and skill involved in creating proof quality coins, this finish is reserved for our most limited, highly-prized numismatic (collectable) issues.

Bullion Coins

Bullion coins are made for the purpose of investing in precious metals. They are mass produced to keep the price as close to ‘spot’ as possible. As a result, the finish on many bullion coins issued worldwide is uniform with no distinctively polished or frosted areas.


The Perth Mint takes a different approach. Our bullion coins feature a frosted table and a shiny design (the opposite way round to proof issues). The quality of each strike means that our bullion coins are sometimes referred to as “reverse proofs”. Indeed, we would claim they have the best quality bullion finish in the world.

Specimen Coins

A Perth Mint specimen coin is a limited collectable release.
Akin to a bullion coin in so far as it has a frosted table, it also features one or more special numismatic treatments – including a coloured design, gilded design or a gemstone insert.
Specimen is also the classification we use for standard bullion coins released in limited presentation packaging for collectors.

 http://blog.perthmint.com.au/

又來睇圖 macd的啟示

加倉

今次買2粒半兩.....:)

博德斯基：美國基礎貨幣會爆炸成長到17兆

http://kingworldnews.com


在黃金白銀出現劇烈波動之際，
今日金氏世界新聞(KWN)特地來採訪博德斯基(Brodsky)，
請教一下這時候該採取甚麼樣的策略，
博德斯基(Brodsky)是QB資產管理公司的共同創辦人，
他公司的布局以及他看到的事情如下：
“以宏觀的角度來看，經濟狀況只是一灘死水，根本不會動
而從世界各地銀行資產與基礎貨幣來分析，
貴金屬可說是非常的便宜。“

博德斯基(Brodsky)繼續說到：
“有趣的是歷史會一再的重演，
像目前這種情況，就是想要長期持有貴金屬的一個絕佳買入機會。
我們可以看到期貨的交易影響了實體黃金白銀的價格，
我們可以趁這個機會購買實體黃金白銀。“

“如果你回頭看看布雷頓森林貨幣估價模型，
以貨幣基礎以及官方黃金儲備文件來做為評估，
進而計算出每盎司35美元的價格。“

如果今日你以相同的方式計算，金價應該是在每盎司10000美元左右。
這是因為聯準會自2008年以來增加基礎貨幣215%的結果。
當然們看到金價短期的飆漲，總會回應說
“金價已經漲太多了啦、這太瘋狂了啦、已經是末升段了啦“
但是如果你瞭解他應有的價值，就知道目前是嚴重被低估，
所以我們不關心目前金價走勢到底如何。

Rick Rule - Gold & Silver Plunge Has Quality Assets on Sale

“If you want to be long gold and silver, if you like real currencies as opposed to fiat currencies, you have to like days when you can buy it cheaply.  I’ve been around this type of action for 35 years and I suspect, before I shed my mortal coil, I will purchase much more physical gold and silver bullion.”

“In order to do that I need days like this.  People who have less faith in their own precepts and in their own studies might get shaken out by action like this and they might deserve to get shaken out.  The reason being given (by the mainstream media) for the downturn in gold and silver is a return of confidence in the US dollar. 

I guess some people were encouraged by what they heard Bernanke say last week.  They and I must have heard a different speech because I wasn’t particularly encouraged....

“So, as I say, I am personally delighted to see soft days in gold and silver and I’m even more delighted to see soft days in gold and silver stocks.  Many of these equities are reasonably valued and on their way to becoming cheap.  

Many or your readers will remember this from personal experience, there were truly spectacular buying opportunities during corrections in the 1970s gold bull market as gold ran from $35 to $850.  The pullbacks were opportunities, but only for those who had the presence of mind, the cash and the courage to buy. 

Attention bargain shoppers, do you like ‘blue light’ specials?  We just had a day where something you want to buy went on sale.  Some people are bothered by this.  I don’t understand this, Eric.  When something you want to buy gets cheap, the world is doing you a favor.

When I think about where I have the opportunity to allocate my wealth, I believe gold, silver, the resource sector and select mining shares are the place to be.  So, I’m happy to see decent assets go on sale that I think will preserve my purchasing power over time.”

Rule also had this to say regarding the mining shares:  “Buy and hold is a great strategy (in the mining sector), but you have to know your companies well.  It’s all about stock picking.  If you have good gold stocks, many of them are genuinely cheap.

Could they (mining shares) get cheaper?  Of course.  Eric, for those readers that can, they should be ready to participate in the private placement market.  A lot of these companies are going to have to come to market and it’s going to be market conditions that determine the pricing of those issues.

Obviously if somebody came to market today, they would have had to discount the issue fairly dramatically to sell it.  From a buyers point of view that’s good.  But, Eric, what’s really important is that your readers, which are involved in the gold stocks, come to know their gold stocks well enough that they have the courage of their convictions.”


http://kingworldnews.com 

全球風險資產或迎階段拐點

 張庭賓

    希臘仍在折磨全球投資者神經


2月29日，在伯南克講話前後，國際金價最大暴跌101美元。
伯老的一番不痛不癢的講話，竟然如此值錢？這個大幅下跌，不僅僅是多頭100美元損失，空頭100美元的槓桿放大盈利的問題，甚至可能意味著——從1523美元反彈以來，金價由熊市轉向牛市的失敗。這僅僅是因為伯南克對於QE3的暗示更隱晦了些？或者說短期推出QE3的可能性更低了些？


還不至於這麼神話！我們需要更理性地尋找原因。當然，你可以理解為金價的暴跌由於市場主力自身的動機，畢竟這輪反彈已經超出市場預期，獲利回吐是主力多頭的安全帶；而更多空頭在1763~1803美元/盎司區間等待做空。對伯南克講話只是藉題發揮。不過，筆者堅持認為，技術面與基本面應當是吻合的，當時的基本面消息並不足夠。


同在這一天，歐洲央行宣布了第二輪LTRO（對商業銀行的長期再融資）為5290億歐元，比市場預期的5000億歐元略多一點，不能算利空，可說是利好已經釋放，歐洲央行相關人士暗示不會有第三輪LTRO，這不算利好；此消息出台後，緊接著葡萄牙的商業銀行因缺乏足夠的再融資抵押品，葡萄牙的十年期國債收益率上漲0.8％，歐洲央行隨即乾預後回落，這也難構成如此重大利空。


僅僅兩三天之後，合理的解釋出現了。3月2日，由於認為希臘還未滿足得到第二輪救助所需的所有要求，歐元區成員國已推遲批准1300億歐元第二批希臘救助款中的715億歐元資金，有可能延期至3月12日。即私人部門參與債務重組——PSI，涉及債券規模2060億歐元，債權人接受減記幅度53.5％，加上利息總損失高達75％，而“三駕馬車”的損失卻很少——必須成功完成才能實現餘下的救助。


這意味著在3月20日（最多延期7天）前，歐盟和希臘完成救助的時間又被壓縮，即歐盟各國議會批准希臘救助協議的時間僅剩8天，這幾乎是不可能完成的任務，希臘違約的概率正在增加。


最麻煩的不僅於此，歐盟和希臘最不願看到的一幕還是發生了：有對沖基金不願意接受75％的債券損失，並且準備起訴希臘，一旦進入法律訴訟程序，那必然曠日持久，在法律問題沒解決前，希臘能否單方面完成PSL，即使有所謂的CAC（“集體行動條款”，當67％的人同意，剩餘的少數人將強制同意），也存在是否符合國際法問題。


儘管3月3日，希臘債務管理機構的負責人Petros威脅對沖基金：訴諸法律手段以前要三思，拒不接受債務互換會一分錢都拿不到。他說，我們為法律挑戰做了準備。但拒絕評論是否動用CAC條款。


對沖基金為什麼這麼做——寧願損失最後的25％？有兩個可能，美元勢力願意補償對沖基金的損失，而這些對沖基金的任務是攪黃希臘救助，當然這種猜想難以證實；擺得上檯面的解釋是，對沖基金攪黃希臘救助，損失25 ％的同時，在風險資產，包括歐元、黃金和大宗商品上，已經埋伏了大量的空頭倉位，通過希臘破產而賺得更多。


對於包括歐盟在內的“三駕馬車”來說，PSI是前提，PSI的通過需要CSC的保障，但CSA是否合法是個問題。更讓歐盟猶豫的是，希臘幾乎難以避免第三輪的救助，按歐盟參照希臘GDP快速下滑新情況的評估，希臘需要總計2560億歐元的救助，才能在2020年將國債與GDP之比控制在120％。這比現在的規模要高近一倍。


此外的風險是，4月份希臘將舉行大選，新政府會不會拒絕承認希臘的義務仍是懸念，儘管各黨派的黨首進行了書面保證，但是此黨首未必是彼黨首，黨首個人不是政黨，政黨不是政府，這樣的書面保證根本不具備任何法律效應。無論如何，“三駕馬車”都會擔心希臘經受不住一次性賴賬，無債一身輕的誘惑。在歷史上，希臘曾經有過前科。


現實正在驗證筆者兩週前刊文《決定歐元命運的關鍵30天》所做的判斷——全球風險資產價格現在由希臘決定，從2月20日~3月27日，希臘救助存在多個突然死亡的風險點。並且美聯儲會推後QE3，緊縮全球美元流動性。

如果希臘違約，宣布國家破產，甚至退出歐元區，同時美元繼續採取偏緊政策，那麼這一輪的風險資產，包括黃金、銅、鋼鐵等金屬，甚至還包括糧食和歐元，會出現大幅回調。

另一個不利於風險資產的是，中國A股的“春節、兩會”行情可能會隨著兩會在3月中旬的結束而拐頭向下。中國日益惡化的宏觀環境——這包括人民幣繼續升值、貿易順差下降、資金鍊緊、政府投資後續乏力以及樓價下跌交易蕭條，都不具備推動股市真正反轉的動力，上證指數從2132點反彈400點已經是勉為其難了。2月27日的放量微跌並不是一個好信號。


道瓊斯和標準普爾指數在最近創出階段性新高後，也顯得相當謹慎，一副可能反身而逃的樣子。如果希臘違約，美元流動性緊縮，這並非不可能發生。


總之，希臘將繼續折磨全球投資人的神經，直到3月27日，甚至以後仍會繼續。


   （此文於3月7日首次公開發表於《第一財經日報》，3月4日內部發表於會員制的《中華元戰略報告》，僅供參考，投資者決策風險自負，聯繫郵箱ztb6006 @sina.com）

http://blog.sina.com.cn/