Orkan Ozkan | American Bullion

This Week in Gold: Russia, India, and a look at historical gold prices

November 14, 2014
Posted by: Orkan Ozkan
Category: This Week in Gold

This week in gold, we gave you further information on Russia’s recent gold buying spree, looked at historical gold price pullbacks, and delivered some intriguing news about India’s appetite for gold. British cleric, writer, and collector Charles Caleb Colton (1780–1832) once said, “Gold is worshipped in all climates, without a single temple, and by all classes, without

India regains position as world’s #1 gold consumer

November 13, 2014
Posted by: Orkan Ozkan
Category: News

It is no secret that India loves gold. The consumer gold market makes up a large portion of the country’s economy, as gold adornments and gifts play a vital role in many Indian cultural events. The same is true for China, and in 2013 China surpassed India as the world’s top gold consumer. However, according to

Gold price pullbacks – a look at history

November 12, 2014
Posted by: Orkan Ozkan
Category: Gold

Gold prices are currently in a pullback, but it is nothing that hasn’t been seen before. The World Gold Council (WGC) pointed out in a report from January 2014 that since the 1970s, gold has had 12 corrections of more than 20%, adding that “After each of those corrections, an interesting pattern has emerged.” Past performance is

Video: What’s driving Russia’s gold buying spree?

November 11, 2014
Posted by: Orkan Ozkan
Category: News

We recently wrote about Russia’s purchase of 1.2 million ounces of gold during the month of September, the country’s largest gold purchase in over 15 years. If you’re wondering what is behind this growing Russian appetite for gold, Newsy has produced a video offering an explanation. What’s driving Russia’s gold buying spree? Highlights from the video: One

This Week in Gold: Low prices, huge demand

November 7, 2014
Posted by: Orkan Ozkan
Category: This Week in Gold

This week in gold we saw precious metals, particularly silver, fly off the shelves amid low prices and high demand. The U.S. Mint reported record sales of bullion coins during the month of October, and said on Wednesday that its American Silver Eagle coins are temporarily sold out. We also summarized the World Gold Council’s latest

More U.S. Mint news: American Silver Eagles temporarily sold out

November 6, 2014
Posted by: Orkan Ozkan
Category: News

The U.S. Mint said on Wednesday that its 2014 American Silver Eagle coins have temporarily sold out amid “tremendous demand in the last several weeks.” As we wrote in yesterday’s blog, the Mint reported record high bullion coin sales during the month of October. This news was not announced to the public, but a spokesperson confirmed that a

U.S. Mint bullion coin sales surge in October

November 5, 2014
Posted by: Orkan Ozkan
Category: News

Demand for U.S. Mint bullion coins surged in October, with silver and gold coin sales at their highest since January 2013 and January 2014 respectively. Gold and silver spot prices have hit lows recently, but apparently this hasn’t hurt retail demand – on the contrary, it appears to have helped. Scott Spitzer, CEO of the coin dealer Manfra, Tordella &

World Gold Council: 4 reasons gold is a valuable portfolio component

November 4, 2014
Posted by: Orkan Ozkan
Category: Gold

The World Gold Council (WGC), the market development organization for the gold industry, has released its latest edition of Investment Commentary, which looks into relevant economic factors that may influence gold’s performance in the remainder of 2014. Their outlook for the yellow metal is mostly positive. The report begins by stating that as of October 20, the gold price is up 3.4% this year with record low

When Do Brokers File an IRS Form 1099-B?

November 3, 2014
Posted by: Orkan Ozkan
Category: Gold

If you have ever thought about selling your precious metals, one of the things you may have wondered is: how are these transactions reported? IRS Form 1099-B, as applied to precious metals When a client sells bullion to a precious metals broker, a Form 1099-B may be required depending on the type, fineness, and quantity of

Gold and silver hit lowest prices in 4 years

October 31, 2014
Posted by: Orkan Ozkan
Category: News

Gold and silver hit their lowest prices since 2010 on Friday amid a strong dollar and the Federal Reserve’s termination of its quantitative easing (QE) program. The U.S. dollar strengthened against the Japanese yen after the Bank of Japan announced it would increase its stimulus spending. Jeffrey Sica of Sica Wealth Management said “The main reason for gold’s fall is