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Egypt Mints First Gold Ingot from Domestic Mines

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The tuts and kings that ruled Ancient Egyptian Civilizations were adorned with lavish jewelry, art and even clothing made from gold.

Gold is once again being actively mined in Egypt. In January, the government announced that the first standard gold bar had been released to the market made entirely from domestically mined gold ore.

The Igat mine in the Eastern Desert was discovered in June 2020 is estimated to contain roughly 1.3 million ounces, or about 36,000 gold kilos.

Other mines discovered in the same region include the El Sukari mine, which is estimated to contain 12 million troy ounces of gold.

Egyptian gold burial sandals and toe caps, circa 1479–1425 BCE. (Photo: The Metropolitan Museum of Art)

“Extracting gold from the Sukari mine contributes to raising the strategic gold reserves to 300 tons, and this contributes to raising the value of the local currency,” said Nagy Farag, Adviser to the Minister of Supply and Internal Trade for Gold Industry Affairs during an interview with Sada al-Balad TV channel. 

Faraq told Nile News Channel in February, that the Jebel Ikat mine has the capactity to produce about 200 kilos of gold per month. The gold is being used replenish the Central Bank’s gold reserves and is strengthening the Egyptian pound and the national economy.

The Central Bank of Egypt’s reserves now hold more than 125 tons of gold bullion.

The mines in Egypt’s Eastern Desert represent an incredible source of income for the country amidst growing interest in joining the BRICS treaty. The country has been actively expanding the exploration of mineral deposits in other regions.

The government is expected to invest roughly $1 billion into the country’s mining industry by 2030.

The country’s first certified gold refinery opened in December 2020 in the Marsa Alam area of the Eastern Desert, marking a significant achievement in maximizing the supply chain and providing more local jobs.

The earliest gold coin discovered in Egypt dates back to 360 B.C. The gold stater coin was introduced as a means of payment to Roman mercenaries. The coin’s specifications were modeled after the Persian daric standard, which contained 8.4 grams of gold.

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Demand for Silver Eagles Spikes, Along with Premiums

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It’s become pretty indisputable that the economy is in the worst state that many Americans can remember since the 2008 financial crisis and the deep recession that followed.

As a result, investors are clamoring for gold and silver bullion like never before. Demand for government issued coins, like the American Silver Eagle and the Canadian Silver Maple Leaf have skyrocketed in recent weeks since the start of the banking crisis.

However, the US Mint continues to be slow and unable to meet demands, which has caused significant increases in recent weeks to a recent high of around 60% over spot price. Some dealers, such as APMEX and JM Bullion are currently showing premiums for silver eagles at over 88% above spot price.

The US Mint outsources the manufacturing of planchets, which are coin blanks that are pressed by the mint to produce the coins. Working only with a handful of select manufacturers that meet the requirements.

Disruptions to both global and domestic supply chains effecting precious metals continue to impact investors and industry.

The raw materials used to mint Silver Eagles must be sourced from domestic silver mines, as prescribed by law.

The Mint has been unable to meet demand since 2021 when more than 28 million coins were sold. While investor demand remained strong in 2022, the Mint was only able to produce around 16 million coins.

So far in 2023, the Mint has reported sales over more than 6 million coins. However, numerous reports state the mint shifted production in late 2022 to start producing coins for the current year, which is the main reason the Mint was able to report 3,949,000 coins sold in January.

Sales reports show only 900,000 coins being sold in each month of February and March which is far below the Mint’s production capacity.

In 2015, the Mint sold 47,000,000 Silver Eagle bullion coins, the highest on record.

Year 1 oz ASE bullion coins
201914,863,500 coins
202030,089,500 coins
202128,275,000 coins
202215,963,500 coins
2023
(4 months)		6,199,000 coins
Recent Years Sales and Mintage Totals of 1 oz Silver American Eagle coins

It’s pretty indisputable that the economy is in the worst condition many Americans have seen since the 2008 financial crisis and the deep recession that followed.

This time around, the economy has been wrecked by a record combination of prevailing events.

It began before COVID was even a thing in September 17, 2019.

Repurchase agreements, often referred to as “repos” are short term loans between banks and financial institutions. That morning, interest rates on overnight repurchase agreements more than doubled. By the end of the trading day the rates had increased by 500%.

The Fed responded to the crisis by injecting $75 billion PER DAY in new liquidity into the repo market for a week to prevent a collapse.

Once the rates began to stabilize, the Fed continued their daily injections of fresh liquidity into the repo market until October 10.

During that three week time period, some estimates put the total amount of liquidity injected by the Fed at over $500 billion.

A few months later, the Biden administration put the entire country into lockdown, effectively shutting down every sector of the economy, aside from companies like Amazon, Walmart and other select corporations deemed “critical”.

Rising inflation began to take hold as the Fed continued to print more money to fund the pandemic with stimulus checks and other government handouts.

To combat the inflation crisis, the Fed responded with multiple steep increases in key interest rates that come faster than has happened decades.

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Largest Swiss Gold Refiners

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Switzerland has long been a mecca for finance, banking and precious metals. Although all of the country’s native metal deposits were mined long ago, some of the most renowned and legendary refiners continue to operate there.

The World Gold Council estimates that to date, approximately 200,000 tons of gold has been extracted from the earth’s crust and miners are extracting roughly 2,600 tons of new gold each year.

Much of the newly mined gold ore is sent for processing at various private mints and refineries in Switzerland.

Valcambi-Suisse, Balerna, Ticino

Valcambi was founded in 1957. The company is headquarters is nestled along the Swiss-Italian border just 35 miles from Milan. The refinery processes more than 2,000 tons of precious metals each year and is owned by Global Gold Refineries Ltd.

Valcambi bars, ingots and rounds are produced from gold, silver, platinum and palladium. That are also a certified Good Delivery provider for the London Bullion Market (LMBA).

Valcambi manufacturers some of the most unique, practical and popular products for investors and stackers with their CombiBar series.

Valcambi CombiBars come in a variety of industry-standard weights. The thickness of each bar is similar to that of a credit card and they are uniquely minted with scored lines making them easy to break apart into smaller fractional bars if the need to sell, barter or trade arises.

The most popular weight variation is the 100 gram gold CombiBar, which is minted from 99.99% pure gold and often has the lowest dealer premiums when compared to others in the series.

Argor-Heraeus, Mendrisio, Ticino

Argor was in 1961 in Chiasso. In 1986, Argor merged with Heraeus and become the Argor-Heraeus we known today. Now headquartered in Hanau, Germany, the refinery in Mendrisio produces many different weights of gold, silver and platinum bullion bars for investors.

The Argor-Heraeus Gold KineBar is minted to incorporate a unique holographic image that adds an additional level of anti-counterfeiting protection to give investors further confidence in the authenticity of their gold stack.

Produits Artistiques Métaux Précieux (PAMP), Castel San Pietro, Ticino

PAMP-Suisse is one of the most well-known Swiss-based refineries to many investors. The Lady Fortuna series features the ancient Roman and Greek goddess of luck and fortune in the obverse design which is instantly recognizable.

PAMP processes more than 450 tons of gold annually. In addition to supplying jewelry manufacturers with industry standard 400 troy ounce ingots, the company is a leading provider of investment bullion bars ranging in size from 1 kilogram to as small as 1 gram.

Metalor Technologies, Neuchâtel

Founded in 1852, Metalor is one of the oldest continuously operating refineries in the country. The company began supplying refined fine gold to watchmakers for the creation of Swiss watches.

The company was acquired by the Japanese based Tanaka Kikinzoku Group in 2016 and continues to refine silver and gold into a variety of bullion bars for investors.

Metalor kilogram silver bars and poured from .999 fine silver and can often be found with low premiums from various online bullion dealers.

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Several Dealers Increase Order Minimums and Shipping Times

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Over the last week, APMEX, JM Bullion, SD Bullion and Money Metals Exchange have announced either increases in minimum order amounts or have added a few days to their shipping policies.

The updates includes:

Gold has been trading steadily above $2,008 per troy ounce and silver closed the week at $25.07.

The demand for Silver Eagles have quickly increased because they are seen a trusted store of value over keeping cash with record inflation. Currently, the cheapest Silver Eagles have a premium of over 50% above spot price.

Other sovereign government coins with a lower premium are also reliable alternative for investors looking for a lower premiums.

Britannia, Philharmonic and Kangaroo have become the go to silver 1 oz coins that make an excellent store of wealth and are easy to stack and store at home.

According to inventory tracking of APMEX stock, it’s been reported that APMEX sales of silver on Thursday April 6 reach over 135,000 troy ounces, slightly higher than the Thursday following the collapse of SVB bank and the start of the current banking crisis.

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Brazil & China to Start Trading in Renminbi, Japan Buys Russian Oil Above Price Caps

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The dollar is quickly losing ground in the global south as BRICS countries initiate trade deals in local currencies.

China and Brazil announced this week a new trade deal that will be settled in their own currencies. The news comes amid reports that the Chinese RMB has surpassed the Euro to become the currency with the second largest reserves held by Brazil.

Yet, the dollar still represents more than 80% of the countries foreign reserves.

The central bank report also shows that the value of Brazil’s international reserves lost over $37.5 billion in 2021 and 2022, due in large part to lower returns amid the US Federal Reserve’s rate hikes and dollar manipulation.

China has been Brazil’s largest trading partner, overtaking the United States in 2009. China has pledged to continue making significant investments in the largest economy in South America, with major spending across energy, mining, agriculture and information-and-communication technology.

As of February 2023, the Central Bank of Brazil reported gold holdings worth $7.602 billion, down slightly from $8.103 billion in March of 2022. It’s probable that some of the gold that China has been stockpiling was exchanged for yuan.

China continues pushing trade in the southern hemisphere moving bilateral trade agreements away from the dollar as part of the overall “One Belt One Road” initiative.

The Bank of International Settlements (BIS), the driving force pushing for global CBDC adoption and the organization that controls the SWIFT banking network lists gold bullion as a Tier 1 asset alongside United States Treasury Bills.

Rio-based Banco BOCOM BBM, a subsidiary of China’s fifth largest bank will be connected to the Cross-border Interbank Payment System (CIPS), bypassing the SWIFT network to support trade settlements directly in renminbi.

BRICS countries have been buying gold and stocking up their reserves in anticipation for more than a decade establishing stronger trade ties among the emerging economies. Over the last decade, Russia alone has quintupled their central bank gold holdings affirming its strong leadership role with the emerging Moscow World Standard for clearing commodities outside of Western manipulated markets.

Central Banks will continue to buy gold in large amounts to provide scaffolding for larger bilateral trade deals in local currency in preparation for the announcement of a BRICS basket currency that is expected to come during the BRICS Summit in South Africa in August of this year.

The price of gold has been trending higher this year as mainstream and retail investors continue to hedge riskier portfolio holdings due to tremendous uncertainty in the dollar’s global dominance.

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Russia Says BRICS Currency Announcement Coming in August

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The BRICS alliance is planning a new currency that will be backed by gold and other commodities such as rare earth elements and fertile soil in an attempt to further dislodge the global hegemony of the dollar as the world’s reserve currency.

Various news reports say that Alexander Babakov made comments at the St. Petersburg International Economic Forum event in New Delhi, India, saying “The transition to settlements in national currencies is the first step”, according to local reports.

“The next is to facilitate the circulation of digital currency or any other fundamentally new form of currency in the near future.”

The next BRICS Summit is scheduled to meet in South Africa in August.

The announcement comes as new research shows that the five leading emerging economies combined account for roughly 31.5% of the global GDP.

In comparison, the combined GPD of the G7 countries has fallen to roughly 30% which is more evidence that shows the weakening dollar.

Babakov is the State Duma Deputy Chairman and was indicted in 2022 by Federal Prosecutors in the United States for attempting to influence Washington politicians and was one of the prominent Russia politicians linked to the Panama Papers showing ownership of a BVI holding company that owns luxury houses and apartments in Paris and London.

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SD Bullion Updates Shipping Times, Raises Order Minimum to $500

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SD Bullion notified customers today that increases in sales volume in recent weeks has led to delays in order processing and shipping. The company cited a huge demand in precious metals sales that began with the announcement of the Silicon Valley Bank collapse several weeks ago.

Under normal circumstances, the company typically ships orders within 1 to 3 business days of payment clearance.

Current backlog for some orders is reportedly extending out 7 or more business days. In addition, they are temporarily limiting new orders to over $500.

Money Metals Exchange provides a note on their website stating to expect order delays of up to an additional 1 to 2 business days.

In discussions across various online forums, precious metals buyers assert strong sentiment about fear about the true state of the economy and cited an overall lack of confidence in current leadership.

Wholesale and secondary market inventories have been drying up across the industry. One major industry wholesaler shows shipping delays on many common gold bullion products extending into April.

The same wholesaler is reported extended delays of newly minted 1 oz silver rounds extending to mid-to-late April.

Long shipping delays on the wholesale level are often indicative of underlying issues with the supply chains feeding the refineries and private mints. Reports from COMEX have shown a tremendous outflow of silver in recent weeks as more paper contract holders are opting to take physical delivery.

Analysts are predicting the most recent rate hike may likely be the last and are forecasting that lower rates will be coming in a future cycle.

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Saudi Arabia Taking Active Steps to End Petrodollar Dominance

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Saudi Arabia is showing the world that it is taking active steps to end the dollar’s hegemony across the global economy through a multitude of political and diplomatic moves and financial investments.

Saudi Aramco, officially the Saudi Arabian Oil Group or simply referred to as Aramco, has announced the investment of more than $10 billion dollars to finance the construction of a new refinery and petrochemical complex. The construction is expected to take three years and when finished it will have the capacity to produce 300,000 barrels of oil per day.

The world’s largest oil exporting country has also opened dialog about joining the Shanghai Cooperation Organization (SCO), a regional trade and security organization dominated by Russia and China.

In recent months, many more countries have expressed interest in joining the BRICS trade organization, which largely represents the global south in an effort to provide open trade and financial empowerment to developing nations.

CNBC reports that much of the rush to dump the dollar is largely seen as repercussions of the weaponization of the dollar to suit the foreign policy whims of the Biden administration, citing the financial sanctions imposed by the G7 following the Russian invasion of Ukraine and the decades of financial hardship placed on the people of Venezuela.

Central Banks continue to diversifying assets and dumping Treasury bonds and other dollar based assets in favor of commodities and growing currencies like the yuan. Globally, goods and services sold in dollars are going to get more expensive as the yuan and BRICS agreement picks up steam.

As the impact of the ongoing banking crisis begins to be felt at home, many Americans are shifting their priorities to protect their financial assets. This means we will continue to see a rapid shift of excess dollars into hard assets like gold, silver, land, ammunition and firearms and food in the coming months as more people prepare for further economic hardship.

COMEX silver and gold inventories are dropping as insiders ramp up the draining of physical precious metals from the vaults.

Some market analysts are predicting inflationary conditions to get worse as devaluing of fiat dollars accelerates following the Saudi decision to begin selling oil in other currencies. This is likely to lead to a ripple effect that will cascade to many other countries that rely on the dollar for settlement of global trade.

Last October, CEO of JP Morgan Chase Jamie Dimon, the nation’s largest bank, warned investors that the country is heading into a recession this year that will be far worse than any in recent memory.

In December, he reiterated his warning, adding that the main risks to the economy may come from abroad, citing threats to the fracturing supply chain, high inflation, rising prices of commodities and the ongoing proxy war with Russia.

Last year, numerous executives and precious metals traders were convicted from JP Morgan Chase, Deutsche Bank and other large institutions in a long-term, ongoing price manipulation scheme that was intended to trick the markets and investors into wrongly believing that price movements in the metals markets were organic.

JP Morgan Chase, often cited as to be too big to fail, is reportedly holding massive gold derivative short positions that are potentially greater than the bank’s total assets. If the price of gold continues to rise, JPM may be forced into a situation in which they will need additional leverage to cover the shorts.

Price manipulation, corruption and unfair representation in the LBMA and other G7 controlled commodities market were just some of the many grievances voiced by Russia last year during the announcement of the Moscow World Standard.

Casual investors are beginning to see that one of the best ways to protect their long-term financial assets from the Federal Reserve imposing a consumer CBDC is to diversify their cash holdings and other liquid assets into silver and gold bullion.

Mainstream media has been reporting on the rapid dollarization occurring with varying attempts to denounce genuine fears as a conspiracy theory.

The Chinese Renminbi or yuan is the currency that would benefit most from removing the dollar as the reserve currency.

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JPM Now Sole Custodian of SLV ETF Holdings

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iShares Silver Trust (SLV) is a bullion backed electronically traded fund that seeks to reflect the performance of the price of silver. The fund originated in 2006 and holds physical silver bars held in custodial vaults.

In a statement released recently from JP Morgan, they currently hold 459,485,125.800 troy ounces of fine silver on behalf of the silver trust.

According to recent shareholder reports from Blackrock, the fund is backed by 458,887,710.00 troy ounces of silver which is 597,415.8 less than what is reported by JPM.

That amount is divided between three of JP Morgan Chase’s vault location in London and New York.

Earlier records have shown that the custody of the silver bars that back the SLV investment trust were spread out across various companies and vaulting locations for diversity of holdings.

Precious metals investors frequently buy shares in the SLV as a way to hedge other investments that are typically thought to be riskier endeavors. By moving all of the silver bars into the possession of a single custodian, the trust may be exposed to some additional risk.

The best way to use precious metals as a hedge is to buy physical gold and silver and store it in your home where you know it will be safe, secure and there when you need it most. As the saying goes, if you don’t hold it, you don’t own it.

Silver futures have been trading down roughly 3% since the start of the year.

Meanwhile, central banks continue stockpiling gold during the first few months of the year as more nations around the world are trying to join the BRICS treaty while oil is now trading in currencies other than the dollar.

China bought up an additional 15 tons of gold in January bringing their total central bank holdings to over 2,025 tons, according to reports from gold.org.

With more and more pressure from climate change advocates on US industries to reduce fossil fuel dependence, Saudi Arabia is expecting China and India to become the largest buyers of Middle East oil.

Over the last two decades, a greenwashing propaganda campaign has been thrust upon the country to label the use of fossil fuels as the leading cause of pollution and worldwide climate change.

In recent years, the rhetoric is amplified by activist infiltration of hedge funds and other large financial institutions under the guise of the ESG movement.

As dedollarization continues throughout the world, financial experts remain bullish that precious metals will remain the basis for much of world trade and gold will play a large role in the BRICS currency basket.

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Understanding Silver Toning: Causes, Effects, and Cleaning and Value

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One of the more mysterious properties of silver is that it is prone to tarnishing when exposed to air. The oxidation of sulfur-containing compounds in the air.

The process can occur rapidly, such as with artificially toned coins, or gradually, with some beautifully naturally toned numismatic silver coins selling for much higher premiums than cleaned coins.

Silver is prone to tarnishing and many investors of silver bullion, coins, and sterling silver antiques often have questions and want to learn more.

The tarnish that forms on the surface of silver is a layer of corrosion that can affect the appearance and luster of the shiny metal.

Why does silver tarnish?

Tarnish and toning are caused by a chemical reaction that occurs naturally when silver is exposed to air and moisture. The chemical reaction occurs when the environment contains trace amounts of sulfur substances.

The reaction produces a dark compound that forms on the surface called silver sulfide. This reaction can occur faster in humid environments or when silver is exposed to other chemicals such as chlorine.

Silver-sulfide is an inorganic chemical compound that is a dense black solid. The compound has a variety of uses, such as an ingredient in anti-microbial and anti-bacterial agents and as a photosynthesizer in photography.

It is a normal and natural process that occurs even in environments deprived of oxygen such as those found from shipwrecks like the SS Gairsoppa.

Some modern collectors prefer to buy toned silver coins because of the colorful beauty and history.

Artificial toning is becoming more common as stackers experiment by sealing silver coins in airtight containers with sulfur-containing foods like eggs.

It’s important to have silver coins evaluated and appraised by an expert to determine if there is added numismatic value.

Other factors can contribute to the formation of tarnish in unique patterns such as with tab-toned coins which are from long-term contact with rubber bands, cardboard templates and tape.

Physical contact with items containing large concentrations of sulfur-rich compounds can cause silver to tarnish at a faster pace.

A common question amongst new investors comes from strange tarnish patterns that happen from storing silver coins in soft plastic “coin flips”. The soft plastic contains PVC compounds that interact with the silver oxidation process and can produce black marks that are unsightly.

It is common to clean silver bullion coins and rounds that have no numismatic value. It will not effect the value. Silver bullion coins will always retain their intrinsic value whether they are tarnished or cleaned. Some investors prefer cleaning silver bullion coins to maintain the alluring luster.

E-Z-Est is a product widely used by both numismatists and bullion investors alike that can quickly restore the luster to silver coins. It is easily available from Amazon.com or from most local coin stores.

UV rays from sunlight have also been shown to speed up oxidation. Simply leaving a silver coin in the window can accelerate toning.

Toning vs. Tarnish?

Toning is natural as the silver reacts with various environmental factors, such as air, humidity, and light and can result in a wide range of colors on the surface. Some numismatic collectibles like Rainbow-Toned Morgan Silver Dollars show an incredible range of blue, green, purple, and gold hues that add significant numismatic premium. Natural toning is desirable in antiques and collectible silver coins as many see it as an enhancement to the beauty and value.

Artificial Toning

Artificial toning is achieved through various methods such as excessive exposure to sulfur, heat, and UV light from the sun or artificial sources.

There are a variety of tutorials online that demonstrate the use of commonly available chemicals such as potassium sulfide and liver of sulfur to create some unique and colorful toning that looks amazing.

Anodization is a process that uses electrolytic chemistry to accelerate the thickening of the silver-sulfide layer. Some collectors may use toning solutions or sprays to tone their silver items artificially.

While artificial toning can create an attractive appearance, these methods do not add numismatic value and are often considered by some collectors to be damaged coins.

As such, it is important to be cautious when purchasing toned silver items and to only buy from reputable dealers who can verify the authenticity of the toning when you are shopping for numismatic coins.

Whether toning increases or decreases the value of silver depends on the item and the market. In some cases, tarnish is seen as a patina that shows the authenticity and provenance, which can add significant premiums to historical coins and antiques.

Cleaning Tarnish from Junk Silver Coins

Circulated junk silver coins commonly show patina that can be unsightly in appearance. There may also be ugly gunk that builds over the many decades of circulation.

Junk silver has no numismatic value and cleaning it won’t harm the intrinsic value. Though most investors prefer to buy 90% silver coins with the original patina and may be skeptical when it comes to buying cleaned coins. Which could make it more difficult to sell.

It is common to come across BU condition 1964 silver quarters among 90% silver lots. The shine really stands out and there are some methods to clean junk silver in ways that won’t effect the underlying intrinsic value.

There are some readily available silver coin cleaning solutions such as E-Z-Est and polishing creams. These work best for small amounts.

One of the easiest at home methods uses only hot water, baking soda and aluminum foil and takes just a few minutes.

Silver Toning

Natural toning is highly desirable collectible coins and for antique silver items. It can enhance the beauty and value of silver. However, toning can also be a concern for those investing in bullion or coins.

In general, toned Silver can increase in value over time. A natural silver tarnish is considered good as it can enhance the uniqueness, rarity and desirability of silver.

Researching and seeking reputable dealers who can provide you with authentic, naturally toned silver items is important.

Understanding the causes and effects of silver tarnish is essential for those who invest in silver bullion, coins, and antiques. The main cause of tarnish is exposure to elements which leads to a chemical reaction producing silver sulfide.

Other factors, such as contact with certain materials and exposure to sunlight can also cause tarnish to form. While tarnishing can detract from the shiny appearance, many investors see it as an enhancement to the beauty and value of silver.