Showing posts with label silver coin. Show all posts
Showing posts with label silver coin. Show all posts

Silver passed $30

Economist and precious metal traders have predicted its coming in the past weeks but never before in the history of precious metal trading did Silver performed at such phase that even bullish investors never anticipated its very early coming.

Local precious metal buyers and dealers are not even aware that precious metals have elevated to such level in a single day.

Before Silver reached $30, buyers were hesitant to stock precious metals due to last week volatile performance where Silver peaked at $29 before it dove to $26 level giving risk takers a definite advantage. Local numismatic organizations held auctions these past weeks and there so many bargains at the floor. Most Silver coins were bought 50% to %70 of bullion value.

Experts still believe that an economic Armageddon is coming so prices of precious metals would still continue its upward trend.

Meanwhile, Bangko Sentral Ng Pilipinas has already released the new Aquino signed notes this December. This will be the last batch of notes that will bear the sign of the 15th president before its redesign issue will be released in 2011.

Oil & Gas In A Special Coin

The Malampaya Commemorative Coin

The Malampaya Gas production rig located near Palawan is the of the country’s pride in energy independence. Brought by the surging cost in oil importation, refining, and distribution, several exploration attempts in the early 80’s and late 70’s confirmed that the nation has a potential source of natural gas and oil.

A study undertaken by University of the Philippines Professor Dante B. Canlas, the former chief of the National Economic and Development Authority (NEDA). Using natural gas royalties would cut power costs which may stimulate economic growth since it will make local industries more competitive.

The Electric Power Industry Reform Act (EPIRA) which indicates that royalties that could be collected from “the exploitation of all indigenous sources of energy including natural gas and geothermal steam" would be used to cut power costs. This will provide government additional tax and non-tax revenues, which would be more than sufficient to offset the foregone royalties collection. Thus, the project started and had been one of the top priorities of several administrations.

In October 16, 2001 Malampaya platform was formally inaugurated by the current president Gloria Arroyo and other local & foreign business figures. A special commemorative coin produced by the Central Bank Mint was issued to celebrate this special event. This coin weighs 16 grams and 32mm in size and is made out of .999 silver and plated with a 24 Karat gold. However, the mintage is deceptive since there was no official record on the mint, which indicated the number of coin produced. But what is certain that this were only given to officials who have attended Malampaya’s exclusive inauguration.

The special coin or more specifically, the special token comes with a wooden box with the emblem of Malampaya, which is otherwise featured, on the coin’s obverse. The existence of this special token has not been known until recently which concludes how few were produced for this exclusive event only.