Are We About To See A Historic Melt-Up In Gold & Silver?

Are We About To See A Historic Melt-Up In Gold & Silver?

Today one of the wealthiest people in the financial world stunned King World News when he said we may be nearing a point where we see a historic melt-up in gold, silver, and the mining shares. 

 Rick Rule, who is business partners with billionaire Eric Sprott, also discussed exactly how this historic advance will unfold and why the up-moves will be so incredibly violent

Eric King: “Rick, are we finally seeing the more than 3-year bear market in gold and silver coming to an end?”

Rule: “You and I both believe in higher precious metals prices, Eric, so it’s tempting to say yes. Bear markets end with capitulation selloffs. I think we were on the verge of a capitulation selloff six weeks ago but we didn’t get one. The questions is, do we have to see a capitulation selloff this time? The answer is, of course not

“I said to my Chinese friends that ‘The U.S. dollar is in one way shape or form a lie.’ And they said, ‘Yes, but it’s the most liquid lie on the planet, and from that point of view we are attracted to it.’

When the confidence in the U.S. dollar begins to wane, and I say when, not if, then precious metals will shine. We may be seeing a preview of that today. But if you had bought precious metals in rubles, Eric, or yen, or the Brazilian real, you would be very happy today. 

 For many people who bought them in dollars this has created frustration because of the strength of the dollar vs other fiat currencies. Gold doesn’t have to win the war against the dollar, it just needs to lose it less badly for KWN readers not to be just happy, but ecstatic.”

Eric King: “In this secular bull market, if we are seeing an end to the cyclical bear market in gold, silver, and the shares, how do you see the advance unfolding off the lows? Will it give people time to get in?”

Rule: “I definitely believe it will. I believe that without a capitulation selloff, the bottom that we see will resemble the market that we saw from July 2013 - February 2014. That is a gradual saucer-shaped recovery, with higher highs and higher lows but plenty of volatility to scare people and also delay investment in the sector. And it may be that we are back into that phase after having been scared to death recently.

Certainly without the capitulation selloff what you will see is a long consolidation period that’s extremely choppy and volatile. And that has been, in my experience in the last three cycles, eventually greeted with a melt-up. 

That’s the only way I can describe it if you remember 2002, Eric. This is where, finally, all of the sellers get used up and the metal gaps higher and the shares gap higher. I’m not saying that past has to be prologue but that’s what has happened the last few times we have been in a similar position.”

Eric King: “You are talking about some pretty violent upward moves.”

Rule: “Yes. It’s funny that we have been, in effect, punished in this market since 2012 and subjected to several violent down-moves, so we forget that the thing which attracted us to this sector originally was the fact that in recovery this market exhibits very violent up-moves.

Remember, people’s expectations of the future are set by their experience in the immediate past. And everybody’s experience in the immediate past going back to the tail end of 2011 has been negative. What that means is that our expectations are all negative. 

 What moves a market is a market that exceeds expectations, and expectations for the mining industry are pathetically low, which means we will exceed those expectations.

And when we exceed those expectations the market will move significantly higher and perhaps very violently to the upside. If you remember back to the 1993 melt-up, or the 2002 melt-up, or going back even further to the melt-up of the late 1970s, which was the most violent melt-up I’ve ever experienced in my life, these are truly spectacular events. If past is prologue, and it normally is, this will happen again.”

See this article at King World News

Swiss Franc No Longer a Safe Haven and a Possible Bottom for Gold

Peter Schiff responds to the results of the "Save Our Swiss Gold" initiative this past weekend. He explains why he thinks it is bullish for gold and might have even marked gold's bottom.










0:17 – “Save Our Swiss Franc” would have been a more accurate description of the Swiss gold initiative.



0:59 – Switzerland used to have more than 40% of its reserves in gold and was very prosperous.



1:47 – The Swiss gold initiative was a threat to the powers-that-be, because it limited the ability of the Swiss National Bank (SNB) to create inflation



2:35 – If the initiative had passed, Switzerland would have been an example of a strong economy in a sea of European inflation.



3:34 – How is it crazy to have only 20% of your assets in gold, but sensible to have 100% of your assets in fiat currencies?



4:30 – The Swiss originally didn’t want to adopt the euro, but now they’ve embraced a de facto euro standard.



5:30 – Gold and silver dropped dramatically after the vote, which was surprising since no one had really expected the initiative to pass.



6:23 – Gold and silver recovered their losses quickly once the United States started trading.



7:10 – Peter believes the “no” vote is more bullish for the long-term price of gold.



7:43 – If the Swiss had adopted the referendum, it would have slowed down Swiss money printing and Swiss inflation.



8:28 – When the world realizes the United States is going to return to quantitative easing, the Swiss franc will no longer be a safe-haven option. This would mean greater demand for gold.



9:36 – If the SNB won’t be buying gold on behalf of its people, the Swiss will buy gold individually to protect their purchasing power.



10:49 – Looking at historical actions of central banks, there’s a chance that gold’s low price on Sunday could end up being gold’s bottom.

At Australian Mint, History Thwarts a Golden Opportunity

Greg Cooke knows where gold worth hundreds of thousands of dollars is hidden. But like many people in this mining city, his problem isn't finding the precious metal; it is being able to recover it.

That's because the gold is in the form of dust that has accumulated in the brickwork of the old Perth Mint since its founding in the 1890s at the height of one of the world's great gold rushes. Decades of refining resulted in tiny fragments of gold embedding themselves in the fabric of the mint's historic melting house. To paraphrase a well-known bit of mining lore, there's gold in them thar walls!

"The gold in the walls isn't visible. You can't see it," said Mr. Cooke, a gold pourer at the mint. "But the moment you point it out to people, you see their eyes darting around the room with excitement."

Security is unobtrusive in the melting house, which was decommissioned in 1990. On any given day, tourists seeking a fix of Australia's gold rush history wander around the room pretty much undisturbed though they are within spitting distance of the secret hoard.

"I'd love to have a scrape," said Sacha Hibbitt, a 19-year-old student from England who was visiting Australia with a friend. "I like gold, and it would be nice to sell to pay for our trip."

It is a different story at the mint's current gold-refining hub near Perth airport, 10 miles away. There, the mint doesn't allow visitors and all employees must be vetted by the police's Gold-Stealing Detection Unit—nicknamed the "gold squad." To get to work requires passing through something like airport security, including metal detectors, while employees' every move is captured by cameras.

In 2011, the Perth Mint produced the world's largest gold bullion coin, weighing one ton and worth about US$50 million. The coin had its own security detail on a recent roadshow around Europe and Asia, even though it takes heavy-lifting equipment to move it around.

When 14 of the 15 old furnaces in the Perth Mint's melting house were scrapped, they were crushed and around 18 kilograms of gold was recovered, worth around US$800,000 at today's prices. That inspired management to look a little higher, sending a young worker up for days to scrape the ceiling for gold.

"It is one of those old corrugated roofs, so we got a young kid on a cherry picker, hoisted him up with a wire brush and told him to start scraping," said Mr. Cooke. He recovered an extra 1.5 kilograms.

Around the time the mint was founded in the 1890s, thousands of people were working on gold deposits in Western Australia. Among them was a young American engineer named Herbert Hoover, who managed the Sons of Gwalia mine for a year before returning to America. He became the 31st president of the U.S. in 1929.

Nuggets unearthed in the red clay of the Outback were brought to Perth to be melted down into gold bars or coins.

How the gold came to end up in the mint's walls is explained by the old technology. For decades, gold was refined using charcoal and coke, which were variable in temperature. When the furnaces got too hot, sometimes reaching 1,700 degrees Celsius (3,092 Fahrenheit), it caused the gold to vaporize and lodge itself in the brickwork.

In the 1950s, officials became so worried by the scale of the losses that they installed a device in the mint's main smokestack to catch gold dust.

Mr. Cooke believes there is still more gold in the walls of the mint. "All I want to know is who does the cleaning?" said Julie Bitton, 48, who was visiting the mint from New South Wales with her 14-year-old daughter, Marley.

Still, harvesting the precious metal isn't likely to happen soon, if at all. Gold's appeal cuts little ice with Western Australia's heritage officers who demand the walls remain untouched because of the building's heritage listing. This year's massive renovation of the old mint, which stands on the same site where it was established, excluded the melting house.

"It is important that works to heritage places are undertaken with care to try to protect the elements that tell the individual stories of a place," said State Heritage Office Executive Director Graeme Gammie. That includes protecting old woodwork and even original paint.

Disappointed prospectors should draw comfort from the fact that gold is found in plenty of unusual places—from termite mounds to the human body.

Last year, Australian scientists found that eucalyptus trees in the Outback were drawing gold particles up from the soil via the trees' root system and depositing them in their leaves and branches. Alas, these nuggets are only about one-fifth the diameter of a human hair.

Back at the old mint, Mr. Cooke says the brick walls aren't the only hidden store of gold. Officials carry out nearly 50 gold-pouring demonstrations for tour groups each week, and residue of the precious metal that remains in the clay-and-graphite pots needs to be recovered. Every two weeks, the pots are crushed to recover gold worth as much as US$200 apiece.

"We lose a gram of gold a day in the furnace or the pots or from spilling," Mr. Cooke said. "That is an ounce a month and might not sound like a lot, but it is a lot for our accountants."

Cheap Gold Mining Stocks Surge

Gold stocks have surged dramatically in recent weeks, defying the odds to catch a serious bid.  Extreme bearishness still plagues this sector, which is certainly the most despised in all the stock markets.  So why are investors returning?  The universally-hated gold stocks are absurdly cheap, easily the greatest bargains anywhere.  And after a long year of basing, they are finally breaking out relative to the gold price.

It’s easy to understand why everyone hates the precious-metals sector these days.  During the first half of 2013 when the mighty S&P 500 general-stock index powered 12.6% higher, gold plunged 26.4%.  Thanks to the Fed’s stock-market levitation, American stock traders dumped the dominant GLD gold ETF at epic record rates, flooding the gold market with excess supply.  The resulting gold drop obliterated gold stocks.

Their primary index, the HUI gold-stock index, plummeted by 48.7% over that span!  So this entire sector was abandoned, left for dead by existing investors and avoided like the Black Death by new investors.  Bearishness was off the charts, with widespread predictions gold and its miners’ stocks were doomed to spiral lower forever.  Yet like nearly all popular forecasts at market extremes, that one was dead wrong.

The precious-metals sector instead stabilized over this past year, drawing a line in the sand and basing.  As of this week, gold is up 3.4% and the HUI merely off 0.9% since the end of last June.  Not the worst sector sentiment seen in decades, not stupendous record gold and silver futures shorting, not even the Fed’s ongoing stock-market levitation could force the precious metals lower.  New buying absorbed all the selling.

And that brings us to today, where the precious metals are surging to break out of this year-long base.  And this is happening in the midst of the dreaded summer doldrums no less, the weakest time of the year seasonally for this sector totally devoid of recurring investment-demand spikes.  So much strength now is a harbinger of a sea-change shift in capital flows back into gold stocks, which are exceedingly undervalued.

The vast majority of investors have woefully short memories, forgetting the past to delude themselves into believing the last year-and-a-half were normal for precious metals.  Nothing could be farther from the truth!  Between November 2000 and September 2011 when the S&P 500 retreated 14.2% in a brutal secular bear, the HUI skyrocketed 1664.4% higher!  When gold stocks are moving, great fortunes are won.

Fundamentally, few sectors are simpler and easier to understand than gold miners.  These companies wrest the shiny yellow metal from the bowels of the earth, and then sell it at market prices.  Thus their overall profitability, and resulting earnings-per-share measures that drive future stock prices, are utterly dominated by the gold price.  When gold rises, gold-mining profits leverage these gains to soar higher.

So the best way to view gold-stock price levels from an investing standpoint is through the lens of their relationship with gold.  For nearly a decade now, I’ve done extensive research into trading this sector using the HUI/Gold Ratio.  The daily close in that leading gold-stock index is simply divided by the daily close in gold, and the resulting ratio charted.  This has led to massive profits from timing buying and selling.

But these days more and more investors are shifting their capital away from holding individual stocks into exchange-traded funds.  This trend is understandable yet unfortunate, as a carefully-handpicked sector portfolio of elite stocks will nearly always outperform the broader baskets held by ETFs.  But that’s the way things are going, for better or for worse.  So I’ve long been wondering about the HGR’s ETF equivalent.

The HUI itself can’t be bought, but the flagship GDX Gold Miners ETF can be.  GDX is a worthy gold-stock benchmark, as it is well-constructed with quality component gold and silver stocks and tracks the classic HUI almost perfectly.  And if GDX is replacing the HUI in the gold-stock/gold ratio numerator, why not throw in the GLD gold ETF in the denominator?  So this week I took my first deeper look at the GDX/GLD Ratio.

This new GGR is functionally identical to the old HGR, quantifying gold-stock price levels relative to the underlying gold price which drives their profits and hence ultimately stock prices.  So naturally the GGR reveals the same picture the HGR has, that gold-stock prices have been losing ground relative to gold for a long time and are radically undervalued.  Here’s the chart since GDX’s first full year of trading in 2007.

The blue GGR is slaved to the right axis, and shows gold stocks’ performance relative to gold.  When the GGR is rising, gold stocks are outperforming gold.  This can be from either rallying faster than gold in major uplegs, or falling slower than gold in major corrections.  But the latter never actually happens.  When the GGR is falling, gold is outperforming gold stocks by rising faster in uplegs or falling slower in corrections.



Incredibly for nearly 7 years now, gold stocks have been underperforming gold on balance!  The GGR has done little more than fall and fall and fall.  Other than the 17-year secular bulls and bears endlessly oscillating through stock-market history, any trend in any market running for 7 years is exceedingly rare.  Most trends reverse after 4 years, 5 on the outside.  The longer any trend runs, the bigger the subsequent mean reversion.

So right off the bat, it’s immediately obvious there is a huge anomaly in gold-stock pricing today.  No matter how vociferously the bears argue, gold stocks aren’t going to fall relative to gold and therefore their profits forever.  At some point this trend, which is essentially a secular bear in gold-stock sentiment, will absolutely reverse.  And odds are this past year’s basing has finally ushered in that critical inflection point.

To game where this hated sector is heading, we first have to understand how it got here.  Back in 2007 before 2008’s once-in-a-lifetime stock panic, the GGR averaged 0.591x over the first 8 calendar quarters of GDX’s existence.  The share price of the GDX gold-stock ETF meandered around 0.6x the share price of the GLD gold ETF.  Even if these pre-panic levels never return, today’s ultra-low GGR is wildly bullish for gold stocks.

During that epic stock panic, the extreme general-stock selling led to gargantuan safe-haven demand for the US dollar (cash).  So as the US Dollar Index skyrocketed in its biggest and fastest rally ever witnessed over such a short span in late 2008, the alternative currency gold was hammered in crazy-heavy futures selling.  So gold fell too during the stock panic, terrifying gold-stock investors into panicking as well.

Gold stocks plummeted so much faster than gold that by late October 2008 near the panic’s nadir the GGR had free-fallen to just 0.227x.  Gold stocks were trading at just 3/8ths of their pre-panic levels relative to gold which drives their profits, which was absurdly cheap as I pointed out at the time using the HGR.  And as expected, after being loathed and extremely undervalued gold stocks started soaring again.

Mean reversions out of extremes are the most powerful and profitable forces in all the financial markets.  Riding one has enormous benefits for your wealth.  Over the next several years after those super-irrational stock-panic lows, gold stocks as measured by GDX would more than quadruple with a 307.0% gain.  This trounced the S&P 500’s measly 39.7% gain over this span by nearly an entire order of magnitude!

After such a tremendous bull run, gold and the gold stocks needed to correct.  The metal was simply very overbought, as I warned right at its August 2011 top.  And the necessary gold correction, and the resulting GDX correction from its all-time record high, was totally normal until mid-2012.  At that point gold and the gold stocks bottomed.  The miners outperformed so the GGR climbed higher again for the better part of a year.

But in early 2013, the US Federal Reserve foolishly and recklessly chose to use record money printing to monetize bonds along with jawboning to drive the stock markets higher.  The Fed implied it was going to backstop stock prices, by being ready to ease more to arrest any material selloff.  So the stock markets started to dangerously levitate, gradually sucking capital and interest away from alternative investments including gold.

American stock traders dumped their GLD shares far faster than gold itself was being sold, which forced this massive ETF’s custodians to liquidate bullion to raise the capital necessary to sop up the excess GLD-share supply.  So GLD saw shockingly-large record outflows of 552.6 metric tons of gold last year, which was 84% of the total drop in global gold demand!  As gold fell, the gold stocks were pulled into the carnage.

Nothing was normal about last year, the Fed made it the most anomalous year in the markets seen in our lifetimes after the 2008 stock panic.  The resulting fear, despair, and loathing in precious metals was breathtakingly extreme.  Nearly everyone predicted gold, silver, and their miners’ stocks would continue sliding forever.  Except for a handful of hardcore contrarians like me, who argued they were bottoming.

We’ve been proven right, although this bottoming process has taken far longer than I ever imagined a year ago.  Despite facing howling headwinds since then as the Fed’s insane stock-market levitation continued, gold and the gold stocks have bottomed.  They’ve spent this past year basing, with big new buyers absorbing all the relentless selling pressure.  This has led to the GGR stabilizing since last summer.

And this ETF-based gold-stock/gold ratio is starting to break out from its incredible 7-year downtrend. Just in recent weeks, the GGR has poked its head above its secular resistance.  While it’s early still and we’ll need a few more months to confirm this nascent breakout, it has wildly bullish implications for gold-stock prices.  Contrarian investors willing to buy low in this past year when few others would are going to win fortunes.

Since the end of last June, the GGR has averaged 0.196x during this massive precious-metals basing.  That is anomalously low and utterly unsustainable.  Even during 2008’s wild stock panic, the most extreme fear superstorm most of us will ever see in our lifetimes, the GGR briefly hit a considerably-higher 0.227x before gold stocks bounced violently and surged for years relative to gold.  This should happen again.

After plummeting 71% in that stock panic, such extreme lows and unbalanced hyper-bearish sentiment led GDX to more than quadruple in the subsequent years.  And since that record peak this ETF has lost a nearly identical 69% and fallen to even more extreme lows relative to gold.  Thus I fully expect this next coming mean reversion in gold-stock price levels to quadruple them again, their upside potential is massive.

The entire history of the GDX/GLD Ratio since this gold-stock ETF was born in May 2006 averaged 0.405x.  And that is right in line with the post-panic normal range of this key gold-stock pricing indicator in the 10 calendar quarters following 2008’s stock panic, 0.419x.  So no matter what, the GGR ought to return to this normal range in the coming year or two.  From this week’s levels, that means a 107% GDX surge.

This next chart zooms in on the GGR and GDX itself over the past several years or so, highlighting how far up normal gold-stock valuations relative to gold are from here.  The case for a double in gold-stock prices from today’s dismal levels is a no-brainer, an exceedingly-high-probability-for-success contrarian trade.  Extreme price lows accompanied by extreme bearishness always breed extreme mean reversions.


As part of their year-long basing process, flushing out all the defeated capitulating former gold-stock investors who foolishly sold low, GDX hit a 5.1-year low in late December.  Gold stocks hadn’t traded at lower absolute price levels since 2008’s stock panic, after which they more than quadrupled.  But even more important was their pricing relative to gold, with the GGR falling to a sub-panic all-time record low.

And that’s the first of two reasons why a gold-stock quadruple is coming over the next several years or so.  Financial-market prices and sentiment are like a giant pendulum.  The farther they are pulled to one extreme by excessive greed or fear, the farther they necessarily swing to the opposite extreme in the subsequent mean reversion.  Like pendulums, these reversions don’t magically stop right in the middle at normal again.

Their kinetic momentum carries them through to the opposite ends of their arcs.  So there is almost no chance the next gold-stock cyclical bull will conveniently stop around the normal post-panic average GGR of 0.419x.  They are going to overshoot proportionally.  Doubling the 0.217x difference between today’s GGR and that average, and adding it onto today’s levels for a full overshoot, yields a GGR target of 0.636x.

That sounds high, and it is.  But overshoot extremes don’t last for long, as the universal greed necessary to fuel them quickly burns itself out.  And that GGR level certainly isn’t unprecedented.  In the second half of 2006, just after GDX was born when gold stocks were last popular, the GGR averaged 0.623x.  A standard mean-reversion overshoot of gold-stock prices relative to gold takes their projected gains to more than a triple.

The quadruple potential comes from gold itself, which is also universally hated and thus still trading at anomalous levels far below where it should be.  As the wildly overvalued and overextended US stock markets inevitably roll over into their next serious selloff that will likely grow into a new cyclical bear, gold will return to favor as an essential portfolio diversifier.  Western investment demand for it will come back.

Between American stock investors migrating capital back into GLD, and American futures speculators buying to cover their record precious-metals shorts, gold is going to rebound dramatically in the coming years.  And the higher gold goes, the higher gold stocks will need to be bid to keep the GGR in line.  Even plugging in very conservative numbers yields incredibly impressive gold-stock price-target levels.

For example, last year’s Fed-driven anomaly led gold to plunge 27.9%.  If it merely regained 25% from its year-end-2013 level, a pathetic mean reversion after such a wild extreme, it would hit $1507.  That’s a low gold price, as gold traded above that continuously for 21 months ending at last April’s gold panic.  Translate that into $150ish GLD terms, and a 0.63x GGR overshoot yields a GDX target price of $94.50!

That’s nearly a quadruple from today’s dismal GDX levels, and given the epic record money printing by the crazy Fed that’s just starting to come home to roost in the form of wicked inflation, I expect gold prices to surge to new record highs well above $2000 in the years to come.  So the resulting gold-stock target levels are far higher than this conservative example indicates.  Gold stocks are an incredible investment here!

And in addition to the mean reversion in gold prices igniting serious gold-stock buying, another catalyst is coming too.  The second quarter of 2013’s epic GLD capital outflows led to the worst quarter for gold in 93 years.  So many of the miners took huge non-cash writeoffs in Q2’13 for the resulting impairments of their gold projects.  These more than erased operating profits, leaving this sector temporarily devoid of earnings.

So with no conventional P/E ratios over the past year since those writeoffs, investors have shunned this sector not knowing how to value it.  But once Q2’14 earnings are reported in late July and August, Q2’13 will roll off the books.  Thus gold stocks will have price-to-earnings ratios again, and they will be super-low given gold stocks’ battered price levels.  This should spark a surge of heavy institutional buying.

Although owning GDX to ride this mean reversion is fine, a custom portfolio of expertly-handpicked individual gold miners with superior fundamentals will vastly outperform it.  GDX is overly-diversified, and the larger gold miners that will see smaller gains are heavily weighted.  At Zeal we’ve spent well over a decade researching gold and silver miners and explorers, and our accumulated expertise is priceless.

We just finished our latest 3-month deep-research project looking into the universe of junior gold producers trading in the US and Canada.  We started with 63 stocks and gradually whittled them down to our dozen fundamental favorites, all of which are profiled in depth in a fascinating new 23-page report just published this week.  Buy it now, learn about the best junior gold miners, and invest while gold stocks remain dirt-cheap in the summer doldrums!  They will likely be soaring this autumn.

The bottom line is the cheap gold stocks have been basing for an entire year now.  After the extreme once-in-a-lifetime Fed-driven GLD-selling anomaly in 2013, bearishness was epic.  Yet despite the ongoing stock-market-levitation headwinds, the precious metals and their miners’ stocks consolidated instead of spiraling into the abyss like everyone predicted.  New investors absorbed all of the relentless selling.

This strong basing has led to a nascent breakout from the tired 7-year trend of gold stocks underperforming gold.  Today this despised sector is radically undervalued relative to the metal which drives its profits and hence ultimately stock prices.  So as gold-stock prices and gold itself mean revert in the coming years, gold stocks should easily quadruple.  There’s no other sector in the stock markets with such bullish potential.

Battle of the Coral Sea Silver 1/2 oz and Gold 1/10th oz

Battle of the Coral Sea Silver 1/2 oz and Gold 1/10th oz Bullion Rounds from Goldwire

These Limited Production 1/10 oz. Gold Bullion and a ½ oz. Silver Bullion Coins Honor Allied Forces Who Fought in the Battle of the Coral Sea.

Battle of the Coral Sea Silver 1/2 oz and Gold 1/10th oz Bullion

The Coral Sea bullion coins display a WWII battleship encircled by the words, “Battle of the Coral Sea War in the Pacific 1941-45.”

The gold coin contains one-tenth ounce .9999 fine gold and the silver coin contains one-half ounce .999 fine silver. 

These coins are Australian legal tender and, due to their purity, may be included in precious metals IRAs. The Perth Mint, the official mint of the Western Australian government, enjoys a reputation for innovation and superb quality.

Australia Gold: AGSX (Australian Gold and Silver Exchange) Gold Bullion

The new and exciting XAU & XAG series from the Australian Gold & Silver Exchange featuring the Crown Kangaroo - a symbol of dignity in heraldic designs

• 1oz Gold Cast Bar – AGSX
• Brand: AGSX
• Metal: 1 Troy oz 99.99% Gold
• Condition: Brand New in Original Issue Condition