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CME Group Inc. and Thomson Reuters Corp. will run the replacement for the 117-year-old silver-fixing benchmark that’s ending in August, the London Bullion Market Association said. Testing is set for early August with the new mechanism to go live on Aug. 15, the LBMA said today in an e-mailed statement . . . .

On August 5, 2014 at 12pm Noon EST, the U.S. Mint began to sell a Kennedy .999 Gold Half Dollar to commemorate the 50th Anniversary of the 1964 John F. Kennedy Half Dollar. The morning of August 5, I was able to see the buyer’s line (which began forming at 2am) with over 800 people already in line. Many of the buyers in this line were bused in by large retail dealers who had been offered up to $500 to stand in this line and buy the one coin . . . .

Given the crisis in Ukraine and deteriorating ties with the West, Russia has been aggressively accumulating gold reserves. The IMF, in its recently released International Financial Statistics report, showed that the Russian central bank has hiked its gold holdings by 16.8 tonnes to 1,094.8 tonnes in June.

Indeed, most central banks are increasing their gold reserves, IMF data showed. Russia, Mexico, Kazakhstan, Kyrgyzstan, Tajikistan, Serbia, Greece and Equador have all reported higher gold reserves for June . . . .

I don’t want to say that mainstream analysts are stupid when it comes to China’s gold habits, but I did look up how to say that word in Chinese…

(Washington, D.C. – July 17, 2014) – Investor and industrial consumption of silver has advanced at a healthy pace in 2014, reflected in the silver price increasing 5 percent as of July 15 from the beginning of the year. . .

* Malaysian airliner crash intensifies Ukraine tensions
* U.S. imposes more sanctions on Russia
* Investors monitor Israeli ground offensive in Gaza
* Coming up: U.S. consumer sentiment Friday

NEW YORK/LONDON, July 17 (Reuters) - Gold surged 1.5 percent on Thursday as investors sought shelter in the precious metal on fears of further turmoil after news that a Malaysian passenger jetliner had been downed in Ukraine. . .

Last year, Germany blew up headlines when its central bank – the Bundesbank – announced that it was planning to repatriate its gold from the United States Federal Reserve, the Bank of England and the Banque de France. The Bundesbank owns nearly $200 billion worth of gold, but only a third of it is stored in Frankfurt. . .

Gold has gone nowhere fast over the past two weeks, trading in a mere $30 range. But Carter Worth, chief market technician at Sterne Agee, predicts that the metal is about to heat up—beating a path to the upside that leads gold prices up to $1,500 per ounce, which would be the highest level since April 2013. . .

Gold and silver have had phenomenal weeks, with the metals rising nearly 3 percent and 6 percent, respectively. Many columnists are claiming that this is due to escalating tensions in Iraq and the rising possibility that the Iraqi state will enter a state of chaos. . .

In January, the contrarian investor in me won out: I decided to buy gold.

In March I talked about how increased activity in the gold market might mean the precious metal has turned a corner.

But today, I ask that you forget all about gold’s recent price action. That’s a story for another day. . .