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Salvation Army Red Kettle Receives Gold Coin as Drive Opens

The first gold coin of the season was dropped in a red kettle at Bettendorf, Iowa outside a supermarket. It is the first time on record a gold coin has been found on the first day of the Salvation Army’s biggest fund raising activity of the year. The coin is a quarter ounce American Eagle Gold Coin and will be used for the Salvation Army’s work in the Quad City area.

The placing of gold coins in the red kettles of the Salvation Army, an annual tradition for more Americans, has become a tradition. Each year, as volunteers dressed as Santa stand and ring bells by red Kettles, it has become an annual tradition for the gold coins to be found within the change collected for the organization’s work.

The tradition appears to have begun in 1982 when a gold coin was put into a kettle in Crystal Lake, Illinois. Since that time and the media surrounding it, donations have increased to include other types of bullion, rare coins, gold medals, and even jewelry.

Earlier this month, a Springfield, Illinois couple donated two American Eagle Gold Coins to the Salvation Army’s 2012 Tree of Lights campaign. Phil and Sandy Denotto demonstrated how investments grow after they donated a one-ounce and one-quarter-ounce American Gold Eagle, which they had inherited from Sandy’s mother.

The coins had been purchased in 2001 at a Salvation Army coin auction for a total of $540. When the Denottos donated them earlier this month, they were worth over $2,100.

Gold is currently on path for a twelfth annual increase in a strong bull market with 10 percent gain for the year, even as it spent a great part of the year in correction. The gains in gold since the onset of the monetary policy measures in the U.S. have been staggering. Following the financial crisis of 2008, gold traded at $681 per troy ounce. It is currently trading over $1,700 per troy ounce.

The gains in the market have earned gold the reputation of being the best performing asset of the year last year. Though a correction in the market has kept prices down this year, gold is still set for a 10 percent price increase, making it a solid investment that will grow over time.

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