Mint Sets on Hot Streak as Gold Falls|
June 18, 2013
Gold is down 1 percent. Silver and platinum are down 4 percent at 63.6 to 1 and 1.05 to 1 versus gold, respectively. A collapsing Japanese stock market is not helping. The purported cause, a stronger dollar. Ironic, we create money and the dollar remains strong. The problem is that other central banks are doing a better job of destroying their currencies. Even though the presses (computers) are running full speed, deflation is the current scare. Gold is holding up better because of the fear factor.
Silver dollars are relatively quiet with some minor decreases in generic Mint State Morgans. The 1892-CC in MS-64 has declined slightly while the 1881-CC and 1891-CC have gained some. The circulated 1878-CC is now flirting with the $100 mark in VG-8. Peace dollars show little activity after a strong run over the last two months.
Proof sets are active with negative adjustments on several silver and Prestige sets, but there are many offsetting positive moves on other sets. Early mint sets through 1958 are on a hot streak.
I talked to a guy in front of me at the LAX check-in line. He was a computer consultant. When he heard what I do his immediate comment was, “I bought some gold, but not a lot.” I asked what he had. He did not know exactly and it was being stored by the company he bought it from. At that point a guy on the other side of the line commented, “I am still buying and I have it with ...” Precious metals are insurance against possible social upheaval and as an investment. Why would anyone be so careless with their money? Hold your own hard assets in your own safe and secure place.
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