Summer a Good Buying Opportunity for Gold|
July 05, 2013
The Portuguese are tired of austerity. Their stock market is down over 5 percent and bonds are back over 8 percent. Spain is not far behind. The rest of European markets are down 1-2 percent. Gold is down a little because the Euro Zone problems are resulting in a strengthening dollar. Since last week’s report gold has rallied 2.5 percent, silver 6.3 percent and platinum 3.5 percent and many are asking if we seen the bottom. While gold is $60 above its recent low, I think it is premature to say so, but there is no crystal ball here.
Since we last reviewed gold type coins two weeks ago gold has dropped nearly $100 and we are showing many changes, but not all down. It is true premiums have been slashed on many generic issues but $1 issues and all no motto Liberty Head issues remain strong. Three dollar Indian Princess MS-61 to MS-64 coins have slid some and should be a buy again especially if nice for the grade. Many generic Mint State issues are also worth consideration at today’s prices as the summer is almost always a buying opportunity for them. Even though bullion values are down, they are not getting more plentiful. A good popular example is the $20 Saint-Gaudens now at $2,000.
The rest of the type coin market remains steady with renewed demand and increases in Coronet Head large cents in all uncirculated grades. In essence all early copper coins remain strong. Barber coinage along with any scarcer date Seated Liberty issues also remain in steady upward demand.
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