Have Metals Reached a Final Bottom?|
July 16, 2013
Gold is one percent away from $1,300. Silver is $20 and platinum nears $1,400. I am guardedly optimistic. It looks like a bottom, smells like a bottom, but doesn’t quite feel like a bottom. I would feel a little more positive if it were two to six weeks from now and the market had had a little more bloodletting. My meaning is that precious metals virtually always look their worst or best just before major turning points. The market has a way of scaring away the weak holders and sucking in the greedy.
The silver dollar market remains active with tight supplies of generic circulated issues at current levels. Limited amounts are being sold by the public and the hotel buyers cannot make a profit at current levels of precious metal prices. Also most would-be sellers have done so for now. While common date MS-63 and MS-64 Morgans have declined, the opposite is true for most of the Carson City issues. In the top grade we have increases of over $1,000 on the 1892 and 1893 issue. Not to be outdone, the 1895-S has increased strongly as well. The 1900-O/CC has become active in the lower circulated grades; this is the most affordable error coin of the Morgan series at under $100 in nice circulated condition.
Proof and mint sets may not have dramatic changes like several key Morgan dollars, but we have 25 increases with only four decreases. Much of the activity is in the first 11 mint sets in our charts but even without these there is a healthy market. There is demand for Presidential proof sets and several issues of the last few years. The 1996 Prestige set after dropping to $250 from $500 several years ago is now $300 to $310.
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