Gold Type Coins Signaling Bullion Bottom?|
July 25, 2013
Gold is virtually unchanged, platinum is up 1 percent and silver is down nearly 2.5 percent in a week. Virtually every dealer I know can sell all the silver Eagles and silver bars they can get. This is a free market, right? Major banks reporting profit increases of 63 percent and 65 percent primarily from trading. How can one believe these markets are representative of real value? When an institution that is “too big fail” can sell or buy on paper more than a year’s production of anything, they are too big to exist.
Many people criticized the Hunt brothers for attempting to corner the silver market in the late 1970s. At least they did it “honestly” by buying and taking delivery of the real thing. Now we have financial institutions that do it on paper in matters of less than a few minutes and it is legal and applauded as smart trading. This is true not just of commodities. The only bright spot is that eventually things come back to equilibrium. The Chinese realize this. This year they have taken delivery of almost as much gold as they did for the entire year of 2012.
Type U.S. gold has been creeping up over the past two weeks. This may be signaling a bottom of the bullion market, or it may be the result of dealer accumulation with the annual ANA Show around the corner.
Classic Head large cents have risen across the board. These are so tough to find with nice pleasing planchets. Another popular issue that is hot in all grades is the 1796 dime with MS-60 pushing $25,000.
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