Bullion Avoids Another Price Decline|
July 30, 2013
When I began to prepare this I felt I was looking at a bullion market breaking down. There was a nice rally at the beginning of this week, then profit-taking, then what seemed like the beginning of a free-fall. Then buyers came in at just the point where a break would have signaled another downdraft. Action like this wrenches the soul, but it is exactly what is needed to form a firm foundation to go higher.
The Morgan dollars remain healthy, good demand continues for circulated common dates and slight weakness is evident in generic Mint State issues (summer doldrums). Carson City issues remain active. The 1899-CC is up nearly 50 percent in MS-64 this year. There are a few downward adjustments with the more common issues down in MS-64 but up in MS-65. This is a market seeking equilibrium. The 1883-O is up strongly in mid-circulated grades, which is one of those funny market anomalies as it is among the most common in Mint State but quite rare circulated. Several thought to be common P-mint and two S-mint issues have moved up in MS-63 and with now tight spreads should be bought in MS-64. The branch mint 1921 duo have again increased in MS-63. They are good value as sliders are the predominant grade. Peace dollars are quiet with some promotional demand for 1924 through 1926 lower grade coins and a slight softening of the circulated 1928-P.
Proof sets are steady with adjustments in both directions. Mint sets are in the “I told you so mode,” meaning that the 1970, 1973, 1981 and 1996 sets are all up. These are sets that contain coins that are only available in the sets. They always rally given time.
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