Does Silver Action Signal Coming Gold Drop?|
August 06, 2013
Sorry to say last week’s market comment had a typo. The 1899-CC Morgan dollar should have read the 1893-CC is up nearly 50 percent in MS-64 this year.
This week we have gold and platinum up slightly, but locked in a trading range. Silver is down 1 percent and is now over 67 to 1 versus gold, which makes one wonder if silver is indicating an eventually lower trend for all. The precious metals sector closed out the month of July with a healthy although choppy gain.
Gold type coins remain active with circulated and lower grade Mint State issues mostly reacting to their bullion values. Higher grade Mint State issues are in stronger demand showing many increases across the MS-64 and MS-65 column. A few weeks ago I mentioned the $20 Saint- Gauden as a good buy when it traded down to $2,000 in MS-65,. It is now back at $2,350, which is still good value.
Many USA gold issues are reasonable relative to their bullion values at this time, especially if they bear the little green football CAC label. In fact, many so attributed will often bring premiums of 20 percent to 30 percent above listed price levels.
In non-gold type coins the market is very quiet. This is unusual just ahead of the Chicago American Numismatic Association convention of mid August. The only area that is active is proof type coins and while having been trending upward they are now showing a few weaker prices.
(Image courtesy Perth Mint.)
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