Silverís Comeback Gaining Steam|
August 20, 2013
“Hi Ho Silver!” Yes, we have a rally that seems to be gaining strength with silver trading over $22 a troy ounce for the first time since early June. After recently trading at a ratio of almost 68 to 1 versus gold, silver is now approaching 60 to 1 versus gold. That, my friends, is roughly a 13 percent differential, which is a significant move that may very well continue.
Platinum is now well over $1,500 and at 1.13 to 1 versus gold. In the past week gold has risen 3.5 percent, platinum 4.5 percent and silver a whopping 10 percent. Now the big question: Is this the beginning of a new upward leg of the bull market? Only time will tell.
This is being written during the latter part of the ANA show and yet price indications on U.S. type coins other than generic type gold are hard to determine. Our usual indicators show just a handful of changes because dealers are busy at the show or simply waiting to see what the next guy does. We did note several buyers looking for 1836 reeded edge halves, a popular transitional type coin. Also there were numerous collectors seeking Barber material and ‘CC’ mint issues.
This week 20 cent pieces dropped $150 in MS-64 while Standing Liberty quarters went up $2.50 in EF-40. Which is more significant? Several dealers I asked said of course the 20 cent piece but thought again when I inquired as to how many of each exists in those grades and how many people does each price effect. Sometimes the not so obvious is an important market barometer.
(Image courtesy Perth Mint.)
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