Silver Leads Precious Metals Higher|
August 27, 2013
Silver continues to lead the pack with a gain of 4.5 percent. Gold is trailing but still gaining 2.5 percent, while platinum is dead.
At the ANA show one dealer made a wisecrack, “Am I still smelling bottoms?” A month ago I wrote: “looks like a bottom, smells like a bottom, but doesn’t quite feel like a bottom but I would be more confident if it were four to six weeks later in the season.” Here we are at that period and it sure looks like my nervous call was on track. Since then gold and platinum are up 10 percent and silver is up 20 percent and trading well at these levels. The key to this move was the extreme movement of the silver gold ratio at nearly 68 to 1.
The Morgan dollar market remains firm with the 1878-CC now topping $100 in VG and further positive movement of both 1879-CC issues in MS-60. The Carson City issues of 1880, 1881 and 1885 are all up in various Mint State grades. The 1892-CC while down in VF (a good buy) is up again in MS-60 to MS-64, as is the 1893-CC. The 1893 Philadelphia issue also continues to gain in MS-60 along with both branch mint issues of 1894. To round out the week’s gains, the 1903 and 1904 San Francisco issues are also up in MS-60. The only real loser, down $900 or 25 percent, is the 1884-O in MS-67. This could simply be one unattractive example being dumped on a thinly traded market.
Peace dollars are the same story with lots of increases in higher grades.
The last three years’ of Sacagawea dollars are very active on wholesale demand. Presidential dollars are also. There are large promotional orders of 10,000 coins or more.
More Coin Collecting Resources:
• August special – only 25 available! Order your 2013 Yellow-Bellied Sea Snake Coin Set today!
• IT’S HERE! Order the 2014 North American Coins & Prices.
• Get the 2012 Coin of the Year – limited quantities remain!
• See what guides and supplies our editors recommend for keeping up with your collection.
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