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Bullion Buyers Getting Complacent?
By Harry Miller, Numismatic News
September 09, 2013

This article was originally printed in Numismatic News.
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This week’s big question for precious metals buyers: is the rally over? Well, the jury is out on that one, but will probably come to some decision by the time you read this after publication.

It is expected to see some profit taking after a rally like the one we have seen from the recent lows.

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I must admit I was surprised by the Tuesday drop after the Labor Day holiday in light of the expected escalation of the Syrian situation and all the mixed signals ahead of the many economic meetings coming up on both sides of the Atlantic.

Premiums on silver have now come back to near normal levels as has demand so perhaps buyers are becoming more complacent at current levels.

Morgan dollars continue strong. The 1878-CC, which broke the $100 barrier in VG-8 just two weeks ago is up another 10 percent in G-4 to VF-35. The 1879-CC capped die has also hit the plus column again in MS-60 along with the 1893-CC and they are joined by the 1881-CC in MS-63. Several of the scarcer New Orleans issues have gained again in MS-60 as well. Some smart buyers are also seeking out several of the not-so-common Philadelphia issues in MS-65.

After many weeks of strong gains better date Peace dollars are steady. The previously quiet and weaker common dates are now showing gains in MS-63 and MS-65 as both appear to be good value at recent levels, especially if silver continues to rally.

There is definitely some increased activity in the mint and proof set arena. The early mint sets have gains again and several 2011 sets are moving again.


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