Coin Trading Quiet as Bullion Drops Sharply|
September 16, 2013
The night before this was prepared we had an unexpected $25 drop in gold. Most blame it on the de-escalation of the Syrian crisis. However there is quite a bit of news regarding further weakness in EU industrial output and that is creating a damper on all commodity prices. This coupled with the rumored expectation that the Federal Reserve will taper $10 billion off their asset buying program as soon as the end of this month.
This scares traders. Since week we have gold down nearly $50 with silver down just under $1 and platinum at exactly $50. Where to from here? Flip a coin. Fear tells me lower, but common sense says higher. In the long run, common sense should prevail but fear and greed are very strong forces.
The coin market is generally quiet with many professionals reporting slower than normal sales. In the gold type coin sector there has only been one upward tick and that is the $5 Indian in MS-63. All the rest have followed bullion.
In regard to silver type coins, again quiet, but steady and the premium on U.S. 90 percent silver has increased mildly.
The rest of the story is steady with the exception of the Lincoln cent series where the “Holy Grail” has decreased in G-4 to F-12 and the 1922 no D has declined in the first two reported grades. These have been followed by the overpromoted 1931-S dropping in G-4 to VF-20. In the Indian cent series the 1869/9 overdate is showing increased demand with higher dealer bids. This is one of my favorites.
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