Gold Gains After Government Reopens|
October 18, 2013
Our leaders managed to kick the can down the road on the issue of the government shutdown and debt ceiling. Back to business as usual, but gold jumped $25 an ounce in European trading right after the news broke. This week we have gold up 1 percent, silver virtually unchanged and platinum up 2.7 percent. The markets were very shaky during the shutdown and it is interesting to see that the $1,250 level held quite well for the shiny yellow metal. Perhaps those pundits predicting a $1,050 floor will be proven too pessimistic.
The Collectorama Show in Lakeland Fla., had very good activity, although smaller buyers were exhibiting caution. Morgan dollars were very active with several buyers just looking for nice coins whether certifiable or not. Morgan and Peace dollars are both up for common dates in MS-65. The 1886-O has again increased in the lower Mint State grades while the 1894 has declined in VF-20 to EF-45. There is particularly strong demand for nice AU generic Morgan dollars that seem to be going into mass promotions as new!
Proof sets are tired with 26 declining in this week’s chart. While most declines are small they are exhibiting weakness at a time of the year when there should be active buying for holiday and winter promotions.
Mint sets have again shown great gains up to 1959. I am beginning to wonder how real this market is. These early sets have more than doubled over the past year, but I can count on one hand the number of times I have been asked for them. While they are definitely scarce in nice original holders, the number of people who actually collect them may be even lower.
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