Morgan Dollar Market Looking Good|
February 27, 2014
Are we experiencing an adjustment between overbought equities markets and oversold precious metals or is this the real thing?
That is the question I have been mulling over for the last two weeks and in the proverbial sense it is clear as mud!
I say this because gold and silver have been rising in tandem with the Dow from its recent correction. I continue to like the action of the market. After last week’s comments we saw gold easily break the $1,300 price level and in a matter of two days touch $1,330. Profit taking (which short term traders always do) hit the market early this week, but so far gold has established a new trading range between $1,310 and $1,325. If a base builds here we are in great shape. The real news is silver’s new shine, up 6 percent for the week!
The Morgan dollar market continues to be vibrant with a renewed interest in common circulated issues, the same is true for Peace dollars. In other words, the bag quantity buyers are back and again active. MS-65 Morgan dollars are approaching the $200 level and the choice grade examples are steady. A word to the wise: MS-64 generic Morgans now look cheap compared to MS-63 and MS-65 graded coins. MS-65 Peace dollars have also gained over the last several weeks, in fact half a dozen key dates have also gained in the same grade.
With the exception of 2002-2006 mint sets, which are dying on the vine, most proof and mint sets are steady to rising with a little added push from silver values.
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