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Circulated gold premiums hit zero

When I started in business nearly 45 years ago banks were respected institutions that followed strict rules. These rules were the result of hard learned lessons. Thomas Jefferson often referred to banks and the need to control them lest they control us. In Europe there is talk of their banks being too big to save, as others try to convince us ours are too big to fail.

Today our banks do not follow sound financial practices because our politicians have allowed the rules to degrade to a point that allows sheer gambling.

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While precious metals continue under pressure primarily because of euro zone banks and traders needing to raise liquidity, the need to hold precious metals as insurance becomes more apparent. Market indications seem totally contrary to that idea. This is one of those phases that shake out the weak holders. Until that happens we remain in a short-term bear market.

In U.S. gold type coins that trend could not be more apparent than the fact that $20 Liberties in MS-63 went below a 14 percent premium to melt at wholesale ask. Major gold coin/scrap dealers are now melting low-grade $5 through $20 U.S. gold coins and many modern commemorative gold pieces because premiums have eroded to zero.

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Type coins are trading well and there does not seem to be enough low to medium grade coins available in the pre-1865 issues.

E-mail harrymkrause@optonline.net.

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