On Dec. 21 the European Central Bank lent $645 billion to 523 different banks at 1 percent interest. Precious metals drifted slightly lower. This is another attempt to monetize toxic sovereign debt, an inflationary move of major proportions. We experienced new lows and a somewhat calm rebound with metals. They follow the Dow, which has been following the U.S. dollar.
When this will change is anybody’s guess.
In terms of proof silver and gold Eagles the investment market (IRA’s) is strong, while other bullion-related modern issues are following metals.
In last week’s report circulated generic date Morgan dollars were very weak. That did not last long as one major buyer upped bids by 7-10 percent. This brings the premium back in line to more recent normal levels. An interesting wholesale trade I noticed was one major dealer offered in excess of 500 MS-63 certified Morgans at a $2 discount from normal and they all sold in a matter of minutes.
Gold type coins with the exception of the early rare issues have had as many changes as I can ever recall making. The overall trend is up especially in circulated grades through Choice BU (MS-63). Higher grades are unchanged to mostly down. The 1934 Denver Washington quarter has drifted lower in Mint State while the 1935 issue of the same mint has moved up along with the 1937 and 1939 San Francisco duo.