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Gold firm as 1999 silver proof set falls

This article was originally printed in Numismatic News.
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Gold is $1,212. I like the sound of that number. Just days before I read a few online stories and began to think somebody was trying to kill this market. Although softer at the time, the market was not collapsing, so after a few minutes I made a few phone calls and bought some gold to cover some that I had sold.

As luck would have it, news came out that Moody’s had lowered Portugal’s bond rating by two notches and the euro began to slip. Precious metals rose and the negative articles began to fade away. The silver ratio has improved because it came up versus gold and platinum is flat.

Morgan and Peace dollars are quiet with the only obvious strength in low- grade generic Morgans. At the high end, I have not noticed one increased or decreased offer in nearly a month from any credible source. This includes MS-66 and up as well as DMPL and PL specimens. Of course, it is summer, but could this be the quiet before the storm?

Mint sets have not budged in several weeks, but there is active trading out there. Proof sets continue to undergo some price adjustment according to various promoter needs. The only item of note is that the 1999 silver set is now below $200 retail for the first time in nearly 10 years.

E-mail harrymkrause@optonline.net, or write P.O. Box 100579, Cape Coral, FL 33910-0579.

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