What a difference a few weeks can make in the bullion market.
Mere weeks ago, the question was when gold would hit $800 an ounce after it reached a high of $719.80 on May 11. Now, the question is how long it will take to get back over $600.
As of market closing June 14, gold was at $562.30 an ounce. Silver was also hammered, having fallen to $9.707 an ounce after a high of $14.846 May 11.
?Well, it?s summertime, so it?s not a surprise that the market is taking a breather,? said Kirk Kelly, of Kirk Kelly Rare Coins, a division of Coin Depot, Greenville, S.C. ?I believe it will be getting back to what it was, whether that?s a few days, a few weeks or a few months. The bullion market never does go in a straight line.?
For those worrying about the decreases, it might be they?ve forgotten that a year ago, gold was around $440 an ounce.
Kelly said he never tries to hit the lows or the highs, but likes to have a happy medium.
Platinum also has fallen, but not as severely as its brethren, from a high of $1,321.50 an ounce May 23 to $1,138.90 June 14. Kelly said platinum is a moot area, since it has not sold well for him since it went over $700 an ounce.
?I used to sell a lot when it was cheaper, but people just aren?t as interested now,? he said. ?Platinum may be worth more than gold, but it?s just not as exciting.?