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Negatives buffet gold; proofs rise

 

There is a lot of negative news regarding precious metals. Much of it has merit. What else can you expect with the dollar rising strongly and 10-year Treasury rates reaching a 60-year record low of 1.6 percent? With a modest inflation rate of 2 percent you only lose 0.4 percent annually in purchasing power. Germany now gets its money free. The strongest EU country sold bonds at 0 percent. Greece is toast. Spanish banks are approaching free fall.

Morgan dollars have been quiet overall, but other than common date MS-63 to MS-66 issues the market has a firm undertone. The 1879-S reverse of ’78, or concave breast, has

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gained nicely in gem Mint State. This and the 1878 counterpart with convex breast (reverse of ’79) are much scarcer than many realize. Another Morgan that has had a spark of activity recently is the 1903-O.
Many people don’t realize that this was once the third rarest Morgan until Mint State bags were discovered in storage and released at face value. Imagine the thrill of waiting on line to get a bag of silver dollars and getting a full bag of 1903-Os when a VG-8 cataloged $1,000. Peace Dollars are the same story as above for common Mint state issues.

The proof set market shows steady improvement with slightly lower silver having little negative impact on silver sets and several inexpensive clad sets showing gains of 5-10 percent. Mint sets are stable with some probable accumulation of the 1970 set to get the 1970-D half dollar.

Email to harrymkrause@optonline.net.

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