The German finance minister called Greece “a bottomless pit.” I think that quote can apply to over half of the Western World. Fiat currency has allowed many governments to create a huge international bottomless pit. Although precious metals are weaker at the moment because of the weakening euro versus the dollar, they are the only insurance for the individual.
This week gold is down about 1.5 percent with silver at 2 percent and platinum tagging the mat at 3 percent. With oil hanging above the $100 mark, it is a wonder that platinum does not show a little strength. Supplies are minimal.
Gold type coins are lackluster with the only bright area being in the tiny $1 issues and quarter eagle issues. These are very often used in programs that are run in the mass media here and in Europe. Saint-Gaudens $20s are perhaps at the lowest premium to melt ever in MS-65 at just over $2,000.
Non-gold type coins have shown a few downward adjustments in selected issues such as the Rays Shield nickel in MS-65 and stars obverse Seated dimes in the same grade. Flying Eagle cents are flying a little higher. While there are no price changes early copper remains strong.
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The Long Beach show was well attended. Collectors looked for mid-to- high grade circulated type coins and they were buying. There was also a good deal of interest in Capped Bust half dollars, especially by the Overton variety hunters.