What can I say about precious metals other than to look at last week’s report and lower it 1.5 to 2 percent? A Fed report was released for March and it sees no current reason to ease monetary policy further. This caused speculators to sell gold and others to short the markets. There was a $52 drop in two days. My recent advice about trading up in quality should be heeded.
Morgan dollars are certainly proving my point over the last few weeks. The stately 1893-S has moved up nearly $20,000 in lower Mint State grades while dropping slightly in F-12. The 1894-S has moved up 20 percent in MS-66 and MS-67, while common dates of the same grade have given up 10 percent. All the Carson City issues are very active in Mint State with every one of them up in at least one grade. The issues of the 1890s are experiencing the most activity.
The 1898-S and 1899-S duo are up in MS-63 along with the 1899-P, which has recently been beaten up because of dehoarding. I can’t say if this is a new trend, but quality dollars are in demand. Forget about common circulated Morgan dollars until silver lifts its head again.
Peace dollars are generally quiet but promotional activity has created strong demand for 1928-S through 1935-S issues in low-to-mid circulated grades and some nice price increases as well.
Proof sets are positive with at least half a dozen increases on cheaper sets. Mint sets are steady with virtually no changes.
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