Precious metals had a rough day yesterday. This is not what the nation’s coin dealers are looking for as they head for the American Numismatic Association National Money Show in Denver.
I am on my way there this morning.
There is a tendency to get a little nervous when gold and silver values stumble. It can cause would-be coin buyers to lose their nerve and decide to hold onto their cash a while longer.
Two years ago, the idea of having an ANA convention that was anything but a roaring success with gold at $1,600 and silver at $30 would have been ludicrous.
But it all depends on from what vantage point in time we are viewing the action.
Numismatic News has reported in recent weeks that collectors are becoming a little more free with their buying and the prices of recent proof sets and mint sets are firming up after a wave of recession-induced sales by collectors who needed the money has passed.
True, key dates in early copper or in the Seated Liberty series are virtually recession proof, but the rate at which they change hands on a bourse floor can slow when a cautious attitude prevails.
So we will see.
Gold and silver can bounce higher while I am on the plane. If that is the case, you will know it sooner than I will.
If you are going to Denver, stop by the Numismatic News booth and say hello and share your sense of the market with me.