I am thinking about gold and silver this morning.
Gold, according to the Kitco website is at $1,639.80 and silver is $31.47.
What powers my thoughts are my recollections of last year’s Central States Numismatic Society convention in suburban Chicago as I prepare to depart for this year’s Central States event.
Last year’s event was a bullion-driven affair as silver headed toward $50 an ounce and gold was shooting for $1,600. It was great fun to watch and to talk to dealers in the middle of the action. Their cash flows rarely looked better.
However, neither round bullion price number was achieved during the show and the event proved to be the high water mark for silver. It has fallen about $17 since then, or more than a third.
Gold has held its gains better and is actually up by approximately $100 in a year.
I expect the atmosphere at this year’s CSNS to be markedly different, more subdued. There are still reasons to purchase gold and silver, but the two metals have definitely become less exciting than they were a year ago when the sky’s the limit seemed to be buyers’ prevailing philosophy.
Real live coin collectors will have a better opportunity this year to tend to their want lists. Dealers will be catering more attentively to their numismatic clients.
This is a healthier long-term situation for numismatics, but anybody who attended last year’s adrenalin-pumping action can be forgiven if they feel just a bit let down.