This article was originally printed in Numismatic News.
>> Subscribe today!
A reader questioned the metals prices in this column. He said in the newspaper it is always different for the date listed. Where do I get the info? The date is listed at the top of the charts and the prices are the actual bid prices at 7 a.m. (plus or minus a few minutes) on the day this is written. I do this because that is when I write these comments just before print deadline. Also at 7 a.m. you get a good picture of the worldwide market. I usually start between 4 a.m. and 5 a.m. EST and follow the closing of the Asian markets with the follow-up of European trading.
Gold is up nearly 2 percent and silver nearly 3 percent, while platinum is down 0.5 percent and palladium is trading well over $800 with a recent new high. While market action has been somewhat nervous, it has been boring overall. I like it. It looks like consolidation and is edging upward. Another positive factor is a reasonable amount of negative publicity regarding precious metals; I get nervous when everybody likes metals.
The U.S. type coin market remains steady although I question some of the wholesale bidding action on early dollars. Two weeks ago prices were declining and then a week later higher bids were listed. I have noticed this before and my gut tells me there are holders of these coins (which are probably not PQ) who enter the market every time it softens to help keep it up. One way this is done is to place bids for CAC or Plus-graded certified coins only. Very simply there are so few of these available and they are usually so nice that the bids never get hit anyway.