Has the long crawl back begun? It depends on what you consider to be the goal post. As much as most collectors don’t like to associate the spot price of precious metals with that of collectible coins, the fact is coins and metals often follow closely in tandem. Right now, the spot price of gold continues to trade in a very tight range that comes near but fails to challenge the $1,300 an ounce resistance level, while silver surpassed $15 an ounce several weeks ago and has continued to hold its ground ever since.
Meanwhile, the prices of many silver dollars have continued to inch downward, while there appears to be some glimmer of gold in the price of Coronet $20 coins. Investors seeking to diversify from equity markets have been seeking bullion coins for some time. It now appears there may be some increased interest in double eagles but not so much in Morgan silver dollars, the traditional bellwether coin of the collector market.
This observation of the market should not be misconstrued. There may be a pattern that will emerge, but right now it can’t be said the coin market is expanding or that more desirable coins are rising in price across the board. What can be said is the market appears to be seeking some higher values but not for all series, dates, or due to condition rarity.
Will buyers accept these attempts to go higher? A few true rarities recently sold at auction may be grabbing headlines, but for prices to increase across the board, demand will need to outstrip supply. This is not yet taking place.
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