Precious metals are trying to find direction. The entire complex is down nearly 3 percent since last time. The Hong Kong gold market will now accept Chinese currency for gold and the U.S. Commodity Futures Trading Commission is issuing stricter limits to curb speculation.
Last week’s Pittsburgh ANA turned out to a lackluster event, although the auction hammered down in the area of $16 million. The main complaint among dealers was just not enough fresh material and less than expected attendance.
Generic Morgan dollars have softened a bit in choice through gem grades while the lowly common date circulated issues have gained around 10 percent. The 1879-CC continues to gain strength. There have been a few other better date increases, the most notable being the 1893-S in EF to AU. While many 1893-S Morgans are offered in various states of EF to AU few are nice original coins, most have been cleaned or enhanced in one way or another. An interesting realization in the Pittsburgh auction was an 1880-S dollar in MS-69 PL (prooflike) at $86,250. What a number for a common date. No doubt it is the finest known. A few weeks ago I passed on a very attractive one in MS-66 DMPL (deep mirror prooflike) for about 2 percent of that price.
In the proof and mint set arena there is little good news. Most of the prestige sets have come down in the area of 10 percent and about two dozen others have small declines.