This article was originally printed in the latest issue of Numismatic News.
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Early this morning I was reading some overseas commentaries on precious metals and one presented what appeared on the surface to be a very logical argument for the price of gold to approach infinity. Is this plausible? Well yeah, if you believe in the tooth fairy.
The problem with 98 percent of those who write about precious metals is that they are in the business of selling it. They use fear and greed to promote their business. So one must sift through articles for the real and credible information. Now don’t misunderstand me. I am bullish but I hope rationally so and realize that at some point the problem will be cured either temporarily or permanently.
This week gold is up 2.5 percent. Silver is up 4 percent while platinum is in lockstep with gold. I think silver is the best bet here but believe all are headed higher. Remember one thing: watch the Fed and if you see them start to raise interest rates, next year lighten up immediately.
Morgan and Peace dollars continue strong. There are a few downward adjustments in some of the MS-64 level better dates of the New Orleans mintages. Better date Peace dollars are very stable at current levels. MS-64 Morgans are still on the rise; however, they must be white or near white coins. Proof sets are truly in the doldrums. Without strong silver there would be nothing positive to say here.