Dollar puts metals in their place
This week there has been a major correction in the precious metals and a long overdue one after nearly two months of bullying the dollar around.
This week there has been a major correction in the precious metals and a long overdue one after nearly two months of bullying the dollar around.
The greenback came back with a vengeance, and many think it will recover further, bringing gold down to the $990 range.
Gold has come down into the top of its previous high range achieved in March of 2008 and traded there for a day and is now trading upward along with silver and platinum. This could be some short covering activity or new buying coming in from overseas. If it is new buying then we may not see the $990 range. Only time will tell.
There is no confirmation of any downtrend in U.S. type gold coins. We have a show of strength in several issues in the MS-63 to MS-65 range and very strong buyer activity in the $2.50 Liberty issue and the Type 1 $20 Liberty. I have never specialized in gold, but I always noticed these sell well and are underpriced.
There is little price change data in type coins, but the tone seems more positive with more inquires and strong auction results from recent sales. Anything particularity nice or fresh looking for the grade has the same ol’ story: “Gone With the Wind.” Seated Liberty material of any even slightly scarcer dates is in continuous demand as well as any better date or better circ. grades of Barbers, especially half dollars.
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