Gold drops $100; more to come?
Have we seen the top? Gold this morning is exactly $100 below its peak of a week ago. As I have been hinting, these markets were overdone and this drop was inevitable.
Have we seen the top? Gold this morning is exactly $100 below its peak of a week ago. Silver is down nearly $2 as well and platinum about $90. As I have been hinting, these markets were overdone and this drop was inevitable. Is the drop over, or could it drop $100 more? Only time will tell. Consider this a buying opportunity.
The premiums on virtually all U.S. gold coins are in a state of flux, but many are not as weak as one would think with the dramatic drop in bullion prices. The supply of early type gold is not so elastic that supplies can become readily available just because bullion dropped.
In fact, gold American Eagles have had an increase in premium over the last week because of thin supplies. This is also true of silver Eagles. While I do believe many type gold premiums are on the high side, new supplies are small because most of the old European hoards of the Depression era are dispersed.
The early non-gold type coin market is active and very positive in tone especially in the pre-1850 and Seated issues. Low-grade Bust and Flowing Hair dollars have been very active. Decent-quality-for-the-grade coins command positive prices.
Early copper remains very hot and in demand in all grades with any problem- free coins bringing big premiums and even multiples of most price guides.
More Resources:
• State Quarters Deluxe Folder By Warmans
