This article was originally printed in the latest issue of Numismatic News.
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Gold is down $50, silver $1.65 and platinum a whopping $200. Hold on. The ride ain’t over yet. Last week my buddy Mike (a broker and longtime friend) practically begged me to short gold. I explained, “I just don’t do that. It’s like borrowing against your life insurance policy.” What has happened is that we have another short-term governmental fix regarding the European Monetary Union and possible deflationary expectations highlighted by probable lower oil usage. Lower commodity prices in general are expected because of European austerity measures. This will lead to lower tax revenue as their economies spiral downward. Sooner or later they will cheat.
I am at the new Whitman Nashville show. Even with bullion down, U.S. gold type while a little softer still has good demand.
Peace dollars not only have continued demand from the mass marketers, but there has been positive price activity in the middle of the pack on the 1924, 1925 and 1928 San Francisco issues with a visit from their 1927 Denver brother.
Proof sets remain active. Gainers lead losers by over a 2:1 factor. Prestige sets and Silver Premier sets are leading the gains by a couple to five percent. It seems the promoters are at it again.