During the recent Long Beach Expo I heard several comments about the party being over and I knew they were not talking about the previous night’s dinner party. They were addressing the bullion markets. These markets were long overdue for a significant correction and we finally got it. Is the correction over? It may be. There is a definite change in the tone of the overall market with buyers now actively seeking U.S. type gold at the newer levels and although, while much lower, there are again active bids on proof gold American Eagles.
Peace dollars have been amazingly steady with only one notable change in the 1924-S in gem BU. It seems there is not a ready buyer at around 10 grand so there is some discounting going on. I have not seen the item. It could just be unattractive or undesirable at this juncture in the economy.
Morgan dollars are extremely active. I often hear that they are weak on the bourse floor. If you flow with the market, a great deal of business is being done in these cartwheels. There are numerous downward adjustments, but these are mainly in the hoard coins, such as the “Nathan’s Hoard” of certain CC issues, 1893-S and 1894.