Gold broke the $1,600 level, sold off on budget settlement news and again traded over $1,600. It is important to note that silver penetrated the $38 level with little difficulty and has flirted with the $40 value for a few days. Many technical traders had thought after the sharp spike up to $48.85 and down to under $34 that it was the end of the bull market. These markets will fake out the best of us on a short-term basis. I expect to see a downward spike when the budget deal is settled.
Gold type coins are significantly stronger. However there are some small issues in the higher Mint State grades that have come down a little. A major influence is the strong demand for those with a Plus designation, or a CAC sticker. In this case the higher buys for
those coins in PQ have many buyers ignoring those that are not and this leads to an erosion of the ordinary grades. In most cases these represent a good buying opportunity. I especially like MS-65 double eagles at relatively low premiums compared to MS-63 coins. The Saint-Gaudens issue in MS-66 at under $3,000 is a steal. I still like $10 Indians though they have gained back some premium.
Early copper type coins gained in high grade circulated issues and mid Mint State grades. Notable are the increases in Mint State Flying Eagle cents especially MS-63. They rose 30 percent in less than a year.