Good time for precious metals
The past week has certainly reminded us of the wisdom of owning some precious metals as insurance, as long as you don’t invest the mortgage money.
This article was originally printed in Numismatic News.
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The past week has certainly reminded us of the wisdom of owning some precious metals as insurance, as long as you don’t invest the mortgage money.
Gold is nearing a test of its all-time high and silver, while up nearly 10 percent this week, has a way to go. The current silver price level is about where most of the higher end trading was done 31 years ago before that spike upward to the $50.52 silver price of Jan. 21, 1980. I think while there is significant resistance at this level, it is a very healthy market signal to my gut that we grind it out here for a little while.
While oil is up significantly, platinum is under pressure because of lower production fears (Libya) that would result in lower usage of the metal.
MS-63 Morgan dollars are pushing at a 20 percent increase with Peace dollars not far behind. See this week’s CMAG charts. There is continued wholesale bidding for generic white/whitish Morgan and Peace dollars in MS-63 and up with the qualifying statement, “over 1,000 coins call.” The rest of the silver dollar market is strong on the low end and there are a good number of dates actively sought after in MS-64 and MS-65, especially Carson City issues.
Proof sets are showing a little health although the strength seems to be silver related and some prestige set promotion.
E-mail harrymkrause@optonline.net.
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