Market holds strong during ANA

The precious metals market has certainly added a bright spot to pre-ANA convention activity.

On set-up day the market made a new two-month high close. After some morning profit-taking on the first full day of the show, the market closed firm at $964.50. There was very firm higher opening indications for the second day of the ANA event. Silver is even stronger with a 10 percent gain in the last week alone.

Traditional U.S. gold issues in circulated grades are hot, with dealers paying the highest premiums ever for generic older U.S. type gold. Reasons for this are the weak dollar and the real or perceived possibility of confiscation of gold bullion in the supposed national interest.

Early type coins remain strong and very active at current levels with anything particularly nice for grade or scarce for date bringing well over indicated market levels.

Lincoln cents continue in strong demand as one of the major marketing houses is working on putting together another 7,000 sets of “One Hundred Years of Honest ole Abe.” This will require 7,000 coins from each year and put quite a stress on some dates. Programs like this are good for the market as they create activity, dealer cash flow, remove large quantities from the market and create new mainstream collectors.

E-mail harrymkrause@optonline.net.