Metals down, but not out
Gold and silver bullion prices are falling after a sharp increase during the second half of September. As of Sept. 30, the price of gold was at $1,115 an ounce,…
Gold and silver bullion prices are falling after a sharp increase during the second half of September.
As of Sept. 30, the price of gold was at $1,115 an ounce, down from a high of $1,154 reached on Sept. 24.
Silver stood at $14.50 on Sept. 30, having fallen from its Sept. 18 price of $15.28 an ounce.
Julian Jarvis, owner of Julian Jarvis Rare Coins, Greencastle, Ind., said while he couldn’t attribute why the rise and fall occurred, he wasn’t surprised it happened.
“I saw it as an indication that people still wanted to buy at that price,” he said. “I didn’t see the price increase lasting long though.”
A consistent high demand for gold and silver coins and bars could bring prices back up in the long term, he said.
“Premiums have gone up,” he said. “Physical metals are tough to get. I’m now waiting four weeks to get my orders delivered. My distributor has refused new orders because they’re two weeks behind.
“At some point, the price has got to change. I’m not holding my breath that we’ll see even lower prices.”
Will Jarvis’ expected price change be higher, reflecting the lack of supply in the physical market down at the local shop level, or will it be lower to reflect the electronic trading on the world markets?
That’s the ultimate question.
This article was originally printed in Numismatic News.
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