This article was originally printed in the latest issue of Numismatic News.
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None of the metals are truly free markets on a short-term basis. With gold there are governments attempting to accumulate reserves. The IMF dumps from time to time and who knows what Washington does. Silver has been manipulated in the past with the Hunt brothers and Arab interests trying to corner the market. Platinum will react to the oil price at the drop of a hat. We hear billionaire investor George Soros dropping comments about the gold bubble, while he owns funds that control massive amounts. Follow the long-term trend – and it ain’t down!
Double eagles continue to signal a cautionary trend with some softness in the market even on higher gold. Proof gold American Eagles and Buffaloes have also lost most of their premium.
Proof silver American Eagles are soft but holding near recent levels and the 2010 platinum version has topped $2,100.
Morgan and Peace dollars remain very active with little change except for those affected by higher silver values. The 1922-S and 1923-S in Gemmy Gem are showing strong buyer interest again.
Proof and mint sets continue mixed. One major buyer here at the Long Beach Expo commented to me, “I’ll buy the pre ’99 stuff, but nobody needs the later stuff and it ties up too much money I can use trading bullion products.” Weakest are the 50 state quarter proof sets.