Last week precious metals were steady with an upward bias, but it’s a different story this week.
Gold and platinum are both off about 1.5 percent, while silver took a 3 precent hit. Personally I feel the bias is still upward, but traders were disappointed in the FOMC not introducing a brand new stimulus package. Instead they will extend the twist. That is a method to keep short-term interest rates low, not the famous dance made popular by Chubby Checker.
Proof gold Eagles have edged up in premium by about 20 percent, meaning a 1 percent increase per ounce; remember this is with gold lower. Proof silver Eagles are steady with many buyers in the wholesale market.
U.S. gold type coins have mildly increased activity with a slight firming of premiums on most.
The hot items in non-gold type coins are the 1793 half cent up in all grades through VF and in some cases nearly 20 percent. These are usually very crude in low grade and often unattractive. That is why you can throw away the price sheets for nice evenly struck coins with good natural color. The other items are Seated Liberty halves; all five varieties are showing gains in G-4 to VF-20. The lower end of that grade range are for promotional demand, while the F-12 and up may simply be catching up to the EF coins that increased in our price charts a few months ago.