Last week’s precious metals rally fizzled until the Fed stated that the economy is leveling out. Markets again focused on recovery and inflation with gold just under $960 and silver about to touch $15.
At the ANA show, U.S. type gold was anything but weak. Premiums on $5 and $10 Liberty issues have increased and so have $20 Saints, demonstrating a steady market in an uptrend.
The U.S. Mint did a land office business with the new limit of 10 on 2009 Ultra High Reliefs. It sold out repeatedly during the show with several dealers offering those with the stamina to wait in line an immediate five percent profit. Not a bad deal. Put down your credit card for 10 @ $1,289 and walk a few hundred feet to get $1,350 each and 12,890 air miles. I love capitalism!
Proof and mint sets are active with an even baker’s dozen down, yet the market seems more upbeat than those would indicate with numerous buyers for any bargain deals, small or large.
Regarding the ANA show, many dealers were disappointed in the lack of a large retail crowd. It was apparent that many just do not like to go into the downtown LA area because of past social unrest, parking fees (which to a New Yorker seemed cheap), the general congestion and the poor economy.