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Gold tests $900; Seated soft

Gold is down 2 percent, silver 4 percent and platinum 6 percent. India, the world’s largest importer of gold, announced a doubling of the gold tax, resulting in a $15 drop. Talk of the Commodity Futures Trading Commission putting trading limits on energy-related futures contracts and hints that it could consider other contracts put negative bias on the metals. So with a stronger dollar and lower oil, we tested the $900 level again. Will it hold? I fear not, but that should present a buying opportunity.

Meanwhile U.S. type gold remains active and on the strong side. Check out the chart in this week’s paper and look at those Indians.

Generic Seated half dimes, dimes and quarters along with Barbers are definitely weak in MS-60 and higher grades. This affects more common dates; better dates are not soft. The 1796 quarter has declined in mid-circulated grades as have a few other issues in higher grades. Why did this take so long? Some of these have tripled and quadrupled over the past several years.

For key coins there have been adjustments in several of the high flier issues of the past several years, but nothing major. Some issues have gone down in one grade and up in another. This is simply adjustment to supply and demand.

Washington quarters quieted down. That is evident in the overpriced 1932-D & S.

Email harrymkrause@optonline.net.

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