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New tone says gold bull needs rest

Market tone has changed. The Long Beach Show had some mixed reviews, but overall was a decent event with good participation from dealers and collectors. The record heat did put a damper on set-up activity and there was minor lack of participation from those who did not want to travel both because of the 9/11 anniversary and the back-to-back Philadelphia show. If you are located on the East Coast and will see half of the same people in Philly why fly 6-8 hours each way? Just wait a week. That is especially true of dealers with retail locations busy with bullion business.

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The precious metals sector is acting tired. There is a 2 percent softening in gold and platinum and nearly 4 percent in the silver price. While this could change in five minutes there does seem to be a need for the bull to rest. World financial problems are still there, but fewer are panicky about them. This new tone has affected the common date circulated silver dollar market. Last week I purchased well over a bag at Long Beach and luckily pre-sold them otherwise they are worth 8 percent less. Type coins remain active with moderate demand across the board, which is very much in line with national consumer sentiment. By this I mean weak consumer confidence = coins moderate and moderate confidence = coins strong.

E-mail harrymkrause@optonline.net.

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