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Silver buyers go for American Eagle

Last month I listed the annual gold closing prices for the previous decade. Several readers asked about silver. Here are the December closing prices for silver:

2001 – $4.58 no change
2002 – $4.80 + 4.8 percent
2003 – $5.95 +24 percent
2004 – $6.81 +14.3 percent
2005 – $8.82 +29.6 percent
2006 – $12.82 +45.3 percent
2007 – $14.80 +15.4 percent
2008 – $11.27 -26.8 percent
2009 – $16.82 +49.3 percent
2010 – $30.91 +83.7 percent
2011 – $27.88 -9.8 percent

As I write this on the second day of February silver is up about 20 percent over year end.

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Gold and silver American Eagles have done well over the last month. Strong bullion has had a major effect, but the premiums on proof issues have advanced slightly and there continues to be increased understanding and demand from the general public for silver Eagles. It seems that silver Eagles have become the item of preference for small silver investors even though the premiums are higher than alternative forms of silver.

Another factor stimulating the silver Eagle market is the current trading activity in the 25th anniversary sets. Many have complained over the Mint’s lack of accommodation in regard to the release and one-day sellout. But from a marketing standpoint it certainly increased awareness that has carried over to the other issues. We have noted an increase of dealer buy lists for specific dates in the series as well.

Set-up day for the Long Beach Coin, Stamp and Collectibles Expo saw some participants saying dealer attendance was light, but it seemed pretty normal to me. Business was being transacted with many scouting the floor for bargains and to fill customer want lists. In fact, I had more sales than normal for set-up day. Several respected dealers were discussing the market while standing at my booth and the consensus was another good year is under way for the numismatic arena. The common complaint was a lack of fresh new material.

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The premium on MS-64 gold Saint-Gaudens $20s fell to 15 percent in 2012 from 67 percent in 2009 on the first trading day of each of those years. Other gold coins show declines as well.


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