Bullion Holding Firm
Precious metals remain steady, but collector demand for gold and silver coins surges at home and abroad, with dealers reporting strong turnover and buyers eyeing coins as inflation hedges.
The dramatic increase in the spot price of precious metals brought renewed interest in not only bullion but in collector coins as well. In recent months, the spot price of gold and silver has remained in a reasonable trading range, with no further dramatic spikes in intrinsic values. Investors and collectors appear to be holding firm, especially due to the uncertainty of equities. Gold met a recent challenge when the United States considered placing a tariff on imports of the yellow metal from Switzerland. The government later made it clear that no new tariff would be imposed. At the end of this volatility, the metal ended up in the same trading range as it had been previously.
There is no question that there is a thirst for precious metal coins regardless of their scarcity. According to the latest consumption report from the China Gold Association, consumption of bars and coins in China has surged 23.69 percent so far during 2025. The same report indicated Chinese collectors see coins as a good profit generator but also prefer to keep them as a hedge against inflation. This mirrors the thinking of many buyers towards collectible and intrinsically valued coins in the United States. The U.S. Mint is positioned to encourage precious metal content coin purchases through its current wave of non-circulation legal tender commemorative offerings. This is in addition to the continuing bullion American Eagle program. Coin dealers continue to report good inventory turnover. The American Numismatic Association convention is starting just as this commentary is being written. Sales results will be an important barometer of the collectibles portion of this market.