Gold and Silver Prices Continue to Escalate
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The spot price of both gold and silver continues to escalate due to the weakness of the U.S. dollar as this commentary is being written. Several dealers with whom I spoke said they are now purchasing more gold than they are selling. One dealer said many of the gold ingots he is buying are packaged for sale by Costco. He discounts his buy offer on these products.
The value of better grade but common date gold coins appear to be flat lined, with most of the activity being in intrinsically valued coins (and ingots). The same is reasonably true of silver composition coins, but better grade common date silver coins are showing some signs of appreciation.
The opposite end of this scale is scarce to rare coins. Here, the retail market appears to be holding its own. However, coins in auctions may be faring better. This is likely to the wider audience to which these coins are exposed. In general, bank note values remain in a holding pattern. However, several key rarities have recently achieved strong prices at auction.
The general public continues to show an interest in gold and silver coins, but likely more for speculative purposes—especially since many of their purchases appear to originate at Costco. There does not appear to be any increase in telemarketing scams despite the recent dramatic increase in precious metal values, thus avoiding a black eye for coin collecting.
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