Gold Prices Capture Interest

The U.S. Mint plans the release of new coinages far in advance, but their timing for the release of the 2024 Gold and Silver American Eagle and gold Buffalo bullion coins couldn’t have been better, being released during the first full week of the new calendar year. The spot price of silver remains above $23 an ounce, while gold continues to trade in excess of $2,000 an ounce. This has caught the attention of both collectors and investors. It has also caught the eye of coin dealers, although some of these dealers have been saying the precious metal price-impacted coins are drawing too much attention, slowing the sales of more modestly valued collectible coins in their fallout. There is likely some truth to this, however it still matters what the consistency of the individual dealer’s stock may be. 

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Those dealers who primarily sell scarce to rare coins have not been impacted, while dealers with coins that could be classified as collectible but more available are more likely to have felt a change in purchasing habits. Prices for this more modestly valued coinage have not softened to any noticeable degree. The recent sales of gold ingots and coins by Costco and Walmart have possibly whet the appetite of the general public to look further into buying collectible coins. Sales of recently released U.S. Mint products and anything of intrinsic value are proving to remain strong. This includes the secondary market for non-circulating legal tender collector-only coins, an area that sometimes, in the past, has been a laggard.