From the Aug. 12 Numismatic News E-Newsletter:
Does watching gold prevent you from collecting?
Prevent me from collecting? Yes, today’s “collecting” is more like gambling.
Richard M. Miller Vero Beach, Fla.
No, watching the price of gold makes me want to collect more!
Larry W. Young Tyrone, Ga.
Yes, the up and down price of gold has stopped me from buying as a collector. I simply cannot continue to collect at these prices. My greatest fear is that many fine specimens will be sold for melt, driving the collectors’ market out of reach for the average collector. As up and down as the price of gold has been, does anyone know what to expect?
Bryan Willis Los Lunas, N.M.
I bought the gold pieces I collect as soon as possible this year, as I only see the price going up. I worry more about waiting for new coins to be released, as prices go up every day.
Mostly though, watching gold prices makes me feel good about the coins I have collected in the past, because they are all worth more at melt than what I paid for them. The only exception is this year’s commemoratives. The price of gold hasn’t yet covered their cost, but at $439.95, this year’s $5 matte commemoratives could soon be worth less than melt.
Donald Cantrell Address Withheld
Gold is now in a trading range where it is neither vulnerable nor a bargain. So now what? J.P. Morgan is on record for $2,500 an ounce by year end and has the gall to push gold while they still short silver.
It’s probably wise to lighten up on about half of one’s gold stash and ride the rest up or down long term. That way you can make some money, but still be protected by owning gold.
Until silver shorts are taken to the cleaners, silver is likely to be in a $36 to $42 an ounce range through year end.
D. Kress Lisle, Ill.
The price of gold has just about put me out of collecting anything gold. The daily expenses of life are getting to the point where one can’t divert much cash toward a precious metal or commodity whose spot price recently climbed north of $1,800 an ounce. Silver will probably soon join in the distinction of being out of reach for most.
Bryan New Columbia, Ky.
Yes, it seems that I am always a day late, and a dollar short on gold investing.
R. McKenna Belleville, Mich.
The reason I’m not investing is the price, $1,744.20 an ounce as I’m typing, just too much money! That can cover my mortgage and car payments for a month. These prices have put the little players out of the market.
Al Montana East Longmeadow, Mass.
As for me, I’ve decided to go against the grain and place my bet that gold will not hold its value at today’s extremely lofty prices. I’ll sell my gold coins soon, and I’ll start buying again when the dust and gold settle back down. Might as well take advantage of the market swinging in my favor.
Al Magnin Ogden, Utah