European debt crisis spikes gold
In the last few days we have seen gold smash and hold above $1,160 per troy ounce. The cause is the unfolding sovereign debt crisis in Europe led by Greece, Portugal and Spain with Italy a few lengths behind.
In the last few days we have seen gold smash and hold above $1,160 per troy ounce. The cause is the unfolding sovereign debt crisis in Europe led by Greece, Portugal and Spain with Italy a few lengths behind.
Moody’s bond rating service downgraded Greek bonds to junk status and gave strong warnings on the others, especially Portugal. This caused the jump in gold and dumping stocks with commodities, including oil.
U.S. type gold is a mixed bag this week with several in the MS-63 range showing strength and many others dropping slightly or rising a little. Large size U.S. gold has definitely not reacted to the strength in bullion, although the word is tighter supplies.
Proof gold and silver Eagles remain reasonably firm at current levels and various dates of Mint State Silver Eagles are in demand.
Barber dimes and quarters in MS-63 to MS-65 have regained some of the lost ground from six weeks ago. As I have mentioned previously, they are a good barometer of 20th century type material. The 1909-S VDB has softened in the wholesale bids, yet any decent examples we come across seem to have legs!
Comments or suggestions: E-mail to harrymkrause@optonline.net or P.O. Box 100579, Cape Coral, Fl 33910-0579.
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