Good Bet on Silver
By Harry Miller
We saw gold break
the $1,000 level and silver fly through $16 and
platinum tagged along. As of set-up day at the
Long Beach Expo, gold was not able to hold
$1,000. When gold originally broke above this
level, silver hit $21, so that milky white metal
may have room to go.
Silver prices have not affected the most common
of the Morgan issues, namely the circulated 1921
(.7734 ounces) trio. Bids remain in the $14-$15
range. The Peace dollar group of nine, remains
in the $13-$14 bid range for quantity. These are
a good bet if you like silver as I do.
Premiums continue strong and stronger on common
date U.S. type gold issues with noted narrowing
of the spreads between grades on many. This is
an indication that the market is being pushed
from the bottom up. In other words stronger
demand for the cheaper (lower grade) issues
keeps pushing the prices towards the higher
grades, while the higher grades remain constant
or rise less than the lower grades.
Theoretically, the higher grade presents less
risk in this case.
The market for mint and proof sets remains
constant with several increases on the lower
priced sets in both.
At Long Beach activity on set-up day other than
type gold seems quiet. Dealer attendance is down
by half a dozen.
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