What a Difference a Year Makes
By Harry Miller
this just two days before Christmas with gold
trading near $1,080,
silver at $16.96 and
platinum just under $1,400 and a broken crystal
ball, I began to ponder metals. If you look back
exactly one year, gold on this date was around
$840, silver $10.70 and
platinum $858. The price
ranges in December 2008 were as dramatic as they
are this year.
Gold last December ranged $100,
from $780 to $880; silver from $9.50 to $11, and
platinum from $784 to $908. What is different
and very significant are the premiums on older
U.S. type gold coins and proof gold and silver
The premiums on the earlier type gold are at
least double what they were back then and the
Eagles are three-to-five times what they were.
The Eagles are probably somewhat overdone and I
would not trust that premium long term while I
would trust it on the earlier gold.
Better date U.S. type coins are in a state of
flux. There has been some definite price
adjusting going on. Several key dates softened.
This has been mainly in the Lincoln series due
to some minor dehoarding by speculators. This
has been thrust upon them due to the weak
economy and a need for cash. Is the party over?
I doubt it. I believe it is one of those minor
bull market adjustments that market gurus like
to talk about. Demand continues for the less
available key and semi-key issues.
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