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What a Difference a Year Makes
By Harry Miller

Writing 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 Eagles.

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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