Cental States Marks Bullion High
May 02, 2011
Metals, I see are down this morning. While one day doesn’t make a trend, it is at least an interesting coincidence that the new record price of gold and the highest silver price since the 1980 peak were both recorded during the Central States Numismatic Society Convention in Rosemont, Ill., at the end of last week.
It was definitely a gold and silver coin show. While I miss the old noisy coin counters that used to create a din on the floor during the 1979-1980 run, it was still easy to see the bullion business being conducted.
I would take a walk now and again past the Provident Precious Metals table to see what their flat screen TV monitor was showing for current prices.
For paper money dealers, it was not a strong show, but neither were conditions bad.
World coin dealers were kind of in-between paper money results and the bullion-oriented U.S. market.
Interestingly, during the show the Mint did not sell out its 27,000 2010 Hot Springs 5-ounce vapor-blasted collector coins. They are still being offered online this morning.
I happened to see a bullion version of the 2010 Mount Hood 5-ounce coin in the case of Brad Karoleff on Saturday afternoon. It was one of the 33,000 that collectors went nuts over at the beginning of this year.
It apparently wouldn’t grade out as MS-69 or higher and there were some scratches on Washington’s hair, so Brad told me he was offering it for little more than bullion.
Imagine that. He was offered to sell a coin that was intended to trade as a bullion coin for virtually a bullion coin price. I guess that means we have finished the wild ride that we have had with these new coins.
I still expect the Hot Springs collector versions to sell out soon, but if market demand has cooled off already, how long will it be before the sales numbers start falling as they did with the First Spouse gold coins?
We will all know more when the Mint puts the Glacier collector coin on the market.
I learned that the $60 that I turned in to lost and found was claimed later that afternoon by a person who was described to me as a little old lady. I am glad she got her money back.
One thing that doesn’t change no matter what the price of silver and gold: After four days on the road, it was good to get home Saturday night.
Something to add? Notice an error? Comment on this blog.
About the Author