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Commodities Continue Tumbling
October 16, 2008

Metals On The Slide

This week has been tough on commodities with Gold and the other precious metals we coin collectors follow regularly not beening spared this time around. Gold hit a one month low just below $800 an ounce, with silver below $10, and nearing $9.50. Platinum down is dramatically to about $875, with Palladium crashing well below $200 down to about $170 this morning.

Crude oil has dropped mercifully just below $70 a barrel, giving consumers a big break at the gas pump and the U.S. dollar has solidified with some nice gains against most other major world currencies.

Most silver and gold commemorative coins will remain high in the coin market for a while however, as they react more slowly to a decline than they do to rising spot prices. Platinum and Palladium coins generally hold less demand in the collector market, making them react more quickly to both the rise and fall of spot metals prices.

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About the Author
Tom Michael has been Krause Publications primary market analyst on more than 80 world and United States coin catalogs produced over the last 20 years. He came to KP in 1987 with a bachelor of arts degree in history, a master of arts degree in economics and a history of coin collecting stretching back to the 1960s. He began collecting world coins as a child by asking friends and relatives to bring coins back from overseas trips, visiting flea markets and having his mother watch for foreign coins in her register at the local grocery store. Today he works with a dedicated base of over 200 contributors to provide accurate market values for the five-volume Standard Catalog of World Coins series, as well as many specialty catalogs, including Coins & Currency of the Middle East and the fifth edition of Unusual World Coins.

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