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Gold Making Bold Moves
January 09, 2008

Gold just keeps on pouring it on. It jumped $18.40 yesterday. That brought the close to $878 a troy ounce, so whatever old high you use, $825, $850 or $875, we are now safely over all of them. We are on historic ground. Can $900 be more than just a coffee break away?

Yes, my tone is flippant. Movements are getting to be very large in short spans of time. That is dangerous for markets because they tend to become more unstable with larger incremental hikes in the price.

For long-term staying power, 20 trading days of $5 movements are better and more long lasting than $100 in five days. They also allow for better business conditions on coin show bourse floors. With the Florida United Numismatists bourse setting up later today, there can be no question that coin dealer behavior will be affected by any large swings in precious metal prices.

No question, though, it is the very large moves that get the adrenalin pumping and capture the headlines.

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About the Author
David C. Harper has been a coin collector since 1963. He joined the Krause Publications editorial staff in 1978 and is currently editor of Numismatic News and World Coin News. He also edits two books annually, North American Coins & Prices and Coin Digest. He is the author of the Class of '63 column that runs each week in Numismatic News. His first bylined numismatic article appeared in the June 1971 issue of Coins Magazine and his various Krause Publications assignments included a stint as editor of the magazine 1980-1983. Harper received a bachelor of science degree from the University of Wisconsin-Oshkosh in 1977. He had a double major of journalism and economics.

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