What's Up With Metals?
February 14, 2008
Profit Taking Forces Metals Correction
I have been back in Iola for about one week now and am finally getting my bearings again. So much information to process from Berlin, so much catching up to do regards the 20th and 21st Century Standard Catalog of World Coins production and of course so many requests to fulfill for those I made contact with at the World Money Fair.
Most of that is all still in play and I am sure to be very busy for the next few weeks, but this morning I did have a moment to look at precious metals trading and found that outside pressures have driven investors into a sell-off mode. The four metals we numismatists watch most closely all took a ride during the week I was in Berlin and continued their climb last week as well. But as the big pair approached their biggest ever marks; $1000 for gold, $2000 for platinum, they stalled and today we are seeing a sell-off and subsequent correction. As of this posting gold sits at $900, platinum rests at $1932 and silver is just over $17.
These are not sharp drops. the floor for all precious metals is very firm and high at the moment, so later in the week we will probably see another run at cracking those big landmark figures.
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