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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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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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