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Collector Coins Ignore Weakness in Bullion
By Harry Miller, Numismatic News
February 19, 2013

This article was originally printed in Numismatic News.
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The Long Beach Show pretty much met or exceeded expectations and that is taking account of the fact that several East Coast dealers flew home early to beat a blizzard. Attendance was strong with noticeably increased dealer participation.

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Prices were firm on anything desirable except modern high-grade issues. All the usual popular items were in continued demand such as Barber coinage, Seated coinage and early copper. Gold issues moved well, especially if you were in tune with the slightly lower bullion levels.

While I write this early on Valentine’s Day, the gold market seems heartless as it has trickled down along with silver over the past week. I am told that there is weak physical demand overseas because of several Asian holidays. I think disappointment in the lack of reduction in the value of the yen with Japan’s recently announced QE program may also be having a psychological effect. The yen strength is artificially created by huge hedge funds playing the market.

Platinum is trading at 1.05 to 1 versus gold, showing increased strength along with palladium now at $765 an ounce.

Type coins are active with Classic Head large cents leading the parade in F-12 to AU-50, followed by later dates in MS-60 to MS-64. The Classic large cent is one of the most difficult issues to obtain in nice original unblemished condition.

MS-63 to MS-64 gold type coins seem to be ignoring softer bullion levels. This is often a sign of better things to come.


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