Cyprus Worries Put Gold Back on Top|
March 25, 2013
This article was originally printed in Numismatic News.
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Gold is up 2 percent, 1 percent and platinum is nearly unchanged. This puts the gold silver ratio at nearly 56 to 1 and platinum at .98 to 1. Market sentiment has shifted to favor gold as a safe haven because of the Cyprus banking situation. Encouraged by the EU Central Bank the Cypriot government attempted to put a tax (confiscate) on savings of up to 10 percent. This would have been another attempt to have the working and saving public bail out banks and frivolous government spending.
Cyprus although small and only about 1 percent of the EU’s economy is a center for banking with banking assets equal to nearly 700 percent of GDP. Those banks pay higher rates and lend at higher rates, a sure formula for greater risk. Those higher returns attracted questionable funds from purported former Russian KGB officials and other high risk clientele. No wonder the Parliament failed to pass that tax.
The first coin on our Morgan charts, which is the first reverse of the six major variations of 1878 is up in all grades through AU-50, and followed by the CC issue in Mint State grades. As has been the case of late, most Carson City issues remain strong or have increased in Mint State, all three of the most common are up in MS-65. The 1885-CC has again moved up in all circulated grades.
Several Philadelphia issues in the 1880s are up in Mint State along with the 1891 issue. Peace dollars are a little quiet on the pricing front but very high grade 1934-D and 1935 issues are hot.
Proof and mint sets remain steady with the same story on the 2011 and 2012 issues, not enough supply to fill the demand.
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