Market Strong Across the Board

Gold and silver appear to be holding in a narrow trading range, their spot pricing continuing to be strong due to the lack of direction for the U.S. dollar on world markets. Gold remains around the $2,000 an ounce mark and silver at about $25 an ounce as this commentary is being written. Platinum has out-performed both. All three metals continue to generate strong demand not only through bullion coins, but through bullion-impacted coins such as circulated common-date pre-1965 20th century circulation issues. Most mint and proof sets don’t normally appreciate noticeably in value; however, due to the current attractive precious metal spot prices, even these non-circulating legal tender issues have been appreciating.

The more advanced areas of the market, especially grade or date and mintmark rarities, continue to perform well at auctions and in over-the-counter sales. Record numbers of bidders are participating in auctions. The auctions themselves continue to offer a surprising number of coins that have been salted away in collections off the market for as long as perhaps a generation. The sheer number of important auctions continuing to be announced on a regular basis is an indicator of just how much of this coveted material is being made available as their owners become increasingly tempted to sell into this hot market. Defining the bidders is becoming increasingly challenging since there are now investors in attendance who are not collectors who are looking at coins as an asset class. Much of this is due to the reliability of the top-tier authentication and grading services that make it easier for anyone to buy coins regardless of their expertise or lack of it. No matter how you approach coinage, coins are popular.