While Gold Continues its Sluggish Freefall, Costco Sells Out of One-Ounce Gold PAMP Suisse Ingots

The spot price of gold and other precious metals had been declining in recent weeks, then responded to the new war between Hamas and Israel with what some gold-watchers have called a knee-jerk reaction. The significant drop in the spot price of gold, silver, and platinum had directly impacted not only bullion coin prices but the value of primarily intrinsically valued U.S. coins dated 1964 and earlier. Common date proof and mint sets containing silver coins, as well as lower condition collectible coins such as Morgan and Peace silver dollars, are also being impacted by this volatility.

There has been a gradual slowing of financial transactions for more generally available material for some time. It will be interesting to see if the recent spot price fluctuations slow sales further or if collectors and investors will see this as a buying opportunity.

At the time this commentary was being written, gold was getting what may yet prove to be a momentary bounce off its lowest price since March. Before the outbreak of war, the metal was having its longest losing streak in almost 10 years. Even with the Middle East situation’s impact, the metals are now in bearish territory, with the value of the coins just mentioned following.

Moor Analytics founder Michael Moor has suggested investors may dip their toe back into this market should gold reach the “major exhaustion level” of $1,796. Moor made that statement prior to the outbreak of the war. There may be an unexpected opportunity to encourage collecting here: Costco’s recent offering of one-ounce gold PAMP Suisse ingots to the public quickly sold out. Why aren’t gold American Eagles being offered through non-numismatic retailers? With all this uncertainty, it is likely the buyers will be there.  

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