Metals Headed Down
Monday, September 11, 2006
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Metals are seemingly feeling the pain, making a major turn downward on this historic day as Americans pause to mark the fifth anniversary of the September 11th attacks. Against most analyst predictions Gold moved back below the $600 level and was down as much as $26; it is attempting a small comeback currently at $590.60. Silver is down over a dollar and is currently at $11.08. Platinum is $1186, down $31 on the day. Whatever makes these things happen, it certainly makes for a negative impact on bullion sales as buyers wait for prices to level out or hit bottom.
Despite the lower metals there are still hundreds of dealers in town for the Long Beach Expo. Dealers are sure to do much of their dealings before the show begins. This major event brings a lot of business to Southern California as pre auctions also attract millions of dollars in sales. The Heritage Signature Sale is the official Long Beach Auction and starts on the 13th and continues through the 16th with thousands of interesting lots. It is sure to very successful as Heritage manages to bring in thousands of bidders through the Internet.
Most major dealers continue to report that expensive coins are selling to the buyers with sufficient funds available for these rarities. It would seem that this is a buyers market in many areas, but the true rarities will still command in excess of current FMV levels. If the coins have low census numbers and the quality is appropriate for the listed grade, there will be a number of buyers still in the market.
-What's Hot?
BU Rolls – Dollars, Walkers, Franklins
Gold Commems – MS64 and Higher
Silver Commems – MS64 and Higher
Early Gold -- $2 ˝, $5, & $10 XF & higher
Battle Creek Dollars – Lovely Toned Morgan’s
Carson City Dollars – NGC Certified
Walkers – 1916 to 1934 MS63 and higher
Indian Cents – Red & Red/Brown MS & Proof
Early Lincoln Cents – Red; MS64 & higher
Key Dates in all series
-What's Not?
State Quarters – PR issues under 69 require discounts
Low-end quality coins require discounts
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