Uptick in precious metals drives bargaining
The precious metals trading range appears to be expanding in size, but it is still a trading range from which most popularly collected coins can’t break out. Late last week, silver moved from its usual circa $16.50 per ounce trading range to well above $17.
Not only has silver retreated at the time this is being written, but gold has dropped well below its recent $1,300 per ounce resistance level. The investor rather than the collector is what is to be watched here. For collectors, this is a picker’s market. While there is still lots of resistance, there are dealers who are increasingly finding themselves bargaining with collectors in order to move inventory. This includes scarce to rare coins, many of which are at bargain levels compared to just a few years ago. The absence of the investor is critical since there isn’t sufficient demand from collectors to move this market forward. So far, the fears of a trade war aren’t stoking those flames.
This article was originally printed in Numismatic News. >> Subscribe today.
More Collecting Resources
• The Standard Catalog of World Coins, 1901-2000 is your guide to images, prices and information on coinage of the 1900s.
• Download The Metal Mania Seminar with David Harper to learn more about the metals market.