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Greysheet: GOLD RETREATS FROM RECENT HIGHS, BUT HOLDS GROUND
Published on July 20, 2016
The white hot rally in precious metals has cooled off a bit in the past few trading days, although prices sit comfortably higher than where they were just a month ago.
The white hot rally in precious metals has cooled off a bit in the past few trading days, although prices sit comfortably higher than where they were just a month ago. After peaking in the $1,360 to $1,365 range, gold is currently trading around the $1,330 level. Meanwhile silver is up more than 26% since June 1st, trading well above the $20 level.
DEALERS REPORT SOLID SHOW @ SUMMER FUN, HERITAGE AUCTION RINGS IN OVER $6.5 MILLION
The Heritage auction held in conjunction with the Summer FUN show brought a solid total of $6.5 million. The top two auction lots were the duo of $50 Panama-Pacific gold coins. The number one spot went to the round variety, graded MS64 by NGC, which sold for $88,125.
The Octagonal, graded MS62 also by NGC, realized $58,750. Following these were two early type coins, an 1805 quarter graded PCGS/CAC MS64+ which sold for $49,350 and a 1797 half dime in the same grade which brought $47,000. Both of these coins were out of the Gardner collection. An eye catching error coin, a double struck Walking Liberty half dollar, with the second strike 75% off center graded MS64 by NGC sold for an impressive $32,900. Another noteworthy coin in the FUN auction was an 1878-S Trade dollar with the lofty grade of PCGS/CAC MS66. This choice piece hammered for $30,550. By most accounts the Summer FUN was positive, with robust wholesale activity. It is certainly a positive sign for the market when there is demand from dealers large and small. We look forward to hearing and reporting on the level of activity at the Whitman Baltimore show, which is taking place as this article is being written. In the coming issues we will also be previewing extensively the many auction sessions that will be held at the ANA World’s Fair of Money, by both Heritage and Stacks-Bowers.
THIS WEEKS MARKET
Gold Type: Some of the large market makers have slowed their buying this week, resulting in fewer bids as they take a wait and see approach to the movement of gold spot. There are reports of a shortage of CAC stickered generic gold.
Morgan Dollars: Numerous updates for these sets, particularly for silver sets in line with the higher silver spot price.
Proof & Mint Sets: Bids/Asks have been added for 2015 issues.
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