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Greysheet: METALS FLUCTUATE AHEAD OF LONG BEACH SHOW
Published on January 26, 2016
Gold continues its roller-coaster January, as we have seen the yellow metal start the year in the low $1,060s only to spike above $1,100 and now trading around the $1,0
Gold continues its roller-coaster January, as we have seen the yellow metal start the year in the low $1,060s only to spike above $1,100 and now trading around the $1,095 level. Many feel a sustained rally in gold spot would spark an increase in activity for the coin business. Meanwhile, platinum has been slammed, down over $70 per ounce since the beginning of the year. Also under significant pressure are certain commodity-related and emerging market currencies, especially the Brazilian reis, Canadian dollar, and Russian ruble. There are a fair amount of collectors and dealers from these and other countries who purchase in the United States and their purchasing power is now severely limited, impacting the domestic dealers who do business with them.
Goldberg Coins and Collectibles will be conducting their popular Pre-Long Beach Auction, the firm’s first U.S. coin sale of 2016 beginning Sunday, January 31st. This sale revolves around Part 1 of the fabulous Tom Reynolds Collection of large cents. This first part consists of 332 lots of cents spanning the years 1793 through 1814. Mr. Reynolds has been a full time coin dealer since 1986 and is a long-recognized expert in early copper, and the hallmark of his collection is certainly quality. An overwhelming majority of the coins are certified by PCGS as Uncirculated and About Uncirculated, with many of the coins pedigreed to famous past collections such as Sheldon, Halpern, and Naftzger. Although the highlights are many, two consecutive lots boast the elusive CAC Gold sticker: lot 19 is a 1794 Sheldon-28 graded MS62BN with tremendous surfaces and eye-appeal; lot 20 is a 1794 Sheldon-29 graded MS64BN that was found in France in 1996. An important piece of every
large cent collection is the Chain cent, and the Reynolds coin is a choice deep brown piece, certified PCGS/CAC AU53 with a pedigree, amongst others of Downing-Sheldon-Paschal.
THIS WEEK’S MARKET
Morgan Dollars: This week we focused on the dates in this series from 1884 through 1893-S to review and update prices where applicable in light of recent auction results and dealer to dealer transactions. The highest amount of activity is at the MS65 and MS66 grade levels, with the common date MS66 bid going to $240. 1885-CC, 1888, and 1888-S slide a bit in MS67 and MS66, as recent auction performance has been under whelming, while the 1891-CC sees gains, now at $50K in MS67. The key 1893-S slumps in Very Fine through AU as the populations in these grades continues to increase. CAC has been posting new (higher) bids on CoinPlex in this series and advises us that more will be posted in the coming weeks.
Gold Type: There is a good amount of activity in this segment this week, as a higher gold spot price has pulled bids higher for circulated gold type, especially Indian gold. A new high bid for Type 3 $20 Libs in MS64 is also observed.
Classic Silver Commemoratives: We continue to fine tune the dated commems such as the Arkansas, BTW, and Washington-Carver issues. We welcome any feedback or input on these coins.
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