Gold finally back to over $1200 - bodes well for collectible gold as well?
northcoin
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If I recall right, there are certain benchmark points of resistance that those who follow charts and graphs adhere to as being predictive of upward and downward movements. Since the brief spike in gold prices on election eve, we have seen gold consistently being held below $1200 on a day to day basis. Now that it has again pushed through the $1200 ceiling this may well equate to a break through with an upward trajectory ahead ... and then again, maybe not.
Inasmuch as this is the U.S. Coin Forum, any opinions as to how this will affect our collectible gold coins this time apart from bullion?
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Watching my PCGS inventory, there is a definite correlation between rising gold and value of my numismatic gold.
I think it will need to get back above $1,400-$1,500 before it will impact the graded gold coin market in a meaningful way.
National Commemorative Medals of the U.S. Mint:
https://www.pcgs.com/setregistry/u-s-coins/medals-tokens/national-commemorative-medals-united-states-mint-1940-present/alltimeset/195526
I hope so. I have plenty of stuff to dump.
This. $1200 means little of anything for numismatic gold at this time. 7 years ago when it hit $1200 was a whole different animal.
Thanks for the responses. I should add that when I referenced "this" I was referring to the upward trajectory that can follow a break through point rather than the dollar amount of the break through point itself. Of course the threshold issue remains whether $1200 is in fact a break through point that would be of significance to those who adhere to the graphs and chart theories that give significance to breaking through a point of resistance as a sign of where a price is headed for a commodity such as gold, or even stocks and bonds.
I strongly doubt this is an indication of a 'break through'.... the dollar is far to strong at this point. Cheers, RickO
You may well be correct, but it is noteworthy that since this thread was originated, gold has stayed above $1200 and now looks to be at least creeping higher.
Brexit: http://www.kitco.com/news/2017-01-17/PRECIOUS-Brexit-worries-push-gold-to-highest-in-over-7-weeks.html
It seems all do to dollar weakening which has been at historic highs.
As to correlation of increased gold to numismatics you have to have a real bull market for that, and it doesn't affect the rare coins much.
I has creeped higher....however, watching gold over the long term, I really do not believe this is in any way indicative of a major move up.... ICBW....Cheers, RickO
The price of numismatic gold coins depends upon the desire and ability of collectors to buy them, which in turn depends upon the health of the overall economy. The price of gold is a factor, but not the only one.
My Adolph A. Weinman signature
Bodes well for the collectible gold seller...
Which way is the wind blowing today?
Another even bigger jump from yesterday. Last checked up to 1212. To charts and graph gurus, it is the consistency of the direction that is even more significant than the amount. After months of stagnanation that failed to hang onto a 1200 level, we are now two weeks into consistent 1200 plus gold.
It is a nice uptick this month and I hope it gets rolling. At the same time it looks much like what we've seen in the early months of recent years.
Thanks VanHalen. FWIW we are now into an additional week with, at least on a daily basis, gold staying over $1200. Somewhere near $1215 as I post. Whether or not this portends an upward trajectory remains to be seen, but compared to the time period extending back to the election we now continue to have a floor.
Be careful, like floors in very old houses/barns.. they can collapse at any time.... I hope not, I am a big fan of gold... just do not see any near term economic indicators that would allow gold to continue up....Cheers, RickO
I think it would have to hold above $1200 for a considerable amount of time before it could be considered a breakthrough.
Just my eversohumble opinion.
Cheers
Bob
This just feels like a nibbling at the margins. I think for it to have any impact on collectibles, the move up in gold would have to be decisive, rationable and broadcast loudly to the general public.
Here's a warning parable for coin collectors...
Buying it and holding it is more fun than buying it and selling it.
Well... today gold fell through the 'floor'... , Silver too.... just more action on the PM rollercoaster.... Cheers, RickO
BST, despite fluctuations . There is a deal to be made.
Yeah, I saw it nudged below $1200 apparently on the news of the stock market hitting a new record high. It will be interesting to see if that correlation continues with the price of gold being pushed down as the value of stocks goes up and vice versa if the stock indexes can't hold to their new highs.
Also watch the oil and dollar......more correlation with the dollar, but the other two also nudge it a bit. Cheers, RickO
When gold goes up, coins follow and when gold goes down, coins don't fall as fast
Wow, that was a short lived "dead cat drop" with gold now well back up over $1200. ($1212 as this is posted.)
Gold went to over $2,400 a few years back. Looked as a better buy at $2,000 and even better at $1,500. Over the long term it has been a looser since I began watching it in 1981 when it went over $800. I think it will decline a bit a trade pretty close to what it is now, I don't buy generic gold coins as it is more of play on gold that numismatics. Never grab a falling knife.
For many of us, that stacked gold in years when it was much, much cheaper, watching the ride is fun and certainly, even at today's market, has proved a good investment - well - good if it were converted. Cheers, RickO
A new recent high this morning:
Gold
$1,220.00 (+11.20)
02-02 5:16 AM EST
I saw that... surprising... although I do not believe this is a trend, I always find it interesting to see if I can ferret out a reason for these occurrences... I rarely succeed. Cheers, RickO
That never happened in my recollection. I remember an inter-day high of 1850.00.......That's it.......
Happy ground hogs day. I hope they are still happy. Imagine if it were Ground beef's day.
So that is the explanation.
A new post Presidential election high - ignoring the brief election eve surge:
Gold
$1,231.10 (+12.30)
02-06 1:38 PM EST
Not sure where you got your info from, but gold never went over 2K It managed to almost reach 2k in 2011, but that was the all time high.
I tought golds all time high was $1895
mark
Fellas, leave the tight pants to the ladies. If I can count the coins in your pockets you better use them to call a tailor. Stay thirsty my friends......
Yup...Sept 5 & 6, 2011 it closed at an all time high, however in after-hours electronic trading, prices hit an all-time high of $1,917.90 in either late August or early Sept. 2011.
http://www.kitco.com/scripts/hist_charts/yearly_graphs.plx
From that chart the downtrend appears to be intact.
Still in the 1230 plus range. ($1232 as of posting.)
In USD that is right in the ballpark. Not sure what currency is being referenced re: $2400.
The dollar going up is not the same as Gold going down.
Up up and away?
Here is today:
Gold
$1,239.10 (+5.80)
02-08 2:34 PM EST
OK, it is officially over $1240. A new post presidential election high - ignoring the election night bump.
Gold
$1,241.30 (+8.00)
02-08 4:59 PM EST
as someone that knows nothing about what really determines bullion prices,allow me to pontificate on my thoughts.I feel the new president will instill enough disquiet and instability into the average citizens life so that the safe haven attraction of precious metals will increase to cause a slow steady increase in prices
@chumley.....I would mildly disagree...I find that the average citizen knows little about gold - other than jewelry - and when asked, the 'deer in the headlights' look is quite apparent.... I, personally, am amazed at how little most people understand economics and precious metals... At the same time, let me state, I am not an expert by any means. Cheers, RickO
Holding at $1230
Gold
$1,230.90 (+3.00)
02-15 2:26 PM EST
Continuing its upward trend heading back to its recent $1240+ high.
Gold
$1,239.80 (+6.60)
02-16 1:59 PM EST
I think it definitely benefits gold that can be purchased close to melt. I buy AGE, MWG that I can get close to melt. Seeking liquidity, little downside, retail to target market.
OK, we are now officially back up over $1,240:
Gold
$1,240.30 (+7.10)
02-16 2:32 PM EST
I think now is not a good time to buy gold. I think the economy will improve and gold will go lower near term. Then I will buy
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