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Metals Market Report Weekly Archive
 

The Mike Fuljenz Metals Market Report

March 2019 - Week 2 Edition

High Demand for American Silver Eagles Should Lead to Rare Coin Demand

I have noticed that the most widely-advertised coin by dealers across the country is the 1-ounce American Silver Eagle.  It is one of the most beautiful and accessible (low-priced) new coins for new customers to become exposed to the beauty, potential and history of rare coins. As a result of exposure to this coin’s classic design and to coin dealers, many new customers start buying rare coins. Whenever we see sales increase dramatically for Silver Eagles, that is a good sign that more buyers are (or will soon be) entering the rare coin market.

In January and February of 2019, Silver Eagle sales rose dramatically, 47.8%, over sales for the same two months in 2018. The January total of silver American Eagle coin sales was the highest of any single month in two years, and the February totals were 129% above the sales in February of 2018, even though the Mint sold out their 2019 supply as of February 21 and sales have just recently resumed.

This reminds me of 2004 to 2008, when sales of the $1 American Silver Eagle sales by the U. S. Mint increased from 8,882,754 in 2004 to 20,583,000 in 2008 as the price of silver rose from an average $6.67 in 2004 to an average of $15 in 2008. In the same four years, 2004 to 2008, many Indian gold coins increased in value by over 100% and the overall PCGS Mint State Gold Coin Index increased over 50%.

That’s why it’s important to watch the price of silver and the sales of American Silver Eagles as one of the barometers for the overall rare coin market in the years ahead, and that’s why it’s important to see that silver is doing relatively well.

Silver is Still Tops Since November 30

Silver has enjoyed a “stealth” bull market since last November. After dipping below $14 on November 14, 2018 (with a London price setting at $13.97), silver rose more than $2 per ounce (+14.8%) to $16.035 as of February 20, 2019.  Using November 30 as a starting date, silver is up 8.6% vs. 6.9% for gold, 1.1% for the S&P 500 and barely more than zero (+0.06%) for the Dow Jones industrial index.

 

Gold Back Above $1,300

Gold fell below $1,300 last week on the supposed resolution of the China trade deal, but there is still a great deal of tension surrounding the possible resumption of North Korean nuclear missile testing and an escalation in the Democratic Party’s drive to impeach President Trump.  Then, early this week, gold rose back above $1,300 on Tuesday, March 12 partially on the realization that these major problems are not solved. 

 

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