By Legend Numismatics - Market Report
It finally happened, there has been a real correction in metal markets. Gold did not come down nearly as much as silver, but then it did not run 40% in 30 days. Silver dropped 25% in 3 days!
In case if you do not remember, we warned you in last weeks Market Report: (Are Generic Silver Coins in a Bubble?)
We do NOT trust the market on silver generics.
We STRONGLY are suggesting people SELL SILVER GENERICS ONLY that have risen in dramatically in price recently. See below this article if you do wish to sell. This is NO gimmick to drum up business, if you do not want to sell to us, SELL them to your local dealer. Just sell them now!!
We still do not feel good about the silver market. We were able to get $150.00 per MS65 Walker at the peak, now we might be able to find some one who will pay $120-130.00.
In the middle of the week-ALL the market makers stopped buying completely. Some have not reposted any bids as of Friday.
The silver generic market from our point of view is still unsettled. We still do not like it, however we do not suggest selling anymore until there is a clearly defined direction.
Gold seems to be different. It was more resistive to the correction. It did not come down anywhere near as hard as silver-because gold had already suffered serious declines with its premiums.
In fact, we strongly believe now may be more of a buying time for genericy gold coins. Keep in mind, there is little NO premium for MS61-62 coins. But if those move, they do not move a lot. We still hang on to our beliefs that the premiums and values of MS64 and up coins will have the bext % gains as time goes on.