The 2008 Rare Date Gold Market ReportBy Doug Winter - https://www.raregoldcoins.comAs the year races towards its half way mark, let's step back and take a quick overview of what's happened in the rare gold coin market so far in 2008 and what's on tap in the coming months.
Last year saw an almost unparalleled upwards spike in gold prices and, as a result, we saw levels for many generics that were hard to imagine. I remember wholesaling some very low end AU Saints at over $1,000 each and thinking "Jeez, this is a lot of money for junky Saints."
Despite huge increases in commodities in 2008, the gold market has been weaker than what we saw in 2007. My guess is that we'll see gold continue to hold in the $850-950 range but I wouldn't be surprised if we saw some price increases as the election draws nearer.
The generic gold market is as weak right now as at any time I can recall. There is a lot of supply on the market and very little demand. There are exceptions to this rule, of course. CAC approved common date Saints in MS65 and better are very easy to sell and smaller denomination issues in MS63 and up have pockets of demand. But it appears to me that generics will stay weak for the immediate future.
The market for very rare United States gold coins has never been better. If you follow the top end of the market, you've probably noticed a scenario in which there are very few great coins available and lots of demand. Many of the really great six and seven figure rarities don't trade at auction and are quietly placed by specialized dealers who have multiple collectors anxiously waiting to buy really great one-of-a-kind coins.
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Posted 05/20/2008 10:20 am
