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Metal Market Report August 2022 - Week 4 Edition, Part 2

August 2022 - Week 4 Edition, Part 2

Gold Gaining Ground, Again

Gold rose from $1,730 on Monday, August 22, to $1,755 on Wednesday, then consolidated above $1,750.  This is an important psychological factor, as it is exactly 50 times the fixed $35 price where gold traded when President Nixon closed the gold window (for foreign convertibility of the U.S. dollar to gold) 51 years ago last week. To gain 50-fold in 51 years is a phenomenal achievement, regardless of where gold trades in the short term, day to day. Once again, gold is “prisoner” of the U.S. Dollar Index, which hit another 20-year high of 109 on Monday and then dropped slightly to 108.6 in mid-week trading. Since gold trades inversely (in a mirror image) to the dollar, gold gains ground when the dollar falls.

Report from the World’s Fair of Money in Chicago – And My Latest Book Award

I gave you a quick market summary earlier this week but now that gold has recovered somewhat and I’ve looked over my notes and photos, I’ve had chance to digest all the news from the annual World’s Fair of Money in Chicago.  I attend many conventions but this one is especially essential for meeting key leaders in our industry and for monitoring the real-world price action in specific rare coins we seek, plus – in this case – receiving another prestigious book award.

This year, my latest book “Type Two Double Eagles 1866-1876: A Numismatic History and Analysis,” was named the Best Investment Book of the Year for 2022 by the Numismatic Literary Guild. This series is special to me since it is the first Double Eagle series to include the motto, IN GOD WE TRUST, added to U.S. coinage.

The book contains a detailed analysis of each of the 31 different $20 denomination gold business strikes and proofs produced at the Carson City, Philadelphia, and San Francisco mints in the decade after the Civil War, between 1866 and 1876. This important book gives the 2022 rarity rankings and population reports, as well striking and luster characteristics, eye appeal, and other useful information.

I’ve also included an updated consumer protection advisory section about the counterfeit Double Eagles produced in China – coins that often fool unsuspecting buyers in the U.S.  Contact your account representative today to order a copy of my new book!

Meeting Key Industry Leaders, Historical Impersonators – and Elevator Repairmen!

The World’s Fair of Money is great place to network with industry leaders for advancing our company’s profile and business contacts. Each day, I met with several people who are major movers and shakers in our industry.  Most importantly, I met the new U.S. Mint Director, Ventris C. Gibson, who will be a key leader in charting the direction of U.S. bullion coin availability and pricing in coming years.

I also met with the top graders at the two leading certification services, PCGS & NGC, and with the head of the Numismatic Crime Information Center, Doug Davis. I also met with a long-time friend and mentor, Ken Bressett, author of the Red Book, the leading price guide, as well as a former ANA President. Ken and I worked together years ago at the ANA Certification Service (ANACS). I also met with former U.S. Congressman from Louisiana, Jimmy Hayes, former head of the National Coin and Bullion Association (NCBA) at the NCBA board meeting.

In addition, I met a couple of important people whose faces are on our bills and coins.  Abraham Lincoln, America’s 16th President (on the penny and $5 bill), as played by Dennis Boggs of Tennessee, and Benjamin Franklin, the face of the $100 bill (and silver half-dollar), played by Patrick Emmitt McBride of Pennsylvania, are both wonderful reenactors and two of the star attractions at the 2022 World’s Fair of Money.

And, oh yes, I was stuck in an elevator between floors without power for 20 minutes at the hotel. That’s not bad, since I was once stuck in a crowded elevator 20 years ago with small children for two hours and used my best teacher’s skills to help them pass the time happily and avoid feeling any fear.  Finally, an engineer came by to open the door and get me out to terra firma, though not as elegantly as I would have wished.

Most importantly for our customers and clients, I was able to buy quite a few of their “wish list” coins. Each month these key dates from key series seem to cost a little bit more, but we grab them up whenever the best high-quality coins come on the market.  As many people say, “they aren’t making any more of these gems.” Be sure to contact your account representatives to let them know your most desired coin or series so you can be first in line when we find what you’re looking for. Prices on many classic rare coins keep rising, so don’t procrastinate or wait for dips. Get in line now. Contact your account representative today for more information on the newest coins we have in inventory and to order a copy of my new book!

 

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