<<Spot Gold is trading at $289.10 in Asia. It appears thus far that there has been no dishoarding of Gold in Singapoore, Hong Kong, Malaysia or the Philipines, as had been widely expected if the impact of Y2K was minimal.>>
As I said before, I suspect the bulk of Y2k precious metals take-away, was 1/10 oz K-Rands,M-Leaves,Eagles, & "junk" grade pre-64 US silver coins. The effect on prices may (just as on the upside) be mostly limited to the premium paid on these vehicles.
Shortly after the(misplaced)Gary North Y2k appearence on the Art Bell show I saw a large increase in premiums paid for gold coins & a temporary sell out of 1/10th Eagles. There was also a great increase in "junk" silver coinage prices far ahead of that date. I suspect we will simply see the "coin dealer" premium go away. in 2 weeks, we will again be able to pick up coins NEAR SPOT.
Near the bottom, some silver was selling $.10 over spot. Prior to that, gold sold AT NEAR NO Premium($5 over spot for a 1/2 eagle). In the Denver area, 1/10 eagles were selling for $36-42 ea. shortly before X-mas. I'll report back in the next few days with word on the sale prices, but, the prices going back to the coin shops may be in the $31.00-32.00 range! |
