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| Above, a 1928 Peace silver dollar. Photo by Armand Vaquer. |
As this blog post is being written, silver's spot price is at $36.255/toz according to COMEX.
But, as a new article by Numismatic News states, it did reach $37. Will silver hit $50?
Numismatic News begins with:
Up, up, and away is not really an appropriate description for the bullion coin market, but due to significant appreciation in not only the spot price of gold but also silver, the dynamics of much of the market are positive. Gold has been on a tear for some time, the spot price reaching new all-time records and then backing off only modestly.
This has kept the price of Gold American Eagles, gold commemoratives, and common-date and common-condition pre-1933 circulation strike gold coins at levels not previously seen. Dealers report this to be an excellent buying opportunity for them, but retail sales have not kept pace, as many institutional buyers and individuals who normally buy on a regular level are challenged to continue at these price levels.
Silver did not perform as well until recently.
Now Kitco’s Jim Wyckoff’s recent comment that “silver appears to be a value buying opportunity” appears to be prophetic. As this market commentary is being written, silver is above the $37 an ounce level and appears to be ready to challenge the $40 resistance level soon. The record price of $50.36 set in January 1980 is still a far reach, or is it?
To read more, go here.
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