PCGS Gold, Silver Coins Fall on Market Stall

The certified coin market responded in a predictable manner on Monday, with many gold and silver coins listed on the PCGS Price Guide showing lower prices after gold took somewhat of a tumble to begin the week. After falling by as much as $13.20 this morning gold rebounded slightly and by 5pm EST had posted a slight $4.80 loss to stand at $1,330 per ounce.

Certified gold and silver coins tend to follow the trend that the gold spot price sets, yet it seems that today’s nominal drop was enough for the Professional Coin Grading Service (PCGS) to change the prices on some of its investment-grade rarities. The coin most affected was the Saint Gaudens $20 gold coin, which saw drops of $10, $15 and $15 on the MS62, MS63 and MS64 varieties, respectively.

Silver coins such as the U.S. Mint-produced Morgan dollars and Peace dollars did not change on the PCGS Price Guide, but dealers nevertheless were selling the coins for about $1 less than on Friday thanks to silver’s $0.13 drop on Monday. The silver spot price, now at $19.86, has only risen about 1 percent after taking a devastating drop a few weeks ago. By way of comparison, gold has increased about 7 percent in the same time.

Precious metal market analysts have attributed this discrepancy to the much larger headlines that are given to gold, coupled with the fact that silver’s investment use has increased but that industrial use of silver has slowed in recent weeks, offsetting much of the gains silver might have otherwise seen. For frequent updates on the gold and silver markets, such as price changes and product availability, visit the Update page on a regular basis or add us to your RSS feed.

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