As this is being written April 27, there is lots of optimism about
the Central States Numismatic Society’s convention in Rosemont, Ill.,
from April 27 to 30.
Dealers are excited about the show being in an easy-to-get-to
location, in a region with a large collector base and a major airport.
With gold and silver at highs not seen in a generation, many dealers
are hoping that some new buyers might be making the rounds of the
bourse floor, looking for ways to diversify their investment
portfolios with coins.
The CSNS show can serve as a guidepost for the market, with a major
Heritage Auction Galleries Platinum Night.
In 2008, the CSNS show was held in Cincinnati, and many consider that
show to represent the low point of the coin market in the last five
While the Heritage auction lacks a big star like the 1804 Draped Bust
dollar that headlined the firm’s Cincinnati auction — and realized
$3,737,500 — the Rosemont auction has a broad selection of coins that
will test the resilience of the market for collectible coins at nearly
The strongest test may come for hundreds of classic Proof gold and
silver coins. Many of these coins were purchased at auction in the
past decade, allowing for interesting price comparisons.
In other news, precious metals started off the week with a bang.
On April 25, silver traded at almost $50 an ounce and came within a
dollar of its 1980 all-time high. That same day, gold for June
delivery in New York hit an all-time high of $1,518.32 an ounce before
retreating to $1,497.50 the next day.
After the price of silver almost hit $50 an ounce, many silver
investors cashed in their profits and waited for the April 27
announcement on new federal interest rates from the U.S. Federal
Reserve’s two-day policy meeting.
The Fed’s announcement suggested that interest rates would remain low
for the near future.
On April 27 the price of gold jumped nearly $20 an ounce to an
all-time high of $1,531.40 an ounce during the day’s trading in New
York City while silver ranged from a low of $44.86 to $48.32 an ounce
during the day’s trading.
As the price of gold and silver rose, the dollar hit a new 2.5 year
low. The U.S. Dollar Index, which measures the strength of the dollar
against other major currencies, has dropped 10 percent in the last 12