AGE Gold Commentary is our regular report analyzing trends in precious metals and rare coins. We monitor domestic and international markets and extrapolate from our 30 years in metals to place current events into a hard asset perspective. View archives.
12/1/2003: Gold closes above $402, hits 7-year high
Greetings from American Gold Exchange. In this brief edition of Gold Market Commentary:
Gold closes above $402, hits 7-year high
Gold closed the New York trading session today at $402.70, a more than 7-year high, marking the first close over $400 since February of 1996.
We are anticipating increased gains and volatility, and perhaps a test of the previous multi-year high of $417 before the year 2003 comes to a close. (Read the full story in the AGE Newsroom.)
The weak U.S. dollar was again the major booster for gold prices. The dollar fell to another all-time low against the euro, and declined against the yen and a host of other currencies as well on Monday. Investors and officials have been hesitant to halt the slide of the dollar because of the record U.S. trade gap and concerns about geopolitical stability. (Read the full story in the AGE Newsroom.)
Silver surged in sympathy closing the New York session up $0.07 at $5.43 an ounce after trading as high as $5.53.
Platinum continues to defy gravity, closing the New York session at $782.00, while Palladium remains just under $200 at $197.00 an ounce.
Baltimore Coin Show upcoming
We’re off to the last major coin show of the year in Baltimore on Wednesday. Classic U.S. coin prices remain very strong and continue to move higher. Our suppliers raised our prices again today. Despite higher prices, dealers across the nation continue to sell coins at a faster pace than they can buy them. Even if gold bullion slips temporarily into profit-taking, its pullback will probably have little effect, if any, on classic U.S. gold coin prices. The bull market in U.S. gold coins just steams along!
We will have a much more detailed Gold Market Update for you some time next week, including our continued observations on the state of the classic U.S. coin market, after we’ve made our own first hand assessment at the Baltimore coin show.
As always, thanks for your time!
Dana Samuelson, President
Bill Musgrave, Vice President
American Gold Exchange
AGE Gold Commentary
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