Dealers Headed to New York for Pogue II
All eyes are set on the Big Apple this week as Stack's Bowers Galleries (http://www.stacksbowers.com) hosts a live auction of the second installment of the Pogue Collection. Held in conjunction with Sotheby's in the Upper East Side, there are only 105 lots in this sale, but there are some special coins indeed.
The highlight of this small but powerful sale must surely be the 1794 silver dollar, graded PCGS MS66+ (photo courtesy of Stack's Bowers Galleries). As we head to press, the coin is bid at $2.6 million (before buyer's premium) on the internet. We expect this important grade rarity will go much before the hammer falls. The Pogue Sale is followed by a Rarities Auction the following evening in the same location.
Bullion Prices Remain Volatile
Commodity markets around the world have been on edge this week, as everything from copper to crude has come under significant pressure, triggered by fears of the collapse of Glencore, the world's largest commodity trader and miner. The bonds of the company are trading at all time high yields, as credit default risk soars. This naturally has affected gold and silver, with gold being pushed back down into the $1,120's. For the month of September the yellow metal has traded in a range between $1,110 and $1,155. Silver has dropped back below the $14.75 level, after peaking at $15.25 for the month.
PNG Launches Bullion Dealer- Accreditation Program
Continuing with the bullion theme, the Professional Numismatists Guild (PNG) has announced a new consumer education and dealer program called the Accredited Precious Metals Dealer (APMD) program. The mission of the program is "to instill confidence among retail buyers in the precious metals marketplace." The APMD lays out a 20 point code of ethics, pertaining to the prompt delivery of precious metals products, educating prospective buyers of bullion, especially those who are new to the process, and providing clear market data. The PNG specifically cites recent cases in which firms took payment for bullion items to the tune of over $40 million and the items were never received by the buyers as one of the reasons a program such is this is timely and needed. Details can be found at (http://www.pngdealers.com).