Bluesheet Market Update

Both gold and silver have been range bound over the past week, with silver trading within a narrow band of $15.65 and $16.00. Gold has followed a similar pattern, and after a somewhat volatile day last Friday the yellow metal has been trading in a $7-$48 range. This despite news last Friday of a surprise rate cut by the People’s Bank of China, which temporarily boosted stock prices worldwide. Today’s news brought word that Congressional leaders have struck a fresh debt deal, raising the federal debt ceiling to a staggering $19.6 trillion, which is projected to last until March of 2017. It is unknown the impact on commodity markets this will have. Although these debt negotiations were not as strung out as previous debates, the increased spending that has been budgeted may cause some to further doubt the long term strength of the dollar.

All Eyes on New York
Heritage Auctions is holding two large live auction events in New York this week. The first event (October 28) features the fourth and final installment of the notable Gardner Collection. Followed by a house Signature Sale the following day, both sales are loaded with great collector coins, and likely to be an indicator of the market for the remainder of the year.

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This Week’s CCDn Market Notes
Morgan dollars, particularly Deep Mirror Proof Like (DMPL) examples, are amongst the series that show the most price movement this week. The widely-collected, first year of issue varieties such as the 1878 8 Tailfeathers, 7/8 Strong, and 7 Tailfeathers Reverse of ’79 all see increases, with prices brought into line with recent auction and dealer activity, along with the 1879 issues. Other dates where changes occur include 1887-S, 1890-CC, and 1892-O. It should be noted that we are particularly attentive to the Carson City issues, as the large trading volume and popularity of these coins make them very sensitive to price movement. Peace dollars and Walkers in gem and finer grades are also active this week, with the scarcer branch mint issues receiving attention. A few gold type issues also see adjustments in line with the softening generic gold market. Double eagles in particular have been on the receiving end of some discounting recently. Middle date Walking Liberty halves get the same scrutiny that the early dates received in previous weeks.