By Joshua McMorrow-Hernandez, COINage News Editor
Gold prices started off the last week of August well above the $1,500 threshold – a price point that gold investors have been rallying for many months to see. However, yesterday’s Monday trading day saw prices fall from a high of $1,543 down to about $1,526. Not terrible losses, but nevertheless not the direction many want to see. The question now is, will gold end August on a high note or not?
This week hasn’t started off with any fewer economic jitters than we ended with last week, when President Donald Trump blamed problems with the United States economy on the Federal Reserve and even tweeted a statement suggesting Fed Chairman Jerome Powell is a “bigger enemy” to the US economy than Chinese President Xi Jinping. Even though such words are clearly sarcastic hyperbole, this – along with continued tariff concerns with China – only heighten nerves on the state of the weakening US economy. In turn, safe-haven investments like gold look friendlier to investors who are playing the long game.
Whether buying so-called “paper” gold or physical gold, the latter including coins, rounds, and bars, investors appear to be pinning more and more of their hopes on metals. The question remains, will persistent interest in gold help buoy the rest of the coin market, spilling over to growth in the numismatic (non-bullion-dependent) sectors? To be sure, the bourse floor was busy at the ANA World’s Fair of Money Show a couple weeks ago in Rosemont, IL. What will the floor at the Long Beach Show look like next week? We could very well see lots of folks turn out for the early September coin show in California if gold keeps chugging upward.