GOLD CLIMBS ABOVE $1000, THEN RETREATS
On February 20 the spot and futures
prices for gold topped $1000 per troy ounce for the first time in
nearly a year. During its only prior run above $1000, spot gold
closed at an all time high of $1011.25 per ounce on March 17, 2008,
according to Kitco
Spot gold climbed within a few dollars of that all time high on
February 20, 2009, before closing at $989. The price eased back further
the following week, but as of February 27 was still up about 7% year to
date. The current global financial crisis and concerns about possible
high inflation when economies do begin to recover are leading some to
divert assets to gold, which has long been considered a safe haven
during turbulent and uncertain times.
The United States Mint has announced that it has resumed shipments of
the 2009 Ultra High Relief Double Eagle Gold Coin described in the previous issue of our newsletter
far few customers have reported actually receiving the coin. A new
policy adopted by the Mint allows the price to be adjusted
periodically, based on the price of gold during the prior week.
On February 27, the Mint was quoting $1339, or $150 higher than on
January 22, the date orders were first accepted. The Mint is still
maintaining a limit of one coin per household. According to the
resumption of shipping announcement, orders placed by February 23 will
be sent by April 24, while orders placed now will be available for
shipping May 24. If you've ordered from the U.S. Mint previously,
you're probably aware that any shipping dates it indicates are subject
The Mint has adopted another policy change that shortens the return
period for most products from 30 to 7 days, effective for orders placed
on or after February 10. While it applies to all numismatic products,
the abbreviated return window is widely viewed as an effort to prevent
returns when declining market prices lead the
Mint to reduce prices for coins containing precious metals. Previously,
some customers would return coins for a refund, then re-order the same
coin(s) at the lower price.
LINCOLN COMMEMORATIVE SET ANNOUNCED
We've received several inquiries about the four commemorative Lincoln
cents to be issued during 2009, the bicentennial of the birth of
Lincoln. The Mint has announced a limited edition commemorative set
that will include the four 2009-S proof Lincoln cents plus the 2009-P
proof Lincoln commemorative silver dollar. The four one cent
coins in this set will be struck on bronze planchets, as was once the
case for pennies released into circulation. Due to rising copper
prices, the composition was changed to copper plated zinc in 1982. This
set is expected to go on sale sometime in the spring, but the exact
date has not yet been announced.
The official release date for the first of the four commemorative cents
was February 12. It features a log cabin on the reverse, symbolic
of Lincoln's birth and early childhood in Kentucky. Collectors and
dealers have reported difficulty obtaining the coins. Prices being
quoted for rolls in coin shops and online have often been many times
face value, and offers of four times the $25 face value of boxes sold
at the official release ceremony have been reported. Telesphere
Numismatics has no plans at this time to sell
rolls or individual 2009 Lincoln cents but may have the commemorative
above after its release.
Over 40 great collector coins are now on sale, including many at or
near wholesale prices published in the Coin Dealer Newsletter, a.k.a. the
Greysheet. The sale prices, along with links to digital photographs of
most of the coins, are posted on our Current
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