The U.S. Dollar Index plummeted Thursday, and as a result many investment-grade certified gold coins increased by as much as $45 per ounce. As of noon EST the gold spot price was at $1322.30, up $38.60 for the trading session.
Certified Gold Exchange Senior Adviser John Halloran, recently recognized for his customer service skills, said that the large one-day gain could be a sign of things to come, but that investors should expect some pullback in the coming days.
“Anytime an investment goes up 3% in less than a day, it is a cause for celebration and concern,” Halloran said. “On the one hand, investors who have been patient for the last few weeks or months are seeing what can happen to gold when the dollar loses value, but a one-day 3% loss in the dollar is a bad sign for our economy. Additionally, profit-taking investors will probably sell some of their holdings and bring gold back to or close to $1300 in the next couple of days.”
Common-date St. Gaudens gold coins certified by PCGS or NGC as grades MS62-MS64 saw gains of $40 each. MS65 Saint Gaudens gold coins were up just $20, while MS62-MS64 Liberty Head Double Eagle gold coins were up $35 each. MS61 Liberty Head $20 pieces led the pack today with a $45 gain in the PCGS variety.
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