US Dollar, Gold, Silver Price Analysis: Cross Asset Correlation

LIQUIDITY IN ABUNDANCE WITH CROSS-ASSET CORRELATIONS ELEVATED

As liquidity stemming from monetary and fiscal policy remains rife, cross-asset correlations are elevated, most notably this has been evidenced by the continued strong relationship between equity and FX markets. As market volatility drifts lower, high beta currencies have taken its cue from the pick-up in equities, which has largely come to the detriment of the US Dollar. As we highlighted yesterday, the negative relationship between the US Dollar and stocks is its strongest in several years. Put simply, the longer equity markets edge higher, the longer the downtrend in the greenback.

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Nero Gold and Silver Duo!

AD 54 – 68

Gold Aureus
NGC XF / Strike 4/5
Surface 4/5

Silver Hemidrachm
NGC AU /Strike 4/5
Surface 3/5

Nero’s Principate

Though normally associated with hedonistic excess and debauchery, Nero’s first years were actually a relatively peaceful time in the empire. Nero began his rule at the tender age of 17 with much promise – his mother Agrippina Jr. was regent at first, until he began to assert his independence the following year. With the government largely in the hands of capable administrators like Seneca and Burrus, Rome enjoyed peace and prosperity for the first five years of Nero’s reign. Things began to take a turn south for his reign, however, with his involvement in the murder of his mother in 59 and the subsequent shedding of his key advisors Seneca and Burrus in 62 AD. He also divorced and executed his wife Claudia Octavia in that fateful year. So, at the age of 25, Nero had reconstructed his life, shedding moderating influences on his activities – he was now able to pursue his interests in acting, carousing, various persecutions, chariot racing and random sexual adventures – in short, he was becoming the Nero we all know and love.

Probably most shocking to the populace, however, was the Great Fire of 64 AD, where it was thought that Nero had started it to clear out large portions of prime Rome real estate to build his ostentatious palace. With much of Rome destroyed and his grand palace usurping the dwindling financial resources of the empire, conspiracies began to form against the emperor. His stage antics, poetry readings and singing and dancing had never been particularly well received by the populace, anyway, who not only viewed his talents as marginal, but also saw them as not dignified for an emperor.

Nero embarked on a “Grand Tour” of Greece in AD 67, where he participated in the Pythian, Nemean and Olympic Games – as Vagi notes, Nero was declared victor in the latter, even though he fell out of his chariot mid-way through the race!

With Imperial finances stretched to the limit with Nero’s excesses, the populace finally had enough and forced Nero to flee to his country villa on the outskirts of Rome. On June 9 of 68, surrounded by hostile soldiers, Nero uttered the famous dictum, “what a great artist we are losing”, and died in a murder/suicide situation. Not long afterwards, Rome descended into civil war.

Always conscious of his artistic portrayals on the coinage, Nero took special efforts to ensure favorable images and favorite musical themes, such as him playing the lyre. The austere portraits of his predecessors gave way to naturalistic poses and a realism previously unseen

An Extremely Fine aureus and an AU hemidrachm are on offer here today, providing splendid examples of his portraiture and reflecting the high artistry of his coinage in general.

Offered at $9,550 delivered

We do business the old fashioned way, we speak with you. Give us a call for price indications and to lock trades.

(800) 257.3253
9:00 AM – 5:00 PM CST M-F
Private, Portable, Divisible Wealth Storage

Price is based on payment via ACH, Bank Wire Transfer or Personal Check.
Major Credit Cards Accepted, add 3.5%
Offer subject to availability.

1922-S Peace Dollar PCGS MS66

Just 1 Graded Higher

The San Francisco issue is the scarcest of the three 1922 Peace dollars, especially in Mint State. The fact that its mintage of nearly 17.5 million pieces exceeds that of the 1922-D by more than 1.5 million pieces is a non-factor. Throughout the Peace dollar series there is an unbroken rule that for each year this denomination was coined, the San Francisco issue is rarer in Gem or better grades than either the Philadelphia or Denver counterparts. Mintage totals play no part in this. Many researchers suggest the lower survival rate of S-mint dollars in high grade is due to more active circulation on the West Coast, and in some cases bags of Uncirculated coins still in government vaults were just moved more frequently, reducing the grades of the coins contained. The PCGS population is only 19 with 1 higher, the latter being an MS66+ example. This one is extremely lustrous and semi-prooflike in appearance.

Offered at $25,875 delivered

We do business the old fashioned way, we speak with you. Give us a call for price indications and to lock trades.

(800) 257.3253
9:00 AM – 5:00 PM CST M-F
Private, Portable, Divisible Wealth Storage

Price is based on payment via ACH, Bank Wire Transfer or Personal Check.
Major Credit Cards Accepted, add 3.5%
Offer subject to availability.

1879-O Morgan Dollar NGC MS66

Tied for Highest Graded 

After an intermission of nearly two decades since the Mint closed in 1861, New Orleans resumed coinage production in 1879, following terms of the Bland-Allison Act that Congress passed a year earlier. The year 1879 saw the production of 2,325 double eagles, the only coins of the Type Three design that were minted in Louisiana. The facility also coined 2,887,000 silver dollars. Other denominations were added in later years through 1909 when that Mint was permanently closed. Mint State 1879-O Morgan dollars are not particularly rare, although Gems are elusive and finer examples are rarely encountered. In hand, this specimen is lighter and brighter than seen in our images. The NGC population is only 11 with not a single representative graded higher.

Offered at $9,200 delivered

We do business the old fashioned way, we speak with you. Give us a call for price indications and to lock trades.

(800) 257.3253
9:00 AM – 5:00 PM CST M-F
Private, Portable, Divisible Wealth Storage

Price is based on payment via ACH, Bank Wire Transfer or Personal Check.
Major Credit Cards Accepted, add 3.5%
Offer subject to availability.

1888-O Morgan Dollar NGC MS67

1 of only 2 So Graded

Here is a superb, attractively toned example of a true condition rarity. Its surfaces are satin-like in appearance and exceptionally well preserved. In hand, the patina is a bit lighter and the luster, somewhat brighter than seen in our images. Tied with just one other (which is ex-Eliasberg) for the highest graded by NGC. For its part, PCGS has graded just one MS67, with none higher. The aforementioned Eliasberg coin was last auctioned by us in 2014.

Offered at $9,775 delivered

We do business the old fashioned way, we speak with you.

(800) 257.3253
9:00 AM – 5:00 PM CST M-F
Private, Portable, Divisible Wealth Storage

Price is based on payment via ACH, Bank Wire Transfer or Personal Check.
Major Credit Cards Accepted, add 3.5%
Offer subject to availability.

1895 Morgan Dollar NGC PR63

Long Live the “King”

Mint records indicate 880 proof Morgan dollars were struck in 1895, to accompany a tiny business-strike mintage of 12,000 pieces. Unfortunately, none of the regular-issue coins have ever surfaced in any collection, leaving collectors to wonder if the mintage figures represent some kind of accounting error, or if the coins were held in government storage until 1918 and melted under the provisions of the Pittman Act. In either case, date collectors have always relied on the small supply of proofs to fill this whole in their collections and the 1895 has often been called the “King of the Morgan dollars.” While not designated as a Cameo, this example displays some contrast, particularly on the reverse.

Offered at $59,800 delivered

We do business the old fashioned way, we speak with you.

(800) 257.3253
9:00 AM – 5:00 PM CST M-F
Private, Portable, Divisible Wealth Storage

Price is based on payment via ACH, Bank Wire Transfer or Personal Check.
Major Credit Cards Accepted, add 3.5%
Offer subject to availability.

1928 Peace Dollar PCGS MS66

Just One Graded Higher

Famous for its low mintage of 360,649 pieces — the lowest in the series — the 1928 Peace dollar is a key date in circulated grades. In Mint State, this issue is more plentiful, albeit acquiring an example comes at a price. Typically, eye appeal is average or before, even on near-Gem coins, due to the subdued satin luster and dusky golden toning that characteristically come as a pair on this issue. Moreover, higher-grade coins are rare. The PCGS population is just 21 with a single (MS66+) representative graded higher.

Offered at $29,900 delivered

We do business the old fashioned way, we speak with you.

(800) 257.3253
9:00 AM – 5:00 PM CST M-F
Private, Portable, Divisible Wealth Storage

Price is based on payment via ACH, Bank Wire Transfer or Personal Check.
Major Credit Cards Accepted, add 3.5%
Offer subject to availability.

1879 Morgan Dollar PCGS MS67

Tied for Highest Graded

Offered here is a frosty, white example with exemplary surfaces and a great overall appearance. Not particularly tough to come by through the MS66 grade level, but very rarely seen in this state of preservation. The last PCGS representative we auctioned was all the way back in 2007! Tied with 7 others for the highest graded by PCGS.

Offered at $37,375 delivered

We do business the old fashioned way, we speak with you.

(800) 257.3253
9:00 AM – 5:00 PM CST M-F
Private, Portable, Divisible Wealth Storage

Price is based on payment via ACH, Bank Wire Transfer or Personal Check.
Major Credit Cards Accepted, add 3.5%
Offer subject to availability.

Silver Dollar Bags

We are offering the following dollar bags;

AU Pre-1921 Morgan’s x up to 1500 @ $37.50

BU Pre-1921 Morgan’s x up to 2000 @ $42.00

Minimum order is 250 coins. Ground shipping is included. Call or email to confirm.

We do business the old fashioned way, we speak with you.

(800) 257.3253
9:00 AM – 5:00 PM CST M-F
Private, Portable, Divisible Wealth Storage

Price is based on payment via ACH, Bank Wire Transfer or Personal Check.
Major Credit Cards Accepted, add 3.5%
Offer subject to availability.

1893-S Morgan Dollars NGC/PCGS AU50

Four (Rare Ones) Of A Kind

The effects of the Panic of 1893 included the repeal of the Sherman Silver Purchase Act, ending the massive mandated coinage of Morgan dollars the U.S. Mint was required to produce every year. Morgan dollar mintages were drastically reduced at all U.S. Mints in 1893, and the San Francisco Mint produced a series low business-strike mintage of just 100,000 pieces. Most of the small mintage was either widely circulated or melted in 1918, under the provisions of the Pittman Act. Accordingly, the 1893-S is the most elusive Morgan dollar in today’s market.

Offered at $18,975 each delivered

We do business the old fashioned way, we speak with you.

(800) 257.3253
9:00 AM – 5:00 PM CST M-F
Private, Portable, Divisible Wealth Storage

Price is based on payment via ACH, Bank Wire Transfer or Personal Check.
Major Credit Cards Accepted, add 3.5%
Offer subject to availability.