February 18, 2009

Local Coin Dealers Update Prices as Precious Metals move Upward

Local coin dealers have been struggling to fill the demand in the rise of silver and gold coin buyers as the recent jump in the prices of precious metals suggests that the world economy is in a deeper recession. Silver has been trading well lately indicated by the daily climb in the chart this week.

Lately, local dealers have been cautious about selling their silver coin inventories as trend indicates that a major opportunity is coming.

Catching-up the sudden increase of price made some coin shops in Manila to temporarily halt their sale in order to update the price of their coins, and even required orders be placed in advance.

Local clubs are even short of silver and gold coins for their auctions and most that were put on in the floor were numismatic coins and smaller denominations.

"If the current trend will continue, we could still conduct our auctions but a little bit short of crown size silver coins and gold coins." a local numismatic club officer commented.

Meanwhile, authorities are giving warning to the public to carefully check larger paper bill denominations before accepting it as a precaution against the proliferation of counterfeit money.

An alleged syndicate member's operation has been foiled by authorities when a vendor filed a complaint against her after she identified that the money she accepted was fake.

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