Market Update (18th August 2014)

At the opening of the Asian markets on the 18th August 2014, the gold price had fallen to around 1302 USD/oz, suffering its biggest seven-day drop seen over the last 100 weeks. This is thought to be due to regional concerns in the Middle East and Ukraine. Focus throughout the week is likely to be centred around the US Federal Reserve’s minutes and resolutions, the meeting of the G7’s central banks at Jackson Hole, and the US and UK’s CPI figures.

As for new coins, the hype surrounding the Bronze Implements 3rd Series’ release has been somewhat a cause for embarrassment, as sales have not materialised. Even the 5 oz and 1 kg silver coins of the series, where most of the attention has been centred, are showing downward trends in price. Quoted values for the 5 oz silver coins are in the region of 3950-4180 yuan, while the 1 kg silver coins are priced around 12000-12350 yuan. The 5 oz gold coin has slightly fallen since last week, with quoted prices currently around 62000-63000 yuan.

For collectors concerned with the state of the market for some of the older Chinese coins, the following may be of interest. Here are the quoted prices on the ground in the Beijing and Shanghai coin markets for the 1 oz silver Panda coins released in the 1980s. Looking at the period 1983-1989, the 1983 1 oz silver Panda currently has a quoted price of 15000 yuan, although one was sold in an online auction at the end of July for 16600 yuan; the 1984 coin has a value of 8000 yuan; the 1985 coin is quoted at 13500 yuan; the 1987 coin’s price is at 3000 yuan; and the 1989 1 oz silver Panda has a quoted market value of 700 yuan.