The third sale of the legendary D. Brent Pogue Collection of rare coins occurred Feb. 9, and while no individual specimen realized a price at or above the $1 million mark, a few came close.

The sale consisted of pre-1800 half cents, 1793 large cents, Capped Bust dimes, Capped Bust half dollars from 1823 to 1836, $3 gold pieces, and gold half eagles from 1807 to 1820.

Of the 158 coins in the sale, 43 topped the six-figure level, ranging in prices from $105,750 to $998,750. Twenty broke into the $100,000 ara; 13 finished in the $200,000 range; two reached the $300,000 level; four entered the $400,000 range; one topped the $700,000 barrier; one touched the $800,000 peak; while two broke into the $900,000 range. The two cheapest coins sold for $8,812.50 each.

Which rarities were the biggest breadwinners? The heavyweight, bringing in $998,750, was the Garrett-Pogue 1793 Chain Cent, one of finest known and certified at MS65 Red Brown by PCGS.

Following in second place and commanding $940,000 was a 1794 Half Cent, discovered only about 40 years ago and certified at MS67 Red Brown by PCGS.

Next, an 1815 Half Eagle, graded at MS65 by PCGS and one of only six in private hands, brought in $822,500.

And realizing a price of $763,750 was a 1796 No Pole Half Cent, certified at MS67 Red Brown by PCGS. This coin was once in the famed Eliasberg Collection and was the first example of its denomination to sell for more than a half-million dollars.

The strong prices achieved suggest once again that big-name numismatic coins with superlative rarity, condition, and provenance can be counted upon to attract impressive bids even as the overall financial backdrop, from stocks to commodities, increasingly resembles a global recession.

With gold carrying out a major move to one-year highs above $1,260 Thursday as fear gripped global markets, some high-profile investors are coming out of the woodwork to endorse bullion, including billionaire Mark Cuban, the owner of the Dallas Mavericks.

When traders dont know what to do, they go where everybody is, and I thought that was a good chance that would be gold, Cuban told CNBC.

Some top technicians and executives from major investment banks also have been forced to acknowledge bullions rekindled bull-market power.

And why wouldnt they? With even Federal Reserve chief Janet Yellen admitting that the central bank is considering the prospect of negative interest rates in the U.S., the case for safe-haven hard assets is the strongest its been since the 2008-09 financial crisis.

BofA targeting $1,315+: Just days after one of its most high-profile metals analysts set a now-timid-looking year-end target of $1,250 for gold, Bank of America technical strategist Paul Ciana has issued this note indicating hes staying long gold:

Gold prices are breaking above triple resistance forming a technical bottom and channel breakout. This projects gold higher to 1,315 and 1,375. The gap in the distribution on the left shows 1,550 is a possibility, though we are not making that our target at this point. We remain long gold on a technical basis.

JPMorgan sees more faith in gold than paper: Meanwhile, following up on recent bullish comments from a JPMorgan colleague that the case for gold has improved significantly, Bob Michele also chimed in on CNBC.

The global chief investment official and head of JPMorgans fixed-income, currency, and commodities group made this stunning observation: Gold at $1,200 an ounce, what does that tell you? It tells you that in a flight to quality, in a safe haven, people have more confidence in gold than in bank deposits or paper money. I think things have gotten out of control.

Goldman says much higher than $1,200: Even Goldman Sachs, which has been notably bearish on bullion for quite a while, issued this head-turning reversal via a technical note:

From a wave count perspective, the market is likely in the initial stages of a counter-trend ABC correction which could eventually retrace ~38.2% of the 5-waves from 11 to 1,381. From a pure techs perspective, breaking from a declining wedge wouldinitiate a medium-term target back at the start of the pattern ~1,392.

Bottom line, although 1,200-1,202 might hold in the near-term, theres scope to extend much higher over time.

Lines around the block in London: And it seems that an increasing number of the general public and retail investors arent waiting for stocks to turn around. Londons Telegraph newspaper is reporting that gold buyers are queuing round the block there. One major dealer said that the bullion market has been building with interest since the end of last year but this morning things have gone bananas. Some bankers in London are placing unusually large orders for physical gold.”

Recall the lesson that many investors learned during the 2008 financial crisis: Just as in 2008, if todays stock-market collapse continues, you likely will have a very short window in which to buy bullion assets at reasonable market prices. After that window closes, it will become much more expensive and difficult to help you safeguard your assets with gold.

Gold kicked off Monday with a massive run toward the $1,200 level, hitting eight-month highs as the U.S. stock market lost more ground in early trading. Lunar New Year celebrations in China and much of the rest of Asia no doubt also helped drive the price higher.

After a 5% gain last week, the yellow metal jumped about 2.3% to hit $1,200, its highest level since June and biggest one-day gain in two months. Its now up more than 12% for the year. Silver followed golds lead, reclaiming its bullish 200-day moving average and hitting $15.43, its highest price since Nov. 3. Meanwhile, the Dow Jones was down more than 350 points early on.

Compelling reasons to own gold: Golds momentum seems so strong at the moment that Bank of America Merrill Lynchs year-end forecast might be at risk of erring on the cautious side. Where does BoAML see the prices headed? About $1,250, strategist Michael Widmer told CNBC, citing low oil prices, a weakening dollar, and rising market volatility. Weve said that for quite awhile, actually, so for us, this was always the year that gold would bottom. What the gold market is reassessing at the moment is whether the overall global growth picture is lower, potential GDP growth pretty much everywhere has started to change, and whether that makes a more compelling case to actually own gold. Its not a massive bull market, but its a bottoming out. It is quite a change in a market that has actually been in a protracted bear market for years now.

Another major firm, Julius Baer, has also canceled its negative outlook for gold. Due to prevailing risk aversion in financial markets and mounting global growth risks, a bearish outlook on gold is not warranted anymore, analyst Carsten Menke said Monday. We have turned neutral and believe that investors should use gold as insurance in their portfolios.

CEO sees even recession odds: Although rising gold prices are often associated with rising inflation, bullion also can gain in periods of deflation. The gold trade is signaling a retreat in global inflation, Janney Montgomery Scott strategist Mark Luschini told CNBC. In times of economic stress … gold acts as a store of value.

Not only is growth slowing across the world, but the U.S. economy also seems to be losing steam, as evidenced by Fridays employment report, which saw the creation of just 151,000 jobs in January. One model from JPMorgan sees the risk of recession in the U.S. rising.

Were in a very confused state as far as understanding the global economy with very mixed messages coming from different sectors around the world, RandGold Resources CEO Mark Bristow said. Its an interesting time and thats always good for gold when people are unsure about the future. Bristow himself is predicting an even chance of recession. The whole world is in a situation where 2016 is going to be a year of wealth preservation rather than creation.

Fed could be forced to reverse: With Treasury yields continuing to sink amid uncertainty, all eyes are awaiting Federal Reserve chief Janet Yellens scheduled testimony before Congress on Wednesday and Thursday for clues on whether the central bank will slow or back off its rate-hiking policy begun in December. A policy reversal would be an acknowledgment of growing concerns about the global economy.

We see the gold price as being highly correlated with real yields, and so ultimately for gold to continue to rally we need to see a change in course for Fed policy this year, Johanna Kyrklund of Schroders told CNBC. But if they do that, it will probably be a very negative environment for growth and for markets, and so I think gold for that reason is attracting interest as a hedge in peoples portfolios, and I think thats whats pushing up the price.

The struggling stock market, combined with Chinas economic problems and the collapsing oil market, are becoming too large for the Fed to ignore. Yellen and her crew might still have their heads in the sand when it comes to the problems the world is facing, but the rising price of gold is telling us that everyone else seems to be waking up to this stark new reality.

By Douglas LePre, Senior Portfolio Manager at Blanchard and Company

Oh, youre a coin dealer? What should I collect?

This is a question that people have been asking me throughout my career, so I thought with a new year upon us I would try to offer some suggestions as 2016 gets moving. The coin-collecting hobby has been in the news a lot of late with many historic collections hitting the market in the past year, and Blanchard and Company expects new collectors to emerge as a result.

As you may know from my previously published articles, I am a huge proponent of buying the highest degree of rarity that a collector can afford. When building a set or collection the first thing any collector should consider is what mint, region or coin series appeals to them the most? This will vary from person to person, but its important to collect what sings to you!

Throughout my career I have found that everyone has a coin story either a silver coin was found in change or a relative had passed a coin down that had been in their family for many years prior. There are literally thousands of different scenarios, all of which are great motivators for people new to the hobby to start buying coins in a specific series or from a specific mint.

For those readers without a story or natural entry point into collecting other than a desire to learn more, lets look at some areas that make the most sense for starting a new collection. Now, there are a few questions that any new collector should ask before buying anything. All good sets or collections start with a specific direction in mind.

Please note: All coins referred to below should be dated prior to 1900.

1. Do I want to build a high grade set or a mid-grade set?

Generally speaking, the answer to this question is going to help direct you toward a specific portion of the market.

What I mean is, if you want to build a high-grade set, you will have to direct your efforts to an area of the market where you will find many coins in high grade to pick from. Otherwise you could run into a roadblock when it comes to your average cost per coin. Typically you will find a nice selection of high-grade examples when looking at the smaller-denomination coins such as cents, three-cent silver pieces, nickels, and dimes from any series. The reason for a larger selection of high-grade examples is the fact that all of the denominations of coins mentioned were generally produced in very large quantities due to their being fractional currency, and they are smaller and lighter than quarters, half dollars and dollars, and therefore they tend to not suffer the damage that larger coins endure during the minting process. The heavier the coin, the more damage they can cause each other during manufacture and transport. The larger denominations lend themselves more toward mid-grade set building by beginning collectors.

2. Do I build a complete set, a type set, a mint set, a proof set, or a date set?

My suggestion here is to start with a mint set (all of the coins produced at a specific mint). By doing this you will be able to set yourself in a direction and also become more familiar with the production diagnostics associated with each of the mints. Even though each mint produced federally approved coinage, they all had their own diagnostics regarding their production.

A perfect example is this: In the 1920s, Standing Liberty Quarters stuck in Philadelphia were decidedly more fully struck than quarters from the San Francisco mint, so an MS65 Standing Liberty Quarter from the San Francisco mint would have the look and eye appeal of an MS64 counterpart minted in Philadelphia. This was due to the fact that each mint had their own pressman who was charged with the calibration and operation of each locations presses. This is also the reason why some mints produced more lustrous coins than others. Luster is dependent on die spacing, and with five different mint locations, it would be impossible to have completely identical results employing different pressmen at each mint.

3. I want to collect different types of coins; what do I do?

If you dont want to collect just one type of coin, then the best suggestion I have is to build out a date set, which would give you the opportunity to purchase one of each denomination of coin produced in a given year. This is also a great direction to take because there are certain years (1878-85) that will allow you to include two different types of silver dollars if you are building a proof set. Once you have completed building a cent-through-dollar set, you may choose to include the gold coins produced for that year as well. If youre really motivated, you might even include any pattern coins from the year youve chosen!

These are just a few suggestions to get you motivated, and to provide a goal-oriented approach for you when buying. In the long run it will serve you well to have this kind of direction, and it should also prevent you from buying in bulk, having duplicates and in general, from wasting money. In my 30-year career I have seen more than a few people throwing cash in six different directions, only to end up with a box of coins rather than a set or worthwhile collection that has some semblance of order. Remember to take your time, keep a list of what you have versus what you need, buy the best quality you can afford, and always purchase coins certified by PCGS or NGC.

In another sign of growing interest in top rarities, an 1895 Morgan Dollar proof from the Kling Family Collection made a serious run at the six-figure mark, selling for $96,937.50 in January.

Certified at Proof 67 Ultra Cameo by NGC, the coin is a particular rarity because no circulated Morgans are believed to have been produced at the Philadelphia Mint that year or at least none survive. Only 880 proofs were struck in Philly, while the New Orleans Mint produced 450,000 circulating Morgans and the San Francisco Mint created 400,000.

Coronet Morgans shine: The January sale follows the strong performance of 32 Morgan Dollars from the Coronet Collection in October, led by an MS66 1901 Morgan that sold for $587,500. Meanwhile, an 1895-O Morgan certified as PCGS MS65 with green CAC sticker brought in $211,500; an 1894 Morgan, rated as PCGS MS66+ and sporting a CAC sticker, commanded $152,75; and a 1921-D Morgan, certified at MS67 by PCGS with CAC sticker, got $30,550.

Are you looking for a top-quality Morgan Dollar for your collection? Blanchard and Company has a prize specimen in stock now: a 1904-S Morgan Dollar.

Make this prized Morgan your own: This coin has the distinction of having been minted in the last consecutive year of the series production, 1904. Morgan Dollars would not be produced again until 1921, its swan-song year that also birthed the Peace Dollar.

This Morgan Dollar is a standout survivor. The San Francisco Mint produced about 2.3 million that year, fewer than either the Philadelphia Mint (2.78 million) or the New Orleans Mint (3.72 million). Most were shipped east for storage in federal vaults, and few completed the cross-country trip without damage. This coin is one of the exceptions. Boasting a super-rare MS65 grade, this jewel of a Morgan also ups the ante with a green CAC sticker.

The 1904-S would be recognized as one of the rarer issues, one respected numismatist noted. Most specimens seen today are in lower grade ranges from MS60 to 63. MS64 coins are scarce, and MS65 coins are rare. He estimated that only a few hundred survive in MS65 or better state. Call Blanchard and Company now for more information.

Ever since the Bank of Japan shocked global markets by introducing a negative-interest-rate policy last week, the U.S. Federal Reserve has been forced to broach the subject of whether it too will go negative rather than continue the rate-hiking trajectory it started in December.

During a speech Monday at the Council on Foreign Relations, Fed Vice Chairman Stanley Fischer stated that negative rates are working more than I can say I expected in 2012, alluding to other nations that have imposed them, and he emphasized that the central bank would remain data-dependent in its rate-setting decisions.

Stress tests to gauge negative rates: Moreover, the Fed announced that in its annual stress test on banks, it would examine the effect of negative rates as a factor. As interest rates turn negative around the world, the Federal Reserve is asking banks to consider the possibility of the same happening in the U.S., Bloomberg reported. The Fed said it will assess the resilience of big banks to a number of possible situations, including one where the rate on the three-month U.S. Treasury bill stays below zero for a prolonged period.

The severely adverse scenario is characterized by a severe global recession, accompanied by a period of heightened corporate financial stress and negative yields for short-term U.S. Treasury securities, the Fed said last week.

U.S. reaches grim milestone: One reason for negative rates here in the U.S. is that growth appears to be slowing. Fourth-quarter GDP came in at a measly 0.7%, while the Atlanta Fed is estimating first-quarter GDP at a mere 1.2%. Deutsche Bank has announced that it thinks the probability of a recession in the next 12 months is 46%, considerably higher than the Feds model it examined.

But theres another reason why the Fed might be pushing for negative rates. Look no further than a grim milestone that the U.S. reached last week, on Jan. 29: The federal government breached the $19 trillion national debt mark for the first time in American history, hitting $19.012 trillion.

It took a little more than 13 months for the debt to climb by $1 trillion, The Washington Examiner observed. The national debt hit $18 trillion on Dec. 15, 2014.

By suspending the debt ceiling last November, Congress has issued itself an unlimited credit card. That suspension will continue until 2017, when a new president will be in office. But the damage has already been done: The debt has an increased by more than $8 trillion since Barack Obama assumed the top job in January 2009, when the total debt was just $10.6 trillion.

Debt-to-GDP running high: The Congressional Budget Office is expecting the national debt to reach $22.6 trillion by 2020 and $29.3 trillion by 2026.

This means that if the nominal U.S. GDP as of Dec. 31 which was $18.12 trillion grows at the 1.2% rate expected by the Atlanta Fed, total debt to GDP is now on pace to hit 105% at the next GDP tabulation, and rising fast from there, Zero Hedge noted.

To provide context to these eye-popping numbers, the U.S. didnt hit the $1 trillion debt mark until Oct. 22, 1981, while $10 trillion was reached on Sept. 30, 2008.

What do we have to show for this?: Less than eight years after hitting $10 trillion, the U.S. government reports that it hit the $19 trillion mark, wrote Simon Black of the Sovereign Man site. But what do they have to show for it? Its not like anyone defeated the Nazis or Soviet Union over the last 8 years.

By 2008 the banks had been bailed out, and the world had supposedly been saved. Where did all the money go? What real, tangible results do they possible have to justify the last $9 trillion in debt?

Gold, debt likely to resume tandem: The sad, or infuriating, answer is that we have very little to show for all this debt. And when debts cant be repaid, they wont be. Bankrupt governments historically either impose austerity on their citizens by cutting benefits or else inflate away the value of the currency to offset the debt.

Gold remains time-tested protection from this insane government spending. Between 2009 and 2013 spot gold was closely correlated to growth in the Feds balance sheet, according to a post at the Valuewalk. Between 2000 and 2013 spot gold was closely correlated to growth in U.S. Federal debt levels and limits. We have always regarded the gaping divergence since 2013 between these two series and spot gold prices as a great mystery. Nonetheless, we expect these traditional correlations to revert toward longstanding means. Because we expect the Feds balance sheet and the U.S. federal debt limit to prove sticky downward in future periods, prospects for reversion strongly favor higher gold prices.

One cant change economic laws. Debt is not money; gold is money. Running up the national credit card can only end badly. Imposing negative interest rates is not a solution to the governments insatiable spending habit, nor is inflation, while austerity has the potential to incite significant social unrest in a nation where so many of its citizens are dependent on checks from Uncle Sam. Investors need protect themselves with gold now while there is still a lull between the yellow metal and its positive correlation to the escalating U.S. debt.

The continuing collapse in oil prices slammed stocks again Tuesday, with the Dow Jones down more than 300 points.

In contrast, gold held its ground once more, slipping slightly to just under three-month highs after touching $1,131, its strongest price since Nov. 3. Silver, meanwhile, was trading near $14.33.

Gold has paused to consolidate near $1,128 just below its 200-day moving average near $1,132, Colin Cieszynski of CMC Markets told MarketWatch, adding that the next resistance level for gold would be in the $1,150 to $1,155 area.

Next target $1,150 or above: It is perfectly possible that it will move towards $1,150 and then it will depend on the equity markets, Julius Baer analyst Carsten Menke told Reuters. “Clearly this is an environment that is supportive for gold in the short term.”

So much so that it could even go higher. Around $1,160 is around my objective on the upside, trader Jim Iuorio told CNBC. Weve got negative rates all over the place. It costs less to hold gold when interest rates are as low as they are. It seems like the 10-year yields here are just going lower and lower. The stock markets getting hit; it seems like an unsafe place to be. Gold is getting a little bit of its shine back.

ETF racks up hot streak: Gold ETF investors apparently agree with Iuorio, with holdings in the largest such fund, the GLD, gaining for the 11th straight session, the longest streak in three years. It looks like there’s some flight back into safety, Phil Streible at RJO Futures said. Gold is getting a nice bid as ETF holdings are near a three-month high.

Other major gold ETF’s also are seeing strong inflows. Its clear that the precious metals appeal as the ultimate safe haven now extends well beyond the universe of dollar-doubters and doomsayers otherwise known as gold bugs, Bloomberg admitted.

Gold outpacing equities: With January now over, CNN also joined the chorus of media organizations that have been forced to concede that the yellow metal is a winner so far this year. With about a 6% gain so far, gold is 2016s most beloved asset, its headline read.

As we have seen stock markets around the world tumble dramatically, the need to protect capital has increased and gold has benefited from that, Juan Carlos Artigas of the World Gold Council told the network.

A good shot gold hits $2,000: In contrast to most commodities such as oil, which have struggled amid the global economic slowdown, gold has thrived. Gold is the winner of that game because it has the least industrial use so its least affected by the global slowdown, added Axel Merk of Merk Investments.

CPM Group Jeff Christian is among those experts who think that gold remains in a long-term secular bull market despite the bear stretch of the past several years. He now thinks the bottom is here for gold and silver. Joe McAlinden of McAlinden Research recently weighed in with another bullish forecast. I think gold is going to be heading back to where it was before and then possibly to new highs, he told Bloomberg. There’s a good shot gold gets back to $2,000 or hits $2,000 in the next couple of years. I’m a longer-term investor by and large.

For short-term investors, golds resurgence in 2016 is a reason for optimism. For longer-term investors, the picture looks even brighter as the economic recovery that was supposed to be taking shape has now given way to China’s sputtering economy and plunging oil prices both of which suggest deflation is taking hold. With talk of negative interest rates on everyone’s lips, the case for gold is only getting stronger as the year progresses.