For several weeks gold danced above and below the "magical" $1,000-an-ounce mark, before making a break above the $1,040 level on Oct. 6. However, the market for generic Uncirculated gold coins continues to show some softness.

The chatter at the September Whitman Coin & Collectibles Philadelphia Expo was that several of the major market makers who represent a large portion of this market were substantially decreasing their buying.

Some generic gold issues, such as Mint State Saint-Gaudens $20 double eagles, are down around 10 percent from their mid-September prices. Even the bump in gold on Oct. 6 did little to raise the price on MS-62, MS-63 and MS-64 coins.

As reported here and elsewhere, the generic gold market has been something of a "sure thing" for many dealers, providing steady profits during times when collectors have been exercising more caution in their purchases.

But, the air at the top of the generic gold market is somewhat thin, with only a handful of major buyers having the power to shape this market.

Perhaps gold's dip below $1,000 during the Whitman show squashed some gold bugs' notions of gold making a swift charge to $1,100 or beyond. Or possibly it was the talk of increased amounts of U.S. gold coming from European banks that increased supply beyond the tipping point.

Whatever the cause, demand for generic gold at the wholesale level is softer, which may make smaller dealers less likely to "play" in this field.

This new softness at the wholesale level will take a while to trickle down to the retail levels. The markets are different for buyers of a single coin and buyers of 150 pieces of the same coin.

Now might be a good time to review some advice for those who sell generic gold in non face-to-face transactions.

To avoid confusion, when selling something volatile like generic gold, make sure you communicate with the buyer on what price will be used as the buy price and follow the specific instructions from the seller as to shipping and confirmation. Many buyers will provide a time period during which the coins must be received after being made an offer.