NOW IT IS UNDENIABLE
This report is being written early AM October Friday 17th. In our opinion, we are in a full fledged gold boom. The numbers and rapid rise of metals are similar as 1980, However, there are many differences.
While people are selling their jewelry etc., many people are now buying gold in many forms. In I980 we saw very little buying. At $2,800.00 earlier this year we saw few buyers. Today, with gold at $4,300,00 an ounce, we see so many buyers that supplies of most gold bullion coins are totally dried up. For sure, supplies of rare coins have seriously dwindled too. Historically, we have seen the public jump in mass towards the end of the run. We do hear from many people they feel the dollar is going to hell and gold will hit $5,000.00 and some people are now predicting $10,000.00. In our opinion, The metals markets are at an insane point of being overheated. No one knows when it will stop. .
HAVING BEEN THROUGH THE BOOM AND BUST OF 1980, LEGEND NUMISMATICS WANTS TO MAKE A CLEAR STATEMENT WE ARE UNCOMFORTABLE WHERE METALS ARE TODAY.
Granted, 1980 was fueled by the Hunts trying to corner the silver market. Today it is clearly the central banks of the world have lost faith in our dollar. We vividly remember when it all crashed. We are gravely concerned right now. You cannot have a market just going straight up. Last week gold came down $80.00 for half a day. That wasn’t even a hiccup. As of this writing, gold futures are up $105.00 to $4,305.40!!! We thought for sure there would be a correction by now. We think because the public has now jumped in the bull market is now in full force. Note: we fret that even a 10% correction could lead to a mass dumping and a real crash of metals (a 10% correction today puts gold at $3,825.00).
If this crazed run up stops, it could stop over night and you could see gold crash big time. At that point, you won’t be able to get anywhere near the spreads. Today the spreads from spot to what an MS64 Saint are worth are nothing. Dealers will be paying far less than spots as hoards of people attempt to dump. If you notice, there are few spreads on generics still. That should not be. As of this writing the WHOLESALE sight-UNSEEN bid for a PCGS CAC MS65 Saint is $4,546.00 and no one is getting any. Even crazier, the sight-unseen bid for a PCGS NO CAC MS 64 is $4,156.00! That to us speaks volumes about the reality of the market. So when gold either corrects or crashes (we can’t see it staying at these or taking a gradual decrease) do not expect to get anywhere near spot for your coins.
Legend Numismatics likes gold. We have long been gold bulls. We do still think you need to have some-but not more than 20% of your assets. Just we vividly remember 1980. With gold up over 50% so far this year, we cringe that there has been no correction.
We are not advising to sell just to get some biz, take some of your gold/silver bullion off the table today. You can NEVER get hurt taking some profits. We can help you with anything. Be safe, not sorry. Nothing goes up forever.
THE RARE COIN MARKET
WOW, We wish we had a dozen more PR 64 Seated halves. We posted 2 last week and we lost count of how many we could have sold! Today, even coins like those are not available on the wholesale market. It is not just those. We even had 2 major dealers order off our web site this week as they too can not find any coins.
It is our opinion, the gold market is indirectly responsible for the bull rare coin market we might be in. Yes, many people are buying all kinds of gold coins. So far we see collectors, not pure investors buying. We do suspect the telemarketers are doing a booming business to investors.
What is happening is the metals boom has brought attention to the coin market. With these new tools like Whatnot, etc., we are now exposed to a huge world of outsiders. We have heard of six figure coins being sold to new collectors on these apps. We had always seen what we call a black hole where coins disappear to not to be seen again. Today, that black hole is bigger than we ever imagined it could be. The rare coin market is really small overall. It did not take much to make the supply of great coins nil.
The biggest problem today is collectors figuring out the prices. Here is a good example: our $5 1909 PCGS MS65+ CAC. In a fluke sale, one brought $14,400.00 01/2025. However, if you check previous auctions, in 2023 one brought $20,000.00 and another brought $19,000.00. That was when the market came down from the mini covid spike too. Today, you can not find one let alone pay anywhere near the $14,000.00 the one sold for in January. It is confusing to collectors when they see that in print. That was a one off. Price reporting is one of the biggest obstacles. On the bourse floor, dealers are paying far more than what the price guides suggest.
Hard to believe, we can not buy much of what we want non auction. We have raised our bids. We plead to you all to sell. We get dribs and drabs of coins we are not really seeking, but we will buy them to have stuff. So do not be shocked at the prices we and other dealers are asking for coins. We are going to the Baltimore show early just to buy. That is a first for us!
Last: A major concern of ours is when the gold rise stops, so will the coin market. Just have that planted in the back of your mind. Stay liquid.
Okay, so you won’t sell your good coins. Sell us you slop, duplicates, junk US mint stuff, etc. At least this way, you will have cash ready for your next big purchase. We can tell you that anyone who can write an immediate check will be offered the better coins. Do not commit to a coin and they oh, I want to trade you my Saints or blah blah. Sell them first then buy-you get better prices all the way around as well. And this way, if the ride does stop, you win!
Last comment: NOT All coins are going up in value-but a lot are. It’s kind of hit or miss. Please understand that. Look at $5 Liberty Gold in PCGS MS65 CAC. They dropped to $2,450.00 in March and now cost $2,600.00 wholesale. They are still not back to the pandemic $3,000.00 level. Lots of coins like this out there.
Call or email us with what you are thinking about your holdings. We can advise and help you!
We feel we must repeat this: BUY WHAT YOU LIKE. Do not be afraid of paying the price. Build a box of 20 or a type set. Its difficult today to complete most sets with NICE coins. We know this as FACT!
NEWPS
We have a small group. The coins are exquisite. Unfortunately we were very limited on coins priced below $10,000.00. But oh WOW! The coins priced above-look at these highlights
1C 1909-S VDB PCGS MS66 RB CAC THE KING!
5C 1937-D 3 LEG PCGS MS65 CAC ORIGINAL
$5 1899 PCGS PR68 DCAMEO CAC !!! A MONSTER
$20 1931-D PCGS MS65 CAC HALF DOME RARE!
Not a sales ploy, but do not think too long on our NEWPS or coins in our regular inventory. We are now at our lowest inventory level in 25 years! We cannot find coins. We doubt if coins like better gold will be this cheap after the Baltimore show. This week there are two shows-Vegas and PAN. There are reports of several major dealers who are attending solely to buy. We are eagerly awaiting the report from our “super secret stealth seller” who is in LV selling and play cards…
OBVIOUSLY LEGEND IS BUYING. What do you have for sale?
OUR OFFICES ARE CLOSED ON FRIDAYS. WE DO CHECK OUR EMAILS DAILY. WE DO NOT CHECK PHONE MESSAGES UNTIL MONDAY AT 9 AM.
