Many of you probably did not notice that this past Thursday there was a half-hour “whiplash” (probably computer-generated profit-taking) sell-off of gold. It dropped over $350.00. By lunchtime it had recovered. We got whacked on 2 MS65 Saints as the bids were tied to the price of gold that second. Oh well. At least a customer is happy.
This is why we are NOT confirming ANY trades on bullion or generics until the items are in our offices. We are concerned about the rapid rise of spot. We were around in 1980 and 1981 when the rug got pulled out from underneath all gold, silver, and rare coin markets. It happened overnight. Can’t have coins with FedEx and risk the downside. Worked too hard to take any big hits these days. It’s scary that 45 years later we vividly remember when the coin and bullion markets stopped dead (and we mean dead).
Many people ask, with gold so strong, why there are zero premiums for things like Saints in MS65?
Forget about what you read in the papers. It’s mainly the big central banks that are buying. They do not buy MS 65 Saints or other bullion. To a very MINOR degree, the collecting public is NOT buying MS 65 Saints at all, save for a few brave souls. So the bids that are made by dealers to stock a few are now computer-generated and are a small % over melt (a Saint melts at .975—they are NOT a full ounce of gold). Premiums on all generics are pretty much nonexistent. We threw a bid for MS 66+ Saints at $7,200.00. We doubt we will buy any, but are they really saleable at $8,000.00? Our issue is in our heads. We just remember a year ago when gold was in the low 3’s and we screamed for people to buy, and few listened. You could have bought MS 66+ CAC Saints for $5,000.00 (then there were premiums) So we are squirmish at these crazy prices. BUT, we hast read JPMorgan is now calling for $8,000.00 gold. Did not read everything; we just threw our hands up. Who knows what will really happen going forward?
One collector we deal with is very smart. He sold us a few Saints in preparation for next week’s auction. He plans on being more aggressive on a coin that he rarely ever sees In our opinion, moving into a really rare coin vs. generics, where he made good money, is smart. Opportunities to buy better rare coins are not increasing even though many prices are.
THE RARE COIN MARKET
We fully predict next weeks Stack’s sale will blow the market wide open. Beyond Pluto pricing could very well be the norm. Legend is ready, and we are locked and loaded for the sale. You have to be, or you won’t be able to buy anything.
Unlike back in 1980 and 1989 (not a bullion boom), there are so few quality rare coins available today. Sorry, but save for a few Stellas, we thought the FUN auction was pretty boring. Coins that rank among the cream of the crop can NOT be bought. We had been warning everyone for years what a little money entering the coin market will do. And it did bleed us dry. That is why we are now begging people to get out of their generics and buy any real rare and quality rare coin they are offered. Rare coins have lagged overall the past few years. Yes, there was a covid bump up, then a decrease, but prices overall are still way too cheap.
You can still buy coins with pops of LESS than 10 for below $10,000.00. You just have to be in the right place at the right time. Selling the 25C 1861 PCGS PR68 Cameo 25C Ex Gardner-Simpson was not hard at all. It is still equal to the price Gene Gardner paid 15 years ago! When that coin makes its move, we can see it jump to $400,000.00 in a few years.
ALL price guides are totally incorrect. They are way behind. Even auction values are hard to judge unless you know if the coin is high-end or low-end (which is why you should work with a dealer). If you see a great and/or fresh coin you have not seen in years, PAY THE FRIGGIN PRICE. Holding for 2 years sure might hurt you. HOLD FOR THE LONG TERM, and it won’t!
When it comes to rare coin prices, we are in uncharted territory.
NEWPS
We have a few Saints that are trade-ins. Only because we did get some calls did we decide to take a shot and post them. Like we do on all coins we sell, we are working very closely!
A few of our FUN Auction NEWPS finally showed up along with some really interesting coins. Check out these highlights:
1C 1913 PCGS PR67+ RB CAC
2C 1868 PCGS PR66RD CAMEO CAC
$1 1883-CC PCGS MS67+ CAC
$10 1932 PCGS MS66 CAC Has Color!
J-1387 5C 1875 PCGS PR66 RB CAC EX SIMPSON
Be sure to check out all our PCGS CAC coins that we have posted in our regular inventory. We assure you, after Long Beach or Baltimore, most will be SOL D!
Do you have coins for sale? Email us, and images would be helpful if we did not place the coin with you.
OUR OFFICES ARE CLOSED FRIDAYS. WE DO ANSWER OUR EMAILS EVERY DAY. WE DO NOT CHECK FOR PHONE MESSAGES UNTIL MONDAY AT 9 AM.
