ENJOYING THE ROLLER COASTER?
The near 8% dip in gold was merely profit taking, not a real correction. We knew some kind of break had to happen but we called it, we still think there will be a correction. No telling what gold will do if we ever make nice with China (it will drop like a rock -in our opinion). Until then, there seems to be strong buying.
Regardless, last week we saw a flurry of people BOTH buying and selling gold and gold coins. Interestingly, we had two people trade bullion to buy some more expensive coins. Smart move. We’ve heard lots of activity like that happening from other dealers. Note: we MUST have the gold in our possession before we confirm a price. We can only give estimates-Legend does not take a position in metals. We do suggest you liquidate BEFORE you make any coin purchases-cash is still king!
Another issue we want to bring out is the value of Saints. Remember a Saint is NOT 1oz of gold. With gold at $4,108, real MELT is $3,970.00. The current sight UNSEEN BID for a PCGS MS 64 NON CAC piece is $4,030.00. A CAC piece was only $4,045.00! One of the biggest market makers of them, this past week didn’t even want to buy any. The premiums have collapsed terribly on these coins. So when we offer $3,975.00 do not be shocked. We are bullish though on MS66 and MS66+ pieces as we see the premiums on those finally starting to rise.
We were around in 1980. We feel this market is similar. The rise of the price of gold has been like a rocket only going up and up. That will NOT continue. Since there are so few rare coins around, we are now even more bullish on the idea of trading your Saints or bullion into them. Rare coins have little supply in the market and a huge demand are quietly rising in value in many (but in not all areas). It is a hard asset. The rare coin market bull run in our opinion is only beginning. Just watch what coins will bring in the November auctions if things remain status quo. There are just too many NEW collectors and so many coins have fallen into the biggest black hole the market has ever seen.
NEWPS
This week we had a small flurry of deals come to us. One was a nice small gold deal. We have posted those pieces. Each piece is really nice and yes; they are all really HIGH END.
We had been worried about posting any NEWPS this week. We worked hard and now are offering 15 pieces priced below $10,000.00 in the NEWPS!
Please keep the deals coming. We will buy entire collections to fill our needs. Our needs are HUGE!
VISIT LEGEND AT TABLE 643 AT THE BALTIMORE SHOW. LET’S DO SOME BUSINESS!
LEGEND IS ALWAYS BUYING. What do you have for sale?
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