A SLOW WEEK
First we apologize for what appeared to be no Market Report last week. We had technical issues that placed the report in a strange area on the site. Our goal is to produce an informative report of our actions every week, so always check. If we plan not to do one, barring unforseen issues, we will always let everyone know.
Nothing really happened in the office this week. Web sales were slow too. That was to be expected. The summer doldrums enhanced by huge ANA auction catalogs have pretty much allowed us to be temporary beach bums (our offices are by the Jersey shore). It happens every year, it is just a matter of how severe. This year it is moderate.
Fortunately, we sold several big coins in early July and ended the month doing far better then we ever expected.
It will be interesting to see how ANA is with such a lack of coins.
We sort of blew it last year by urging everyone to buy gold strong-however in the end, it just seem to have taken longer to start the run we expected. This week gold was up substantially. Funny thing is happening: PREMIUMS OF GENERIC GOLD ARE AT HISTORIC LOWS. It boggles our minds that with gold at $1,440.00, PCGS CAC MS64 Saints are bid at only $1,490.00 WHOLESALE. So it probably would cost you about $1,600.00 to own some. So you really are paying only 14% over melt! Even scarier at the lesser grades.
Of course we fully recommend the bigger coins-$10 in MS65-66 and $20 MS65-67. The bigger coins we believe eventually will break out with significant expanded premiums. Our #1 recommendation still is to build a Gold Type set. That way you can include rarities or common dates for each slot. Its the best way to diversify with gold.
At this time with ALL premiums being at such EPIC lows, we have an all out BUY signal for ALL gold. On the bigger coins (like $20 Libs and Saints), at these levels, assuming gold does not drop 10% what is your downside? With all the turmoil in the world it seems gold has become again the “safe haven” for the world to park its money in. We know that quietly many Wall Street players have bought gold from bars to rarities in the past 2-3 years. These are people who know all markets and evaluate risk far better. Also know, they are buying for the long term, not for a quick flip.
We know it will not take much for the premiums to move north on both generic and better gold. The supply of certain generic gold is thin. The supply of all better PCGS CAC gold-dry to the bone. NOW is the time to be buying. Even if you do not want to add more money into your holdings, sell off lesser coins or your duplicates. It is our full opinion the upside of gold (all forms) today is as strong as it has ever been. Sure, call it a sales pitch, but it is a fact. We know that within the first few hours of us hitting the dealer warm up at ANA, we’ll have sod the majority of our gold to dealers for the same prices we are asking today.
Let us know how we can help you build a great Gold Type set or just a acquire a few good coins. Sorry, we do not deal in nor recommend Modern gold.
THE UPCOMING ANA AUCTIONS
Save your self lots of money! Do NOT buy common coins out of an auction. You only end up paying 10-20% too much. This is ditto for Legend Auctions too (we try not to have common coins for sale unless they are special).
Work with a good dealer. With prices almost impossible to figure out today, you could miss a really good coin because you did not calculate the right price. Or you might be saved from over paying. Most important, working with a dealer can sometimes lead to your best decision-NOT buying something. Be smart, you do not want to end up with a disappointing coin you paid too strong for.
Legend is lot viewing Stacks this weekend. Heritage will be next week. All representation requests are on a first come first serve basis. Contact us today if you seek representation.
IN MEMORIUM-BRENT POGUE
Legend Numismatics was sadden to learn of passing of Brent Pogue-unquestionably the greatest coin collector ever. Just a few years ago, his amazing collection was sold with many world records made.
Our first memory of a young Brent was when he was 14 years old. He was introduced to us by a major dealer who said this young man will become the greatest collector ever. And he did. We knew his passion for coin collecting to be more furious then anyone we had ever met.
He would always come to our table with a secret tray of coins. He enjoyed sharing his rarities. Once he had his Bust Dollars which were just jaw dropping-including the 1794 PCGS MS66 which we later paid nearly $5,000,000.00 for! It was always like seeing a museum when he would come by a major show. We do miss that.
We send condolences to his family. May Brent RIP and have first shot at any great rarity that is going to be sent down from the heavens.
A quiet week does not always mean no NEWPS. Our NEWPS are slightly smaller and at affordable prices this week, but the quality is as strong as ever.
Our two highlights are the G $1 1868 PCGS MS66PL CAC. What a coin-it looks like a Proof! And the killer J-381 10C 1864 PCGS PR66BN CAC. Such a Civil War rarity!
We have a little bit bigger gold offering this week as we really believe gold coins are too cheap (as discussed in the article above).
Make sure to check out our regular NEWPS as we have many really neat coins in stock. Of course we will work hard to get you into the coins of your desires.
LEGEND RARE COIN AUCTIONS
Not much happening except for getting consignments almost daily now for our September Regency Sale (Bellagio, Las Vegas). We are extremely limited on space. If you have coins to consign, contact us today! ALL coins MUST be in our hands by no later then Thursday August 15th-NO exceptions.
We have an unedited listing of many of the lots we currently have in for the sale on line now. Check the out!
A BLOCKBUSTER SALE IN OCTOBER
LRCA is proud to announce ll but significant sale in October. We are not calling a Regency Sale.
It is a sale show casing 4 collections that Legend Numismatics exclusively built. They are:
The AMG PR Barber Dime Collection
The CC Toned Morgan Collection that should not exist
The Young-Dakota Collection of Proof Type and Matched Original Proof sets
The Coronet Gold Type Collection
Legend Numismatics is extremely proud of each collection. We would not be surprised if many records are set. More information on this sale will becoming soon. This sale is not accepting any consignments unless sets are involved that were 100% built by Legend.
julie abrams: firstname.lastname@example.org
jessica berkman: email@example.com
IF YOU HAVE ANY QUESTIONS OR WISH ORDER, EMAIL US: firstname.lastname@example.org. WE DO NOT CHECK OUR PHONE MESSAGES UNTIL MONDAY 9 AM.