WE THINK THE HARD ASSETS ACQUISITION IT IS SLOWLY HAPPENING
In 2008, we were scared the coin market was going die like stocks. Not only did it not happen, the coin market went on a remarkable 5 year record tear upwards. It only leveled off after a generational change start to settle in. Back then collectors knew they could get security in generics and rare coins.
Fast forward to today. There is no play book for what is happening. However, the following things are clear: Gold, silver, and RARE coins fell LESS in value then the majority of stocks. During the past 45 days, bullion dealers and those who sold junk generics-something the market was overloaded with-got cleaned out! These were coins they could not even get offers on when the year began. That was something no one saw coming. Today, the only problem with those markets, SUPPLY. You can’t take immediate physical possession of most bullion. And better generics are now sold. All during this time the government has been loading up on debt and printing money. That is why there have been estimates by banks like Bank of America that gold could hit $3,000.00 in a few months.
When we started seeing our hedge fund friends still seeking gold at the end of March, and then remembering how 2008 came about, we knew the cycle was turning to hard assets.
On May 1, it was like a light switch was turned on. We went from our worst month ever in business, to a weekend where we sold 2 six figure coins and a dozen other coins off our web site within hours of them being listed. In the end, the first 24 hours of posting the NEWPS resulted in our BEST sales all year for a weekend.
Its clear, collectors see it, they would much rather own coins, bullion, or what ever hard assets they can vs stocks. Again, we saw several stocks that went from $24.00 to $4.00. No coins did that or came any where close.
We doubt this cycle will be a mad run, but at some point it is going to fully drain all the great coins from the pool and prices MUST go straight up. We think it will be a few months, but as shows start again, or as fresh quality auctions happen (see our auction this week) you will see stronger competition.
You will not be seeing all that much in great coins being offered-except for maybe a few auctions. We are working hard to buy the great coins, but instead are being offered everything we do not want.
As this is being written we are sending out a third private email notifying a customer the 1802/1 $1 was sold earlier. That’s a $30,000.00 we had 3 buyers for! We sold may more coins then just that today so far. Our NEWPS only went up at 9 AM Friday. We suggest everyone to check out our regular inventory listings-we list cool coins!
A NOTE ABOUT SAINTS
We LOVE 66+ Saints. Legend is current HIGH BID for PCGS CAC W/M pieces and will buy all we can at $4,850.00 for + coins. Our sell for 66+ PCGS CAC W/M is $5,250.00. We will also buy MS66’s-at $3,600.00 and sell at $3,850.00 (all W/M). A note on higher grades: we feel strongly MS67+’s are a VERY bad deals and you might want to take your profits now. The premiums are too big due to some dealer manipulation (and watch out for dealer spreads). MS67’s at $22,000.00 tops we can live with for W/M PCGS CAC coins. Not sure where the NON CAC coins are at.
MS 64 and 65 Saints are very good values too right now. If you are not buying CAC coins on these on MS64’s you should be paying around $1,900.00.00 and on MS65’s NON CAC $2,000.00. Keep in mind gold spot is $1,704.00. WHOLESALE sightUNSEEN BID for PCGS CAC pieces in MS65 are $2,150.00 for up to 100 coins (we’d buy all the PCGS CAC W/M coins you might have). Paying say $2,400.00 for a PCGS CAC MS65 isn’t all that crazy with spot at $1,704.00. Got all that?
Legend has NO generic Saints at all in stock. We wish we did!
We can’t keep the really cheap gold in stock. Some gold just got too cheap. That won’t be lasting too long. BUY NOW! Build your TYPE set now!
NEWPS
We have some really nice NEWPS this week. Our grand highlight is a GEM AU $2.5 1802/1 PCGS AU58 OGH CAC. Definately a coin you do NOT see offered .
Mother Nature threw in a wildly colored 1938-D Buffalo PCGS MS68 CAC.
Of course the best deal going-the $3 1863 PCGS MS68 CAC. PCGS has graded only 3 MS68’s for the series.
Last the $5 1807 Bust Left PCGS MS65 CAC. This is a LOT of coin here for the money.
ALL of these coins are knockout highlights. Of course we have many other great coins offered too.
We work hard to present the top 5% of all coins graded. We all about true quality and the best price. Please note: we ALL have to pay to get the VERY BEST quality.
If you see something of interest,email us. We will work hard to get you in the coins of your desires!
ALL NEWPS ARE NOW POSTED
LEGEND RARE COIN AUCTIONS
www.legendauctions.com
732-935-1168
THURSDAY EVENING STARTING AT 5:30 PM OUR REGENCY 38 SALE HAS ITS LIVE SESSION.
This is an exciting sale with many great coins included.
The highlights ate the Blue Hill Collection of O Mint coins which includes $20 Libs. The 1856-O is an XF 45 CAC!
The Ogden Ladies Collection of Proof Liberty Nickels has many top pop coins.
There is a strong assortment of GEM Walkers, DMPL Morgans, and some bullion gold from an estate. This sale does have coins for all tastes and budgets.
Call (732-935-1168) or email the auction folks if you have any questions, wish to phone bid, or need special terms.
IF YOU HAVE ANY QUESTIONS OR WISH TO ORDER, PLEASE EMAIL US: legend@legendcoin.com. WE DO NOT CHECK FOR PHONE MESSAGES UNTIL 9 AM MONDAY.
