NEVER SAW THIS ACTIVITY PATTERN BEFORE
Anyone have a hoard of circ $20 Libs? We’re talking 5-10,000 coins. They can be raw too. How about PCGS MS65 and 66 Saints BOTH CAC also? We are now paying $3,950.00 for MS66 CAC W/M Saints. We have bought ZERO! All this buying went from zero in JANUARY to overdrive in a few months. You could have bought semi generics for just over melt back then. A lot of people are sitting on a lot of profits. We do suggest you hedge and take some profits.
Where do we see gold going? $2,500.00 is our guess.
As we have said before, this crazy buying is starting to spill over into rare coins. But it is primarily anything gold that is selling. Bigger gold coins that were weak at Pogue, are now 10-15% stronger (Pouge was in Feb). Still its a coin at a time being purchased, no mass quantities-yet.
This week we started out living in fear of how August would be. July was our worst month in our 40 years of business-OUCH! The week started with us selling the 50C 1795 PCGS MS64 CAC Ex Simpson. It was pretty much off our web site and was totally unexpected. Then that real nasty tropical storm came barreling through and caused us 2 days worth of biz and a serious lost package full of gold (the mailman just left it some where). Of course we freaked and thought we’d never sell another coin all month. Then Friday came along. We sold a real smorgasbord of coins. We were stunned the really cheap gold did not sell, but many coins in the $1,000.00-$10,000.00 range sure did especially non gold. The most wanted was the 50C 1834 PCGS MS65 CAC. We expect its relative-the wild color one not to last the weekend. Our thinking is now that the 1st 3 weeks of July, people were on vacation or were reassessing their finances.
We now through a ton of hard work, have a small pipeline of NEWPS for next week (assuming they do not get lost in shipping).
We do still view the market as hit or miss on non gold. BUT as we suspected will happen, The telemarketers will lead the away into non gold rare coins. Top priority on our Wants Lists besides MS 65 Saints (we are paying $2,700.00 each for PCGS/NGC CAC W/M and $2,450.00 for NON CAC PCGS pieces) is $10+$20 GEM Proof PCGS CAC gold. We can spend $1,000,000.00 easily on those coins. There is so much more we need. We do thank everyone who has shipped and sold us coins.
GOLD
What to do? We think $2,500.00 is a lock (as do our Wall Street buddies). Do you buy or sell now?
Even though we were taught never to mix messages, we say do both.
You can still build a great small GEM MS Gold Type Set without hitting runaway premiums save for the $20’s. There are many areas that even though they have gone up, have not gone up to the point of surpassing where they were over a year ago. The market will get there. Right now its done feasting on junk and is lurking on slightly better coins.
Why should you sell? You don’t think Saints at $2,700.00 in MS65 and $3,950.00 in MS66 aren’t strong enough? Take some profits. OR (GULP) trade into rare coins. OMG, there are so many areas where the coins are “stupid cheap” and lower! Trying to pick the top of the market usually ends badly.
This is from a CNBC article 08/16:
“It’s quite easy to see gold going to $4,000,” Frank Holmes, CEO at investment firm U.S. Global Investors, told CNBC on Monday.
He pointed to the trillions of dollars needed in stimulus to tide the U.S. economy during the coronavirus pandemic, and added that G-20 finance ministers and central banks are “working together like a cartel and they’re all printing trillions of dollars.”
“We’ve not seen this level where central banks are printing money at a zero interest rate. At zero interest rates, gold becomes a very, very attractive asset class,” Holmes said.”
Of course we can guide and assist you with both. Do not follow the herd.
THE ULTIMATE COLLECTIONS
Needless to say when word broke about the Simpson Collection coming to market our phone calls and emails were crazy. There are a few things we’d like to clear up about both Morelan and Simpson.
Legend Numismatics had NOTHING to do with either Bruce Morelan or Mr Simpson selling. The market had NOTHING to do with either selling. BOTH are selling for personal reasons.
Both collections have been to CAC (in the case of Simpson they are still sending coins).
We do believe these 2 sales should bolster the rare coin market. There is no reason to worry about the market. NONE of the coins in either collection are inferior in any way and most are of the absolute highest quality.
Can Legend participate in the Simpson sales? Absolutely. Remember, no one knows these coins better then us! We have had many calls about representation already. We do all repping on a first come first serve basis.
Is this the end of Legend Numismatics? NO! While health issues are slowing us down, having Bruce and Bob selling is far from the end of the line. In our 40 years with out a doubt, we have built one of the greatest customer bases in the business. As many of you know, you guys want coins and want them from us! We may slow to a normal persons work week (40 hours), however we are not going to miss a beat.
We saw some speculation on the chat boards. We want to make it clear, there is nothing secret about either sale. Save for Bruces 2 big coins, EVERYTHING in BOTH sales is UNRESERVED! That is numismatic nirvana.
It might be a wise to time to cash out some of your gold/silver even if you are looking at coins that come up down the road. Or sell your junk. You will find a lot of competition in BOTH sales and you want to make sure YOUR guns are loaded.
LEGEND IS STILL BUYING
We have a nice little stream of coins that have been coming to us. The only problem-75% of the coins won’t make the web site as they don’t suit what we offer to customers. Its okay though, we will will buy it all to get at what we need.
Please keep offering us your coins. We especially need gold (generic $20’s). Contact George Huang with to discuss what you want to sell. We also offer consignment services and auctions. We will help you get max dollar.
NEWPS
Got some wicked neat and priced right Bust coins. Highlights:
25C 1806 PCGS MS64+ CAC
50C 1834 PCGS MS65 CAC Mother Natures masterpiece!
$2.5 1807 PCGS AU53 CAC
We did our best to have an offering with something for many different tastes and budgets. We’re hopeful to add some more gold.
Make sure you look through our entire inventory. We have a few coins we posted in July that are kind of languishing. Of course we’ll work extra hard to make deals happen!
IF YOU HAVE COINS FOR SALE OR TRADE, CONTACT GEORGE HUANG: legend@legendcoin.com
LEGEND RARE COIN AUCTIONS
www.legendauctions.com
The Regency 40 sale is now LIVE! Bid away! It closes in a live session August 27th in Las Vegas.
Any questions, please call the auction company direct: 732-935-1168.
FINAL CALL TO HAVE YOUR COINS SOLD ALONG SIDE THE INCREDIBLE BRUCE MORELAN COLLECTION OF BUST DOLLARS. Call or email the auction folk today!
IF YOU HAVE ANY QUESTIONS OR WISH TO ORDER, PLEASE EMAIL US: legend@legendcoin.com. WE DO NOT CHECK OUR PHONE MESSAGES UNTIL 9 AM MONDAY
