FIRST FEW DAYS OF THE WEEK WERE TOTAL WHIPSAW
This stop and start of all markets has become sickening. The stock market had crashed by 1800 points in 2 days? Really? Gold decided to nose dive $40.00 in a day? Political unrest gripped us and serious looting in major cities broke a fragile recovery in more ways then just lost money. By Thursday most negative things for sure slowed and a small recovery was started. The only problems with recoveries, they do not happen as fast as the down turn did. At least there does see to be underlying strength in some markets. One thing you can still say about RARE coins, while the stock market went down, rare coins did not.
Late Thursday we started fielding calls and emails again. We were selling smaller items $2,000.00-$10,000.00 through the weekend. This is and was the hottest area the past 3 months. Now our biggest problem is replacement. We have a few coins (not a lot) lined up for next week. Not really enough to survive as a full business on. The good news is the PCGS Members Only show in Las Vegas July 15-17th WILL be held! Yippie! A coin show! We will be spending probably like drunken coins dealers (but hopefully smart drunken dealers)!
We see also slowly but surely the bigger coins are selling well too. Legend did buy and sell the amazing $10 1907 Rolled Edge PCGS 67 Ex Pogue for over $600,000.00 this past week. It went into a complete PCGS CAC $10 Indian Set that can not be duplicated. We missed it at the sale (its complicated) and had expected to pay much more. Our customer (and Legend) are happy the market for the bigger gold for what ever reason was slight off at the time. As of this writing we were told about another major coin that just sold (not by Legend).
A WORD ABOUT GOLD
Remember, Legend Numismatics we are gold bugs. We saw an article this week we felt was worthy of posting here (by John Gundlach the world famous bond king):
Weak dollar, Gold new highs
Gundlach predicts that the dollar will weaken from here against most other currencies. He highlighted that the U.S. debt interest as a percentage of GDP has widened.
The greenback fell for a ninth straight day on Tuesday, marking its longest losing streak since 2006. The U.S. dollar index has fallen 2% this month alone to 96.39.
“With my dollar view, I think gold will hit new high,” Gundlach said, adding he’s “unequivocally bullish” on gold in the long run.
When the dollar weakens, gold tends to appreciate as it becomes cheaper for investors holding other currencies.
Spot gold gained 1.2% on Tuesday to $1,714.78 per ounce. U.S. gold futures settled up 1% to $1,721.90. The precious medal surged to a seven-year high last month as investors flocked to the safe-haven asset amid economic uncertainties.
Gundlach, a respected markets forecaster, oversees $130 billion of assets under management at DoubleLine, according to its website.
WE CAN NOT SAY IT ENOUGH-BUY GOLD NOW!
We do still have a few 1924 PCGS MS66 Saints (NO CAC and NO Spots) $2,650.00 ea. Sorry, NO credit cards.
Or look through our inventory, we have several gold coins that are really good values right now (overlooked).
AUCTION BUYING
With supply so thin, there are times when we will troll our own auction to buy and of course the major sales where we have always been one of the biggest buyers.
In Legend Auctions, we do our best NOT to compete with our customers. So ONLY if a coin is too cheap will we bid-and its usually at the end of the sale. We will NOT run any one up to buy a coin. We have a loyalty to our customers.
Buying out of the major sales is really an open field. We’re not trying to cut in front of anyone. If we see a coin we like and and fits all our parameters, we’ll bid on it. We have no idea who we are bidding against. We buy based upon the coins quality and price that we have calculated. Even if we feel we bought it too cheap, we’ll flip it for a decent profit (sorry NOT 5%). We should not be denied a fair profit. We are taking all the risk. Or you can always have us represent you in the major sales (note: in the Legend sales all repping is FREE).
So just because we bought it (or any dealer) from a major auction does not mean you should thumb your nose up and the price is too high. Most of the time when we or others buy coins that way we feel the prices are too cheap. At least then we back up the coin. On a rare occasion we will spend crazy money on a coin because we know it can not be replicated.
The bottom line is working with a dealer at auction WILL save you money. Hard to believe but it does.
NEWPS
OMG! WE HAVE AN EXCEEDINGLY RARE $2.5 1909 PROOF 65 CAC PIECE! We sold the other CAC coin via auction for $88,000.00. We sold the PR66 years ago. You can NOT get any other CAC’s!
This coin is to die for. Its SUPER HIGH END and has the most gorgeous clean surfaces. PCGS must have been in a bad mood when it was sent in by who initially graded it then us seeking a +. This is a MONSTER “put away” piece if there ever was one. Get rid of your junk! You’ll never see another 1909 CAC PR!!
Oh yeah, we have other really neat coins too. Check them out.
Its not a major coins, but the 5C 1902 PR67 CAC is the best 1902 we have ever seen! How can you top that for UNDER $2,000.00?
As always, we did our best to create an offering that has something for everyone!
We invite you to check out our regular inventory. We have many neat coins posted. Talk to us, we’ll work hard to get you into the coins of your desires.
LEGEND NUMISMATIC AUCTIONS
www.legendauctions
We go live later this week with Regency 39. This is an incredible sale. And it WILL happen in Las Vegas. Call our offices for assistance on terms, hotels, etc. Make time to see these marvelous coins!
Stay tuned. We will have a MAJOR announcement to be made Monday. Stay tuned!
We might be a boutique, but we can handle the big coins and collections!
IF YOU HAVE ANY QUESTIONS OR WISH TO ORDER, PLEASE EMAIL US; legend@legendcoin.com. WE DO NOT CHECK OUR PHONE MESSAGES UNTIL MONDAY 9 AM.
Last, Legend Numismatics wishes to thank our incredibly loyal customer base for the support and encouragement though these tough times. We hope things will open up more with the return of the PCGS Members Only Show in July (and our auction).
