WHAT A CLASSIC SHOW
This was one of our BEST Baltimore shows in years, maybe even ever! We did not expect the bourse floor to be as strong as it was when it opened to the public. Typically, for many dealers, the show would be over Thursday AM. But we saw strong trading through early Friday. As we expected, dealers needed coins.
Our show started Tuesday. We had three of the biggest active buyers lined up. NONE of them let us down. Interesting, we had a bunch of non-CAC MS66 Saints we needed PQ money for—and they ALL sold! We didn’t see that coming. Even with gold dropping, not many dealers seemed to care—at least that day. At the end of the day, we had broken $250,000.00 in sales. That was unusual for us. We did have three interesting fresh deals, which helped. One of the deals last saw the light of day in the 1990’s.
Wednesday morning, we saw our #4 guy, who is from the West Coast and can NEVER EVER get up to meet us at 8:30. He strolled in at 10 AM. He was ready to buy! Like all the others before, he made a huge pile too and even bought a $25,000.00 coin!
We did well with several other dealers who looked too.
Surprisingly, we conducted a few sales when collectors came in. The biggest sale was $20,000.00. Of course, it was a better gold coin. Our line “If it’s gold, it is sold” never held more true than at this show. At the end of the day, we knew we were at or near record sales for a Baltimore show. The new show owners have done a fantastic job to make the show outstanding again!
THE OVERALL MARKET
We are pinching ourselves. Since last Friday morning, Legend has sold just over $1,000,000.00, as of this writing Friday afternoon. The highlights of our sales: We sold a $5 1826 PCGS MS65 CAC-a MONSTER (50908769) and a killer 1851 ASSAY Humbert 887 50 Reverse PCGS AU55 CAC (50664015) that was not banged up. We sold soup to nuts; a big portion of our sales were better gold coins. Collectors’ appetites for those coins are not shrinking. In fact, take something like a High Relief in PCGS MS65 CAC. I have not seen one in months. These coins are valued at almost $70,000.00 today. Would anyone be interested in selling us one?
Anyone who has nice and fresh proof gold (especially $10-$20) is a king. We don’t think we have seen any $20 Proofs for sale at any show in years now. We strongly believe nice-proof gold with clear mirrors will perform well in the coming years.
We also observed a decent demand for the GEM silver type. Nickels seemed quiet. Small copper seemed okay. We can confirm that there is a significant demand for patterns valued under $5,000.00. We did significant retail with them, both at the show and back in the office.
We still recommend Gold and Silver Type sets. These days, it has become too hard to complete specific sets.
We have mixed expectations for the upcoming auctions. The quality of the coin itself will determine the outcome. However, if a coin has a low pop (below 10) and is CAC, you better stretch on it, or you won’t buy it.
GOLD
It happened! A decent correction took place. Gold just could not keep going up and up like a rocket. The dip had not fazed anyone. The smart buyers are still buying. Even the dealers we saw the first day we were in town bought Saints (NO CAC) at stronger prices than we expected.
Now, the public appears to be trading their silver holdings for generics, such as gold, which have incredibly low premiums compared to melt values. During the current correction, the premiums have not changed. Only a slight decrease in price has been observed for the less popular issues in lower grades. Saints are still where they were last week. We could not find many at the show in PR64 or finer.
We see the market poised to make some big gains early in 2025 and not look back. We see no reason for the value of better coins even materializing! Always remember to purchase your coins at the lowest possible price! We believe today, with gold off almost 10%, it might be your best and last time to buy raw MS coins before prices increase. A lot of people made a lot of money recently in the stock and crypto markets, so they may feel like buying things again. For sure, we didn’t see much better gold being offered, especially in larger denominations.
We strongly believe the spot price of gold will hit $3,000.00 early next year. The price just couldn’t keep rising without taking a breath.
If you have any silver items to trade for MS Saints or anything else, please feel free to email or call us. We have taken modern coins and bought better Proof Type and lots of MS Saints!
NEWPS
Today, our group is relatively small. When selling is so easy, buying becomes impossible. We had a rough time.
Note that we are talking to a few people about doing something with their collections—and this is auction week. Our goal is to spend $1,000,000.00! We shall see!
We are always buying. What do you have for sale?
IF YOU HAVE ANY QUESTIONS OR WISH TO ORDER, EMAIL US.
