We expected the show to be good. For us, we ended up having a great show in BOTH buying and selling! That has not happened in ages.
Instead of arriving Wednesday afternoon, we came on Tuesday. Right decision. We had three of the biggest and most aggressive buyers there lined up to see our coins. No one disappointed us. At 6:30 we ended the day very tired and less $200,000.00+ in coins! From that point on until the show opened, EVERY dealer we showed it to bought something. That has NEVER happened before after seeing so many people. The pre-show activity overall was beyond strong. Our “secret” seller was too busy; he did not eat until 9 PM Wednesday as he was so swamped. Crazy!
What was selling? GOLD! Anything gold that was below $10,000.00 had strong demand. We did sell some Type too. Morgans were still super strong in all price ranges. There clearly are bull markets in these areas.
Collectors were out in force at the show. We thank everyone who stopped by our table. We even did two five-figure sales! Our only disappointment was that collectors were not offering us many coins. But we still managed to buy some nice coins on the floor.
It is Legend Numismatics’ opinion that hard assets like rare coins will heat up seriously again for the next few years. The market for rare coins even today is far larger than the supply.
SELL YOUR GENERICS?
We had two collectors approach us to take some profits on their gold coins. One man said something we totally agree with: “I am not trying to forecast the top of the market. I like selling when I have made enough.” The other sold because he wanted to buy a big coin.
If you are in a huge profit situation, you might consider selling SOME of your coins. Hold some back in case everything really does skyrocket. It never hurts to make a profit.
We still suggest you trade your US Mint silver products in for generic gold. We are still doing that program, and now more than ever we think buying into gold is the right move. Sadly, we have always considered the US Mint to sell coins of weaker value. At least a GEM Saint has numismatic value.
WHAT GOES UP
Gold, of course. We all had a hunch it would blow past $3,000.00 an ounce. Now it has run past $3,100.00! Crazy. Just remember, what goes up usually comes back down. While we do believe gold will keep rising, we are waiting for some kind of real dip. Just be ready. Even if that does happen, the price decreases on things like generic gold will be minimal (unless too many people dump). The demand for generic gold-especially $20 Saints in MS 65 (our fav) is insane. We cannot buy enough of them-even on the common dates. Just think about it, gold hit $3,100.00 and you can buy a GEM PCGS MS 65 CAC Saint for $3,850.00-less then a 25% premium. Time and strong demand will change that soon! We also like building gold type sets. It is a great way to own hard assets like gold and do a gold coin collection. You really get the best of both worlds. The premiums on generic gold are still at historic low levels.
Legend can help you buy your gold today. The majority of the gold we bought below $5,000.00 is already spoken for. We do, however, keep buying on a daily basis. In Better Gold, we handle it all! Legend just placed a $10,1907 RE in PCGS MS66 CAC in a Type set in March!
Call or email us to discuss buying/selling or to answer any questions you may have about gold. And should gold dip below $3,000.00, BUY! Do NOT waste an opportunity. Gold sure does seem to want to continue its historic rise.
NEWPS
Several generic gold coins we posted are now sold. We are going to try hard to get more for next week’s postings. We strongly suggest you discuss your want lists for those kinds of coins first. Most of what we bought in Baltimore was sold to Want Lists. We do have some great highlights this week:
1C 1864 BRONZE PCGS MS67RD CAC
50C 1899 PCGS PR67+ CAMEO CAC
$5 1929 PCGS MS64+ CAC HALF DOME
Call or email us today if you have any questions. We are here to help you!
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