AT LEAST THE MARKET IS STRONG
As you will all notice, we sold many old friends. Wholesale, yet again, was tremendous—and that was without three of the biggest buyers being present. Two of them stayed home due to the dramatic spike in bullion and related business. Back at the show, we got very strong prices for nicer and better coins. Most dealers did not even chisel. Our “super-secret stealth seller” was doing incredibly well until he left on Friday. He had the same feelings. Our guess is that he sold to over 50 dealers. He was too tired to add up his sales.
We felt a lot of work still needed to be done to make this a world-class show. Public attendance was very light. There were some issues with tables and the placement of people. We did not see any available listings as to where people were located, but these are not major issues. Some dealers made the excuse that the show was too close to the ANA to draw the public. We disagree because the market is strong. The public is still buying coins like crazy (assuming you have the right ones). It is our strong opinion that outside of the January FUN and summer ANA shows, most shows are dying, except for the smaller ones (which are alive and doing well). Will we do another Chicago show? YES. We think that if the promoters worked on it, it could be a world-class event because of its location. Hopefully, they will consider working more closely with clubs and having events tied in, like grading classes. Fortunately, our wholesale sales pulled us through. We only had sales to two collectors. If that were all we had done, we would have lost a ton of money—and we had a very primo table up front!
THAT DARN BIG BLACK HOLE
We could not even buy our way out of the show. There was practically nothing of our caliber to buy. We desperately wanted gold coins but bought only three pieces that were not for our Want List. We did get lucky on one thing: we bought two large $50,000 Gold Type coins for our Want Lists. Overall (not including the two WL coins), we probably didn’t spend even $50,000 total. Ouch! That big black hole has sucked the life out of the supply side of the market.
Because of our strong wholesale sales before the show opened, our cases looked empty after we set up. We had to do something we haven’t done in over 25 years: put our meager group of NEWPS out for sale. That was bad, as one of the two retail sales we made was a NEWP!
You may very well wake up one day soon to find that the prices of better coins have spiked seriously higher than where they already are. Not everything will run, but the cream of the crop is sure to. If we cannot buy anything, then the rubber band of pricing is ready to snap, allowing some coins to come out. Values could double overnight. We could be in for a serious bull run shortly.
WE NEED COINS!
ALL THAT GLITTERS ARE GOLD GENERICS
As of this writing, the sight-unseen wholesale bid for PCGS CAC MS65 Saints is a whopping $4,075—a number that fluctuates daily. MS64 CACs are $3,700. There seems to be a strong feeling that gold will hit $4,000 soon. In our opinion, that might be the top. You can never get hurt by taking a profit. We think it’s time to start pruning your holdings. Take that money and buy better rare coins—we’ve seen people doing that more and more. Please do not offer us generics in trade if you are having us represent you in auctions. Be smart and have the cash ready, as we have to write immediate checks. If we need to ship the coins off, we don’t get paid for a week or two.
We suggest you sell your junk bullion, U.S. Mint coins, and generic holdings now. It’s not the public raising spot prices—it’s central banks buying. We don’t see the premium spreads changing much in the near future (of course, we can be wrong, too). Before these apps totally drain the market of all coins, buy some nice, overlooked Type coins. Get liquid so that if the one coin you need comes up, you don’t have to rush to sell (cash buyers always get the best prices).
NEWPS
Pathetic. Legend spent only around $50,000! Those coins included a very small group of really high-end and killer pieces, but we could not buy any better gold or coins we really wanted and needed. We must have walked the floor 10 times seeking better coins. I guess we were hoping magic would happen and something would appear. With no real shows coming up until early November, we are worried about where our supply of coins will come from. This could end our monster run of sales.
Regardless, check out our NEWPS. They are all great coins. And look at the pattern nickels. You can buy an 1882 Proof Liberty Nickel! We also have one listed in our regular inventory that’s in copper! Next week, we will have another meager group of really nice coins for sale—act fast. And please do not overlook our regular listings. Dealers are snapping up those coins at full price for their customers!
NOW IS THE TIME TO SELL!
The market is this strong. This makes it a great time to sell your duplicates and get liquid for when the right coin shows up. DO IT TODAY! We can help, no matter what you have to sell.
EMAIL US IF YOU WISH TO ORDER OR HAVE ANY QUESTIONS. WE DO NOT CHECK PHONE MESSAGES UNTIL 9 A.M. ON MONDAY.
