What an ouchy this week was if you are in the equity markets. Gold took its long awaited retreat (which we had been predicting) and then quickly showed a hard desire to climb back to its record levels. Actually, much of gold’s dip was due to raising quick cash for margin debts vs any panic selling. People tend to sell the easiest assets to liquidate when they need money. We are happy gold took its dip.
All this led to a very quiet week across the board for not only us but ALL coin dealers we know of-save for the telemarketers hawking precious metals. Now that gold has proven itself as one of the true “safe havens” of the world, we do not really understand why so many gold bugs are still sitting on the sidelines. If they got hit in stocks (like we did), yeah, it hurts and they are probably confused too. But, we saw through all that and tried to buy as much gold as possible on the dip. We are not waiting for the herd to arrive. Unfortunately, you’ll see in our listings, $20 pieces (which are so close to spot and melt) simply were not around. Our bids for them are the highest in the biz too. NO ONE HAD ANY SAINTS. The two coins that mystify us-we bought 4 PCGS and CACG MS64’s. We still have them and you can buy each of them for only 6-7% over spot! These coins MELT around $3,000.00! There is no reason to be that scared. We strongly believe based on discussions with several top Wall Street guys who we know that gold will not crash and burn. In fact, they were bullish on gold. Legend went on a little buying spree with BETTER gold coins as you will see over the next week or two. It’s our hedge against the crazy world out there.
The auctions also enjoyed good to strong results. We think the fact they were not the colossal sizes of FUN and ANA helped. Most collectors however probably bid before last Wednesday (but not all). Rare coins are also another fairly safe hard asset. You buy a really nice coin and put it away for a few years. Trying to buy and sell in a short period of time typically does not end well. It is our strong opinion (not a wishful hope) that after this week as nerves calm down, even more money will come into rare coins-and not just generic gold.
We did 2 deals last week selling US Mint stuff for collectors. The people bought better gold w/the proceeds. Smart move. You should be doing the same. You’ll have a far better upside with better gold than a 1963 Silver Proof set.
Do not be afraid to buy quality rare coins. Yes, they too have their cycles, but generally, they have held up very well over time. And as you know, rare coins are far more liquid than art or antiques. We have a great GEM PR 5C 1881 PCGS PR67 Cameo listed. It’s a heck of a coin. It’s 144 years old, it’s an obsolete design, it’s of top quality and it has great eye appeal. You can buy it for UNDER $2,500.00! We don’t want to have to wholesale it at CSNS for the same price we have it posted for! In our opinion, there are some really good buys still out there. As the late great Charlie Munger said: “When you get a lollapalooza, for God’s sakes, don’t hang by like a timid little rabbit,” Munger said. “Don’t hang back.”
Call or email us to talk about rare coins and you. We can enlighten you and help you build the sets of your dreams. Sitting on your hands and missing great buys actually costs you more in the long run.
NEWPS
As we mentioned, we bought a lot of gold. Not all is posted yet. But we have some crazy great coins in this group. Highlights include:
A FEW GREAT LOOKING $20 GENERICS
1C 1906 PCGS PR66RB CAC GORGEOUS COLORS!
$3 1856-S PCGS AU58 CAC
$10 1870-S PCGS AU58 CAC FAIRMONT THE FINEST CAC
J-521 5C 1866 PCGS PR62 NO CAC EX SIMPSON A ULTRA RARE 2 HEADED PATTERN!
We have OVER 25 NEWPS this week. Every NEWPS was selected for not only its quality and rarity, but its VALUE and price. Legend is not like other dealerships who just sell to sell. We have a long track record of selling super nice coins at VERY fair prices.
IF YOU HAVE ANY QUESTIONS OR WISH TO ORDER, EMAIL US! OUR OFFICES ARE CLOSED FRIDAY BUT WE DO CHECK OUR EMAILS. WE DO NOT CHECK PHONE MESSAGES UNTIL 9 AM MONDAYS.
