Legend Market Report: GOLD IS ALIVE!
Legend Numismatics Market Report by Laura Sperber
Sure, have it splashed across the news and Internet that two successful billionaire hedgies (Soros and Paulson) made large GOLD purchases and watch what happens.
The two billionaires alone may not be enough to move prices, but shortly after the news broke, worlds PR machines were buzzing about gold. Then gold goes and jumps over $30.00 in a day. Not sure what is going on this round, but gold sure seems to have pent up demand to move higher. Now the Republicans brought up the remote possibility of returning to the gold standard. We think gold will be in a upward tizzy for a while.
Gold has come back in play! So come mid week (last week), collectors and gold bugs were out in force buying gold coins. All of the sudden we were selling MS66 Saints in quantity (small quantity) and other better gold pieces like the $42,000 $20 1873 PCGS MS64 CAC. Unquestionably, we sold more BETTER gold coins this past week than anything else. The supply of better gold coins is NOT much in the world. Prices have firmed for sure and will move up with just minimal straight demand (especially if this run goes through November).
SAINTS-WHY BUY NOW?
Hard to believe but Saints-the ultimate big boy coin forever have been weak for the past 2 years. There are ONLY TWO known major players right now-BOTH have complete sets. The competition at the top level is NOT strong at all (just check the prices from the January Duckor Sale). We just scooped up the incredible 1924D PCGS MS65 CAC piece that did NOT sell in the ANA Sale-after the sale for what we think is a bargain. Prior to that, we bought the fabulous 1909D PCGS/CAC MS66 from the Duckor Collection for slightly LESS then it sold for in the January sale! That’s a little proof you can actually buy BETTER GEM Saints at a slight discount-still. There is NO glut of coins, just no huge demand. As time goes on, and collectors realize that Saints are cheap and do have strong potential, then a few people will begin serious sets. Even if collectors only buy a few coins to put away, that will create demand for the series. That’s all it will take to jump start the BETTER Saint market again.
We think in MS64-67 Saints are a tremendous LONG TERM play. The BEST time to buy is when others are not. We LOVE the better dates (like all the P Mints) in MS65 (when is the last time you saw a 1909 PCGS/CAC MS65?). Saints in MS66 have a great spread, look great, and really are tougher to locate then you think (when graded right). Of course MS67 Saints are just plain rare and GORGEOUS. We used to be able to buy one or two a month, we have not bought an MS67 since March. Our sight UNSEEN BID for ANY PCGS/CAC (ONLY) piece is $13,000.00. Have not even heard of any trading lately. We can see these as being $17,500.00-$20,000.00 by the beginning of 2013.
THE CURRENT OFFERING OF SAINTS
We were working with a good customer to start building a GEM Saint set. He preferred all coins be a +. However he came to realize his other major collection he is building was where his heart was. So he took a deep breath and SOLD us his partial Saint set. Be assured, this set was assembled by Legend. That means it was of the ultimate quality and eye appeal (when Legend builds a set EVERYONE can tell its better than average)!
Now, if you want to add more Saints to your set, or even consider starting your own set, or an abbreviated Saint Collection, this is the largest Saint offering we have had in years! Just as important, the QUALITY is ALL There and then some!
The collectors timing to sell could NOT have been any better! Gold definitely has reawakened all over. The hottest area in rare gold-still by a mile MS65 and higher $10 Indians. The next BEST deals in rare gold: $5 Indians in GEM. At one point these were $20,000.00 and have fallen to $13,000.00. All of the sudden NONE are on the market for sale. They fell too steep for no real reason. Not too many around at all. We do not think even on a WHOLESALE level we could buy any for LESS then $15,000.00 right now. Ditto $2.5 Indians in GEM. What a great time to build a MS64-65 set!
We do very much feel OPPORTUNITY IS KNOCKING FOR BETTER GOLD RIGHT NOW. For drecky generics-there is a little play, not much. Your never going to see strong premiums again for anything of marginal quality.
The secret is out! LM Auctions will be holding sales at the PCGS Invitationals in Las Vegas. Capped at a max 500 lots, these sales WILL be different. They will be held the Thursday evening of the show starting at 6 PM PST. Between Legend, Morphys, and PCGS the promotion for your coins will be to at least 600,000+ SERIOUS world wide coin buyers.
We are currently accepting consignments for our first sale in December. We’re offering cash advances with special unbeatable rates to any current Legend customers. We’ll also make our customers the best deals to sell their coins. Even if your NOT a regular Legend customer, you’ll find our rates and abilities to be as competitive as anyone. We are seeking ONLY the BEST coins for our sales. We WILL REJECT any coin that we determine to be doctored. We want everyone to be able to buy with the absolute confidence in our sales. Our saying is: A happy buyer makes a happy seller!
Start watching Proof 65 and higher Walkers. No more hoards are around. The supplies have dwindled. Prices WILL creep up!