We finally have been in a mini rut since Mid October-the ANA Pittsburgh Show. While not really a rut, its really a breather from the too many shows we had during August-September. Since many dealers skipped the ANA Pittsburgh Show, many finally have not traveled for 45 days. So as you can expect, there are a few dealers who have sore cash flows right now. There are some bargins to be had.
The coin market isn’t falling. Its just not going up or down. If a great fresh, original, and eye appealing coin were to show up, it would easily bring all the money and then some. Average stuff and dreck right now is super soft. Dealers either can’t sell the stuff or they refuse to take their losses at cents on the dollar. Those dealers you can go to and pick them off on their better coins as they need to raise some money!
You’ll also notice the auction scene is more quite too. The massive ANA sales did their damage. There really has not been any fresh exciting major rarities to appear since ANA. We don’t think there will be anything major popping up until FUN. Even then we do not expect to see any exciting rarities. We all forget, we’ve seen hundreds of millions of dollars spent by aggressive collectors over the past few years. Every major rarity that surfaced, did not trade dealer to dealer for awhile and linger on the market-the coins mostly went right to their new permenant homes.
We are bewildered by how cheap generic gold has become. Did you know you that with spot gold at $1,785.00 you can buy XF45 $20 Libs for $1,775.00 graded?? Or MS62 Saints for just about the same??? The demand simply is not here. If you believe gold is going to rise, there just can’t be a better time to buy to this stuff. Legend does not deal in low grade generics.
For a better gain (long term) we like and are major marketmakers in MS66 CAC Saints. The current sightUNSEEN WHOLESALE BID is $3,450.00. Neither us nor another major bidder we know have bought ANY in the past 45 days. Even then our last total purchased was only 3 coins. So if you have MS66 PCGS or NGC Saints, we WILL PAY YOU $3,450.00 right NOW sightUNSEEN! NO 1908’s! It is our belief that when the gold market moves agains, premiums for coins like MS66 will expand the greatest.
Another coin we LOVE-MS67 Walkers. Below $1,000.00 they are a great deal. They are just such a beautiful coin. There definately aren’t as many of these around as you think. Also, Wakers in MS66 at $200.00-$225.00 are just plain cheap!
There are some seriously smart and good values in the generics markets right now. Just look around!
WHAT ABOUT RARE COINS?
Of course we are going to say now is an even better time to be buying. Your not competeing with the rest of the world. You might be able to get a coin or two a little cheaper for the reasons we listed above (dealers need to sell). The only problem-there isn’t a ton of great coins out there too choose from.
The key is to make sure you buy quality. No, you do NOT have to buy an MS68 coin. Quality means the coin really makes the grade and looks nice. A coin that is less than 100% all there these days sells for a steep discount. As we all now know, CAC coins have been more than PROVEN to bring the most most money and have the unquestioned BEST liquidity of any product out there. If you think buying a drecky coin super cheap will yield you a profit-even today when things are quiet, you are wrong. Todays marketplace has made dreck unwanted and has seen prices only continually drift down with NO signs of stopping. Dealers have a saying: some times cheap, isn’t cheap enough on a bad coin!
So even if you see a great coin premium priced-buy it! By buying a coin like that today, your probably paying slightly LESS then you would have had too if it was around FUN or ANA Show time. Then come FUN, you’ll be thrilled at your purchase even further. Legend is posting dozens of new and or more aggreessive bids on the CAC coins (ONLY) we like buy right NOW. For us, we can still sell plenty of coins (especially classic rarities). We would LOVE to stock up and build up any kind of quantity in a few areas (that we see as too cheap). We do what we preach!
Always remember, the rare coin market is a LONG TERM propostion. Sometimes you can make great short term gains, but thats rare. If you have a trading mentality, you WILL get burnt. Our reminder to everyone: “buy the best quality you can afford and hold”.