By laura Sperber - Legend Numismatics
NO DOLDRUMS HERE!
We still do not know what happened in May. No one wanted to do anything and there were so few coins around we started to think about other careers. For us, it was the PRE LB purchases of the Large Cents that got people excited and buying. Sales just kept on growing from there. The biggest coin we sold off the web last week was the $20 1907 FE PCGS MS66 CAC.
Fast forward to now. The past two weeks have seen a total invigoration of the coin market. We can factually state our sales from the web site have been close to $1 million dollars. We have picked up SEVERAL serious new customers. We have met SEVERAL people totally new to coins who either have or will start buying.
The psychological mental freeze of the stock market has passed. Many investors are now totally convinced they need a serious portion of their assets in hard assets. Yet again, our Want Lists have GROWN, NOT shrunk. Some people are hoarding (we won't say what one group is buying every example of a certain coin they find), some people are buying generics (the premiums have grown slightly), and many have started collections-real no non sense collections that when completed will equal high six figures to several million dollars!
BUY GOLD COINS!
We are semi-gold bugs (and yes, closet copper weenies too). We watched and hinted that the reset of the price of gold recently would not last long. We also told everyone when the premiums were so cheap you could buy certain slabs practically at melt. Now, we think gold is ready to move. We are NOT experts, but we watch the patterns of the gold charts and we carefully watch what some VERY savvy investors buy.
Wall Streeters are back buying gold-all sorts of gold. The hedgies never stopped, they only slowed because there were cycles in what they trade in they could exploit for substantial profits. If we could get the coins, we could sell MILLIONS to our Wall Street customers. Its like they smell blood. A few have said to us they do not like the stock market and our Government will keep on printing money. These guys are the real insiders who are in before the crowd and are our early with their profits.
We're NOT saying its a sure fire thing to follow these guys. But they are not into losing money-especially for themselves.
Right now (as always) we are hyper bullish on PCGS/CAC MS66 Saints. They have a HUGE upside and MS67's are multiples higher. Currently we have a season high 4-5 coins in stock. We can NOT find more than 1-2 at a time. The current sight UNSEEN WHOLESALE BID for a PCGS/CAC MS66 $20 is $3,600.00. A MS66+ is $3,875.00. Since these are properly graded and have NOT been messed with, demand runs strong. If we do not sell out within a week, we can make one call and they will be sold for profit!
Also, buy BETTER gold. There are many coins (like the $10 1907's) that have fallen in price out os sympathy for gold correcting. There are NOT that many of them that have fallen and these WILL regain their original prices. Of course the really better gold has held its own and is still in heavy demand. Slightly better date Saints in MS64 and higher are in a rut. In fact, as a series, the more expensive Saints (save for High Reliefs) just do not have huge demand right now and can be bought reasonable-when they appear. Buying the really rare coins now will look cheap in a few years. Do not wait for the herd to return!
One note: Even though we sold a ton last week, we were surprised the $2.5 1829 did not sell. Do your homework on it. This is a tremendous rarity and it is priced really fair! You NEVER EVER see them offered.
A SPECIAL NOTE
The past few weeks we have had several people approach us to become NEW customers. They wanted apparently to enter the coin world as investors. Each has asked us what we recommend or what kind of portfolio can they build for x amount.
Legend sells to collectors and build the worlds greatest collections. We will NOT make any specific recommendations to people we do not know-especially about INVESTING. Its not worth our time to give this information out only for it to be used (or misused) elsewhere. You really need to think like a collector anyway-collectors have a proven history of being far more successful in this field that investors. We're happy to work with you if you are considering building a collection. Further, if we work with you as a collector, you not only get our guidance, but you will develop a collecting scheme that will yield you maximum financial and pleasurable benefits.