Heritage Auction yesterday and tonight - There was so much gold.
Clackamas1
Posts: 1,130 ✭✭✭✭✭
Has anyone else ever see so many branch mints hit the market at the same time?
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Market tanked
Good time to be a buyer
*edited to add: the numismatic gold market tanked
Got the 30 to 40% haircut on some of the MS Charlotte coins I was looking for.
Fairmont hang over
Exuberance
Consumers are starting to feel the pressure.
Just the beginning IMHO. Be nimble if trading this market.
Yes, I noticed how much of FUN auction catalog was devoted to gold. It seemed that the copper, nickel and silver offers were little more than a preview to the catalog before the gold lots took over.
In your opinion, do you think most stuff went reasonable?
considering everything, can you tell if reasonable will get more so?
How is the gold market "tanked" when spot is up at record levels. I am not in the market for branch mint gold per se, so I have not been following that area. I do get that spot gold levels have wiped out most premiums on generic gold and to some extent even for the more available branch gold coins. But couldn't the number of coins showing up demonstrate that some collectors are looking to cash in, or in the words of wall street taking profits vs the market has tanked.
My Collection of Old Holders
Never a slave to one plastic brand will I ever be.
No one said the gold bullion market tanked. They said the numismatic market tanked. Now, i don't think that is broadly accurate. However, if in this sector prices are down 30%, you could say this sector has tanked.
It seems like when gold is up the numis premium erodes. Good time to trade out bullion for numis items IMO. AU CC DE's were going a little above melt at auction this week. An MS66+ CAC Saint went for $4K.
Just to clarify, by DE did you mean $20 gold double eagles? When I searched recent sales by Heritage, the lowest prices i see for AU specimens from the CC mint in AU condition sold for around the $4k level, or more than 50% premium over melt.