OPINION: I see that the leaders in the WS Trading contest are playing bullion...

saintguru

Now I know that this is not against the rules...but do you think that it was in the "spirit of the contest" when it was initiated?

Wasn't this really supposed to be a numismatic challenge? Is buying 2000 Eagles (or whatever) what this is about? Or was it meant to be a coin picking competition?

I'd be interested in opinions.

TheRaven

When it comes to $10,000 it is all fair in love and war.....

goose3

what are you griping about....that's what you collect!

RYK

I agree with your premise, Jay. The problem is that PCGS cannot control the bullion and cannot help that precious metals have been volatile, with an upward bias, since the competition started. In retrospect, for the short term gains the contest is measuring, bullion and ultra-high grade moderns are the obvious plays. The next thing to do would be to pick top pop coins in upcoming auctions and buy them. People are paying moon money for these and the price guide goes up after the auction. As far as buying undervalued and sleeper classic rarities, especially in collector grade, while this strategy might make sense in the real world, it won't likely help in this contest--unless gold goes to $300 and the bottom falls out of state quarters in MS-70!

saintguru

Rob...I've done exactly that..and I'm currently in 6th place. I'm more than pleased with where I am because it's a challenge more than a competition in my eyes. Rare coins coming up in auctions is the key, IMO. Now don't ask what my next two moves are because I am not telling!

Connecticoin

Well, is it really consistent with the spirit of the game to buy coins in antcipation of the pricing impact of auction results that already happened?

Russ

I currently don't have any bullion. Just generic gold type. Of course, once PCGS corrects the pricing mistakes for this stuff, it's back to bullion I go!

Russ, NCNE

Russ

PS: Quit whining.

Russ, NCNE

michael

Now I know that this is not against the rules...but do you think that it was in the "spirit of the contest" when it was initiated?


of course

anything and anyway to make a buck ...............

cohodk

Are you saying PCGS slabs "bullion"?

291fifth

Bullion shouldn't have been allowed in the contest.

RegistryCoin

I would like to know how one can tell what is in another's portfolio. Do you have insider info. or, are you just guessing? By the way, I don't know what is in another's portfolio, but I don't think that the leaders are simply playing bullion. I can easily see that the gains in bullion are not enough to support this theory. The larger gains HAD to come from a different source other than simply bullion - IMHO: classic coins recently auctioned for BIG BUCKS... That's right, the big gains were from CLASSIC coins, and having a balanced portfolio, would be my guess.

messydesk

<< <i>Now I know that this is not against the rules...but do you think that it was in the "spirit of the contest" when it was initiated? >>


Not in the spirit of the contest, as I've mentioned elsewhere, but there's $10000 on the line. PCGS could make it more difficult to play bullion if they wanted to by updating the values at unpredictable times.

MadMarty

I mentioned to Jay about generic gold $20 saints and libs and he considers them bullion also.

lloydmincy

AWWWWWW.

I suppose if the 3 cent coins were winning, someone would complain they are not a current denomination used in circulation. It seems to me a childish waste of time game anyway, and the prize is no big deal. Go back to playing chess.

Russ

<< <i>and the prize is no big deal. >>



No big deal? If I win I could get off welfare for a few months.

Russ, NCNE

Johnscoin

Unfortunately PCGS hasn't done a great job with keeping up with price fluctuations with bullion really. I know it's a tough job and a lot of work, but to have a competition like this, you really have to keep things updated. Greysheet is forced to do it weekly and sometimes they are way off, but on the easily priced stuff, it's easier to keep up. Oh well, can't wait for the adjustment in generics!

coinguy1

<< <i>..but do you think that it was in the "spirit of the contest" when it was initiated? >>

I am not a participant in and know virtually nothing about the contest.

However, I am guessing that some entrants are making $ by acquiring multiples of various coins that they could not necessarily acquire in that time frame in real life?

I also suspect that they and/or others are profiting from scanning the PCGS price guide and finding, then buying certain coins because the listed prices are way too low/unrealistic. That would be another situation by which buyers would make $ through a means they could not accomplish in the real world.

As an example of just one other flaw in the contest as set up, I'm also guessing that contestants can sell (even) large positions in a given coin, with no negative impact on the sales price? (Edited to add: Likewise, I imagine that quantities of coins can be bought with no upward price pressure). Again, it doesn't always work that way in the real world.

So, let's face it, the contest might be fun, challenging and something to brag about and/or complain about, but it has little to do with reality. I expect that those who are doing particularly well will disagree, but that others who aren't near the top, will agree with my "reality" comment.

RYK

So, let's face it, the contest might be fun, challenging and something to brag about and/or complain about, but it has little to do with reality.

I agree. Of course, I did not agree with this statement when I was ranked #3. I jumped into the top ten by buying all of the Dahlonega and Charlotte $5's which were unrealistically priced and complaining about it on the forum. Since then, while my portfolio value has been stable to slightly upward, my ranking has dropped like a rock.

lloydmincy

<< and the prize is no big deal. >>

Sorry Russ, I'll send your June payment early. Actually, you know my big mouth. I have no idea what the prize(s) are.

But I think bullion should not have been an option. Only coins.