Slabbed $20's way up
CaptHenway
Posts: 32,127 ✭✭✭✭✭
FWIW, Heritage upped their sell prices on most slabbed $20's by $80 per coin this morning.
Numismatist. 50 year member ANA. Winner of four ANA Heath Literary Awards; three Wayte and Olga Raymond Literary Awards; Numismatist of the Year Award 2009, and Lifetime Achievement Award 2020. Winner numerous NLG Literary Awards.
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Times change sometimes quite rapidly, don't they?
peacockcoins
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<< <i>FWIW, Heritage upped their sell prices on most slabbed $20's by $80 per coin this morning. >>
Do you really consider $80 "way up" considering how much the price of gold has gone up over the last couple of days?
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
<< <i>
<< <i>FWIW, Heritage upped their sell prices on most slabbed $20's by $80 per coin this morning. >>
Do you really consider $80 "way up" considering how much the price of gold has gone up over the last couple of days?
Well, their sheet yesterday morning was basis $1,222.00 gold, and their sheet this morning was basis $1,240 gold, and there was an $80 jump on most slabbed Saints (all except MS-65's, which only went up $60), so yes, I do consider an $80 jump on an $18 spot increase "WAY UP!!!"
Most people would.
TD
I don't think polymers or paper labels are the root cause.
<< <i>
<< <i>
<< <i>FWIW, Heritage upped their sell prices on most slabbed $20's by $80 per coin this morning. >>
Do you really consider $80 "way up" considering how much the price of gold has gone up over the last couple of days?
Well, their sheet yesterday morning was basis $1,222.00 gold, and their sheet this morning was basis $1,240 gold, and there was an $80 jump on most slabbed Saints (all except MS-65's, which only went up $60), so yes, I do consider an $80 jump on an $18 spot increase "WAY UP!!!"
Most people would.
TD >>
Sounds like they are playing catch up due to several good days for the gold market.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
<< <i>
<< <i>
<< <i>FWIW, Heritage upped their sell prices on most slabbed $20's by $80 per coin this morning. >>
Do you really consider $80 "way up" considering how much the price of gold has gone up over the last couple of days?
Well, their sheet yesterday morning was basis $1,222.00 gold, and their sheet this morning was basis $1,240 gold, and there was an $80 jump on most slabbed Saints (all except MS-65's, which only went up $60), so yes, I do consider an $80 jump on an $18 spot increase "WAY UP!!!"
Most people would.
TD >>
"Most people would".....Myself included!
Frank
Saints
61
62
63
Libs
61
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63?
100% Positive BST transactions
<< <i>So what the Buy/Sell for common
Saints
61
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63
Libs
61
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63? >>
Good question. Does Heritage or APMEX publish their buy/sell prices for common date slabbed gold anywhere?
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
<< <i> ....APMEX publish their buy/sell prices for common date.... >>
APMEX does: APMEX Generic Gold
Current Buy/Sell for PCGS MS63 $20 Libs: $2175/$2330 and.....
.....for PCGS MS63 Saints is $1680/$1815.
These same cycles have played out several times in the past few years as gold has cycled in price. In fact generic gold prices literally collapse each time gold makes a major move down. There are just not enough market makers and players who can hold tens of millions of dollars in inventory. So they all just dump it at the same time. Generic gold behaves very similarly to the gold mining stocks where they leverage the price up/down by 2X-3X (ie a 5% gold price change will result in generic $20's MS62-64 usually moving 10-15%).
Buying generic gold at the troughs and selling it at the peaks provides substantial leverage to gold bullion prices. One warning though. Over the last 3 years it essentially has taken close to a new all time high in the gold price to get the generic gold moving each time. It's as if each time it's built up additional resistance and memory from the last trouncing. Heritage sends out updates of past historical prices to show these trends. The smaller generic gold coins have yet to eclipse their highs from the April/May 2006 peak when gold hit $735. That's when MS65 $5 Indians were over $20,000. On this last cycle to Dec. 2009 gold at $1225, generic MS63-65 $1's, $2-1/2's, $5's and $10's failed to come close to the highs they hit when gold hit $1033 in March 2008. It seems to be a continuing trend. Only the $20's have really gone on to new heights. Hard to say if or when the numismatic premium on the smaller gold will reach the levels they did in 2006 and 2008.
Even though gold had recovered from $1044-$1150 from Feb-April, the generic gold prices remained untouched with most still going lower in price from illiquidity. It's only been in recent weeks as gold has started sniffing around $1170-$1190 where generic gold demand has perked up again. But once it gets going there is not enough material in the pipe-line to feed investors. It's a continual boom-bust cycle that happens a couple of times per year. The dealers all load up and speculate. Then they all unload at the same time in a panic. Some firms pull all their bids and just lay back until prices crash......sort of like May 6th on Wall Street. Huge hoards of generic $20's or $10's coming out of Europe or South America don't help the cash flows either.
rodarunner