Michigan Fall Show PM Report w/pics- Updated with Sunday's action in OP

Justacommeman

Every Black Friday kicks off the large Michigan Fall Show. It generally draws huge crowds and this year was no exception. Friday was jammed early and there was good activity throughout the day and into the close. Saturday morning had a nice buzz as well. There are two nice size rooms and I'm guessing about 175 tables total maybe. Normally I do a lot of US Coin purchasing at this event. I was shutout this year so it gave me an excuse to add to my pm stack

The crowd ( yes we have some less then pretty folks at our shows as well. They come to this show in throngs. Not thongs, that would be awful)



I did most of my pm buying after Friday's market close so everything below is based on a silver close of $26.70 and gold @ $1365

Gold eagles were priced @ $1425 for the most part. They were in somewhat short supply
I did not see alot of 1/2, 1/4 and 1/10 oz eagles. They were $720, $375 and $158 accordingly.
Maple Leafs were slightly cheaper
Krugerands were $1400
Silver eagles we basically $30-$31
Generic rounds were $28.......... mostly only novelty types available.
10 oz bars were @ $280 to $290.

I was hoping to trade in some of my 100 oz silver bars towards Prospectors ( SilverBaron playbook) but there wasn't ANY to be found. I mean zero. Silvertowne brought only Christmas rounds to the show. Prospectors would be probably sold well at $29.50 if someone had them.

I sold some 100's oz bars at $2670 a piece. I took the proceeds into the form of a check to hopefully buy rounds next week or maybe some gold. The coolest thing about the check was the check number. It was 777,XXX ...............That's a lot of checks they have written.

Silvertowne was paying 18.1 on 90% silver and selling at 18.8. Most of the other dealers were selling between 19.0 and 19.5. Honestly, there seemed to be an equal amount of selling and buying.

Ton's of folks were bringing in the formal silverware sets to cash in at SilverTowne. I have a feeling next year that it will be more of a casual Thanksgiving Dinner at a lot of folks homes. The Sunday best is going into the scrap heep.

There was a noticeable shortage of silver bars from 10 oz to 100 oz. Dealers were looking to buy. I could have sold all of my 100 oz bars no sweat. Dealers were looking for them for shop inventory.All they could get.................The larger dealers were buying silver.

There was very little platinum or palladium available. To be honest it wasn't on my shopping list this show.

Now for my want list. I was looking for 10 oz old pour bars, a 50 oz pour bar and 90 junk silver. Mission accomplished.....

I was able to buy 200 Walkers @ 19.0. 100 barber halves, 100 SLQ's and 100 barber quarter lots were all purchased at closer to 19.7. The rims on the barber halves were all pretty nice as a bonus. I missed a 1 oz Fortuna gold bar @ $1390 at Silvertowne. I'm not sure what happened. Someone beat me to the punch I guess. grrrrr






The 50 oz bar was $1350 and I paid $280 pure 10 oz bar.



Felow member botanist also attended and promised to report on his experience in this thread

I decided to make Sunday Engelhard day amd see if I could uncover anymore 10 oz loaves or old pours. Ay the same time I made an concerted effort to buy as many Prospector rounds as I could find @ $28 or below. I was able to root out 53 of them. Seven were bought @ $27 and the balance @ $28.

The new Canadian Wolves were @ $32 and looked nicer in hand then I anticipated. ASE rolls were all $600 today.
I left at 1:00pm and the show was still going strong. Only a handful of out of town dealers bailed out early. Today was slow but steady.

Today's haul.



All the best. MJ

edited for spelling

botanist

That's a most valuable report MJ, thanks(!), especially because it provides concrete details of transactions on the trading floor, always much more meaningful than generalizations. I regret not encountering MJ at the show, so will look forward to that pleasure at the next opportunity. About what time of day on Friday was the photo taken please? I made a show report posted in this thread on the US Coin Forum: link

jmski52

Those are some mighty fine lookin' bars MJ. But I especially like your tastes in 90% silver!

I went to a gun show last night, bought some ammo. Discovered that my fiancee's piece was a typical Saturday night special from the late '80s. I already had her upgraded, thankfully.

Justacommeman

Pic of the crowd was at 11 am on Friday...................MJ

MilesWaits

Thanks MJ! That is a very fine report with superb details that help me envision the atmosphere and content.

How were the ASE Rolls selling/buying? Any sightings of the 2010 ASE Proofs yet? I know it is very early, but....

Miles

Justacommeman

Hi Miles------------ $585 seemed to be the Show Special price on ASE rolls.

I did not see any 2010 proofs come to think of it. I wasn't looking but one would like to think I would notice if any were on the bourse. If I go tomorrow I will check it out

MJ

cohodk

Anyone buying any collector coins?

Wingsrule

My experiences there pretty much mirror those of MJ's. Sold the vast majority of coins that I brought. Favorite pickup was a complete sheet of JM Freedom rounds, although I did grab a nice JM 5 ozer as well.

Now I know where that JM 50 went

Justacommeman

<< <i>Anyone buying any collector coins? >>



Yes and dealers were buying. I would say inventories were lacking in comparison to what was available last year. MJ

Weiss

Great report. I was just checking out Ampex's site to see if the silver bar drought was still in effect--it appears to be. So your experience adds weight to the idea that this is a national and regional issue.

I hate to see nice pieces go into the crucible, but I bet Silvertowne pays multiples of what the fly by night places do for silverware.

Justacommeman

The person in front of me handed Silvertowne 12 sterling teaspoons which weighed in at at 13 oz and change. The calculator read $279 and the customer busted out in a smile. She had no idea. I'm pretty sure she thought she was getting like $30. MJ

Walkerguy21D

Great report, and interesting NEWPs. I really miss this show since moving south 8 yrs ago....

roadrunner

Thanks for that report. My local dealer tried to tell me they were recently paying low on 100 oz Englehards because they were just inundated with them. Glad to see this other side of the story.

roadrunner

Justacommeman

RR,

CNI ( Golddealer.com) is advertising their buy at spot on 100 oz bars as well................Up to a couple weeks ago they were buying $.30 back of spot. MJ

CaptHenway

<< <i>Thanks for that report. My local dealer tried to tell me they were recently paying low on 100 oz Englehards because they were just inundated with them. Glad to see this other side of the story.

roadrunner >>



We had somebody walk, er crawl, in Tuesday with 15 of them, so maybe that particular dealer was long at the time you asked.

TD

SilverBaron

MJ ........... GREAT REPORT ...... Love the details!! Great Pickups!!

Thousand Thanks Sir!!

percyb

Thanks for the detailed report. Nice grab on those Walkers. What City was the show located?

jmski52

Those Prospectors do look nice! Great report, MJ.

wayneme

Nice Input as always
MJ
Hope you had a Great Turkey Day !!! Stay Well My Friend