Modern Day Alchemy, Michigan Style (MSNS Show Report) ** Day 2 Update
Wingsrule
Posts: 3,010 ✭✭✭✭
*** denotes an update from Saturday
Today is opening day in Detroit as the Tigers square off against the Kansas City Royals in an hour or so. Typical opening day in Michigan – drizzle and cold, mid-40s.
*** Hey, whadya know, they WON!
Anyway, to celebrate my recent unemploymentness, I decided to head out to the big MSNS show at the Hyatt today. This is a sister show to the one held over the Thanskgiving weekend, and that one is usually a big hit in these parts, so I figured, “Why not?”
Showed up at 9:40 (doors open at 10:00) and there were less than 10 people standing in line. At T’giving, there would have been 100+. I suppose being a regular work day for most folks kept the crowds down.
*** Maybe 50 people in line when the doors opened today.
I was looking at selling some silver (GAAACK!) and buying some gold with the proceeds, hence the alchemy reference.
Reason #1 – silver’s incredible run of late, perhaps too far, too fast. *** I personally beleive we are in store for a pullback, I just don't have an idea as too how big or how soon.
Reason #2 – GSR has been going in one direction only for the last year or so. *** Not that I'm complaining.
Reason #3 – taking some profit never hurt anyone.
Some typical pricing at the show:
2011 ASEs: $44-46.
Maples: $3.50 over spot.
90%: Buying at 27.5, selling at (up to) 29.99 ***I did not see any real change in these, even given yesteray afternoon's run
Cull peace and Morgans: buying at $30.50; selling at $34.50
Generic .999 rounds: Spot +$1.00 up to +$1.80
Engelhard 1 ozers: $42 was typical, but one guy had a box of them at $44 each. Went past his table at least three times and never saw them move. *** The "box of 44" was gone.
10 oz bars: Generic at $415 or so. One guy had a bunch of old pour Engelhards at $415 BUT I COULD NOT PULL THE TRIGGER. Not really sure why, perhaps due to #1 above. One lap around the bourse later, they were gone, so somebody liked them. *** Most 10 oz bars had moved up to $425 each, in some cases you could see Engelhards for the same price.
I only noticed one set of pucks at the show and they were in PCGS BU slabs for $1800. My guess is they are still there. *** The slabbed pucks were still there, same price. Also saw two raw sets but did not inquire on pricing.
Hundred oz Engelhards were common but did not appear to be moving at all. One dealer was selling 100 ozers, including a very old pour Engelhard, for spot +$0.40 and had no takers. Silvertowne was buying them at spot - $0.40. They also had quite a few old pour 10 ozers at their table for spot +$0.50. I hesitated for a moment then kept on walking.
I did see one guy struggling with a box of ST 5 ozers (had to be at least a hundred in the box) but I do not know if he was a dealer or not.
My only purchases of the show were a handful of WTC ASEs and an autographed copy of Leon Hendrickson’s book.
Overall, if I would have taken a vacation day to make this show, I would have been disappointed. Attendance was low – you could walk right up to virtually any table and be first or second in line. Perhaps tomorrow will be different. We’ll see.
*** Gold pricing:
1/4 oz AGEs were $395 and up.
1/2 oz AGEs were $780 and up.
1 oz AGE and MS Buffalos were posted at $1510 / 1560.
*** Hope this helps
Today is opening day in Detroit as the Tigers square off against the Kansas City Royals in an hour or so. Typical opening day in Michigan – drizzle and cold, mid-40s.
*** Hey, whadya know, they WON!
Anyway, to celebrate my recent unemploymentness, I decided to head out to the big MSNS show at the Hyatt today. This is a sister show to the one held over the Thanskgiving weekend, and that one is usually a big hit in these parts, so I figured, “Why not?”
Showed up at 9:40 (doors open at 10:00) and there were less than 10 people standing in line. At T’giving, there would have been 100+. I suppose being a regular work day for most folks kept the crowds down.
*** Maybe 50 people in line when the doors opened today.
I was looking at selling some silver (GAAACK!) and buying some gold with the proceeds, hence the alchemy reference.
Reason #1 – silver’s incredible run of late, perhaps too far, too fast. *** I personally beleive we are in store for a pullback, I just don't have an idea as too how big or how soon.
Reason #2 – GSR has been going in one direction only for the last year or so. *** Not that I'm complaining.
Reason #3 – taking some profit never hurt anyone.
Some typical pricing at the show:
2011 ASEs: $44-46.
Maples: $3.50 over spot.
90%: Buying at 27.5, selling at (up to) 29.99 ***I did not see any real change in these, even given yesteray afternoon's run
Cull peace and Morgans: buying at $30.50; selling at $34.50
Generic .999 rounds: Spot +$1.00 up to +$1.80
Engelhard 1 ozers: $42 was typical, but one guy had a box of them at $44 each. Went past his table at least three times and never saw them move. *** The "box of 44" was gone.
10 oz bars: Generic at $415 or so. One guy had a bunch of old pour Engelhards at $415 BUT I COULD NOT PULL THE TRIGGER. Not really sure why, perhaps due to #1 above. One lap around the bourse later, they were gone, so somebody liked them. *** Most 10 oz bars had moved up to $425 each, in some cases you could see Engelhards for the same price.
I only noticed one set of pucks at the show and they were in PCGS BU slabs for $1800. My guess is they are still there. *** The slabbed pucks were still there, same price. Also saw two raw sets but did not inquire on pricing.
Hundred oz Engelhards were common but did not appear to be moving at all. One dealer was selling 100 ozers, including a very old pour Engelhard, for spot +$0.40 and had no takers. Silvertowne was buying them at spot - $0.40. They also had quite a few old pour 10 ozers at their table for spot +$0.50. I hesitated for a moment then kept on walking.
I did see one guy struggling with a box of ST 5 ozers (had to be at least a hundred in the box) but I do not know if he was a dealer or not.
My only purchases of the show were a handful of WTC ASEs and an autographed copy of Leon Hendrickson’s book.
Overall, if I would have taken a vacation day to make this show, I would have been disappointed. Attendance was low – you could walk right up to virtually any table and be first or second in line. Perhaps tomorrow will be different. We’ll see.
*** Gold pricing:
1/4 oz AGEs were $395 and up.
1/2 oz AGEs were $780 and up.
1 oz AGE and MS Buffalos were posted at $1510 / 1560.
*** Hope this helps
0
Comments
Very nice write up on the silver scene BTW
Please visit my website Millcitynumismatics.com
How about gold pricing?
Too many positive BST transactions with too many members to list.
CU Ancient Members badge member.
Collection: https://flickr.com/photos/185200668@N06/albums
I never really paid attention to gold pricing, to be honest. I was looking through cases for something that said "buy me", but I never got a reply.
<< <i>Sir, you say you went to buy/trade silver for gold. What was gold selling for?
Very nice write up on the silver scene BTW
see reason #2