It is dropping again

drainbamage · April 28, 2004 11:29PM

It is 9:18 as I write this and all our metals are taking ANOTHER beautiful drop. Find some money guys because when this bottoms out we need to buy until we are broke and then sit on it until the next big boom hits and then retire.

As a note the US Dollar is getting stronger and Crude oil is getting cheaper so we can drive to those coin shows with more money in our pockets!

longtimecollector · April 28, 2004 11:33PM

Silver is down 2 cents.......... you better stock up!

jbsteven · April 28, 2004 11:35PM

<< Find some money guys because when this bottoms out we need to buy until we are broke and then sit on it until the next big boom hits and then retire >>

Maybe I am missing something here but let's say you buy in at $350 a oz and it goes up to $450 then you will make roughly 30% on your money. Can you retire on an extra 30%? If you can please tell me how so I can retire also.

Now if silver goes from $4 a oz to $12 (

) then you have tripled your money. I can understand this IF and only IF silver triples.

longtimecollector · April 28, 2004 11:36PM

now it's UP 2 cents.......... Dang... shoulda bought at $5.87

drainbamage · April 28, 2004 11:39PM

Yeah right.... CHUCKLE.....

Where were you sitting this morning when they opened and the bottom dropped out? Look at the low and high. I have a sneaky feeling we may see a repeat of yesterday....

longtimecollector · April 28, 2004 11:44PM

smells like $5.95 now.............. RALLY RALLY RALLY !!!!!!!!

drainbamage · April 28, 2004 11:50PM

I am always suspicious......

And heaven forbid we have a rally..... we want coins!!!!!

Stuart · April 28, 2004 11:59PM

As of 9:00am CT

Gold $386.20
Silver $5.90

drainbamage · April 29, 2004 12:26AM

Very true..... Flip it back to eight..... After yesterday something smells like fish.....

Either this is a rally or people are forcing it up through bull market and then plan on bailing out when they get the price the want...... Watch the numbers on Kitco..... Today is a touchy day. I wonder what will happen this evening...... The bid and ask prices are not quite stable.... watch them over about half an hour.....

I know the market changes..... but today is one big question mark. I think everyone is playing this one by ear.

You can just SEE how nervous some investors are.

FALL DARN IT FALL!

NoGvmnt · April 29, 2004 12:37AM

In overnight trade it was down to $5.60/oz.

Jim

drainbamage · April 29, 2004 12:43AM

<< In overnight trade it was down to $5.60/oz.

Jim >>

Thanks.... Someone is digging deeper and catching some of what I am reading.....

meos1 · April 29, 2004 1:20AM

What does this have to do with US Coins?

Stuart · April 29, 2004 1:24AM

meos1: Although perhaps to you a tangential numismatic topic (and I see the point you are making

), the fact is that many U.S. Coins which are collected today were made of alloys containing 90% Gold or Silver, so the price of the raw metals does have some impact on pricing for some of the more inexpensive commodity priced Gold & Silver coins

drainbamage · April 29, 2004 1:52AM

Thanks Stuart.....

But since I love St.Gaudens..... The price of gold always is a concern.

Also there are many of us who collect the current Gold and Platinum bullion coins too. In that case those prices almost become your ONLY concern.

I can at least say the US Govt did not do too shabby on the bullion coins. You can honestly be proud when you look at them.

meos1 · April 29, 2004 2:32AM

The metals price should bear little upon the numismatic pricing. Therfore, metals pricing shoudl not be a US Coin forum topic. I too have gold and silver pieces, but they are more of a numismatic focus than a metals holdings. Case in point PR SAEs: A cheap one is in the range of 30-40 dollars at the low end. If silver is 5 dollars an ounce how does the metals price impact the numismatic value?

Where gold is concerned the numismatic price is less elastic when compared to the metals price. However, if the price fell to 200 an ounce for Gold would your 50$ GAEs be worth 200 dollars. I would think that in some cases the answer would be close to yes. But in a majority of the cases (PR) the price would still be less elastic when compared to metals pricing. Thats the point. Are we collecting or investing?

Dan Watson

Stuart · April 29, 2004 2:42AM

<< Are we collecting or investing? >>

Dan: Thanks for asking. We have both collectors and investors who participate in this forum..

Furthermore some of the collectors also invest in coins, and some investors also collect coins.

ddink · April 29, 2004 2:49AM

<< The metals price should bear little upon the numismatic pricing. Therfore, metals pricing shoudl not be a US Coin forum topic. >>

Reminds me of another forum member who always questions whether threads are on-topic or not

*Cough* Junk silver
*Cough* Circulated Morgans
*Cough* MS Silver Eagles
*Cough* Gold eagles
*Cough* Platinum eagles

Post a poll and ask how many people collect the above coins. Yes, the price of metals is relevant. If the threads are filling up the front page, go to customize and change it so that more threads are displayed on the first page (that's what I did).

meos1 · April 29, 2004 3:13AM

I realize that we have both collectors and investors here. But this is the Collectors Universe forum, not the Investors universe forum. I would think that four threads about the price of silver are enough.

Regarding the following list:

*Cough* Junk silver - What numismatic value does this have? By definition its junk.
*Cough* Circulated Morgans
*Cough* MS Silver Eagles
*Cough* Gold eagles
*Cough* Platinum eagles

I have all of these. I have plenty of listings on the page and can easily reconfigure the display. Certainly, bullion "coins" are more effected by the changing prices. Many here say these are not coins. I understand your concern for the metals price as it relates to the numismatic price of a GAE for example. Check the price on the default page at www.pcgs.com. If there was a great buy on say 64 Kennedy's I could certainly get behind this 100%, but just the spot price on metals, its a stretch. Again, some relevance, just not 100% on target.

PS: I rarely challenge weather any topic is on target or not.

Stuart · April 29, 2004 3:28AM

<< PS: I rarely challenge weather any topic is on target or not. >>

meos1: I also rarely challenge the weather, because there really is no way to change the weather just by challenging it

Whether or not to challenge the weather -- ah yes that is the question...

meos1 · April 29, 2004 4:23AM

At least we agree on something. Thanks for catching the typo. Blasted spell checkers weaken your spelling.

Dan

Stuart · April 29, 2004 4:30AM

Dan: Spell checkers work well for spelling, but they don't always work the best for context. Have a great day!

ddink · April 29, 2004 4:31AM

Look at all the posts where newbies first come to the board after acquiring their parents' coin collection. 95% of the time it's all in that category of "junk" silver. As far as whether or not bullion coins are coins, any metal disc produced by the mint is defined as a coin

There are lots of threads I don't like to read, some I don't think are on topic. I just don't read them

RR · April 29, 2004 4:53AM

Like I said the other day when silver was at 6, patience, as it had 25 cents lower to go to test its 200 dma.
Let's see if it holds and how it bounces off that moving average.
Look out below if it goes through it, however.
It is looking more favorable for an entry point and for dollar cost averaging to build a posiiton.

RR

meos1 · April 29, 2004 5:02AM

As an avid collector of SAEs I am constantly being told that these are not coins. You and I agree, SAEs are coins. The junk silver is really of no numismatic value. Its only intrinsic value is comprised of the silver content.

Dan

Stuart · April 29, 2004 5:08AM

<< The junk silver is really of no numismatic value. Its only intrinsic value is comprised of the silver content. >>

Dan: How do you define Junk Silver??

meos1 · April 29, 2004 5:23AM

That which is below an acceptable grade to the majority of collectors. If I show you a 57 Washington Quarter in About Good are you really going to be interested? It has ceased to be of value numismatically and its only value now is the base metal, silver. In AG I would doubt that you could determine it was a 57 and just barely be able to tell its a quarter.

Dan

Stuart · April 29, 2004 5:27AM

Dan: Thanks for clarifying.

meos1 · April 29, 2004 6:08AM

Just for my edification: Would you feel comfortable with this definition? Whats your definistion?

Dan

Stuart · April 29, 2004 6:13AM

I personally prefer not to use the term "Junk Silver", but since you asked I'd define it as either circulated or uncirculated commodity type coins which have minimal numismatic value, whose price is mostly determined by their precious metal content.

Having said that, it's fun to look through what some call "Junk Silver" to sometimes find a rare coin or something else that may have value to you. One man's junk is another man's treasure!!!

meos1 · April 29, 2004 6:19AM

Junk drawers and box can be a pseudo-cherry pickers dream!! That G 32-D quarter is not Junk!

Dan

Stuart · April 29, 2004 7:27AM

<< Junk drawers and box can be a pseudo-cherry pickers dream!! That G 32-D quarter is not Junk! >>

Dan I agree with you on that.

My wife and I were excited when we found a 1921-D Mercury Dime as we were sifting through a large lot of circulated Mercury Dimes that I picked up about a year or so ago at 3.8x Face value.

So, I guess that you could say that I paid 38 cents for it

meos1 · April 29, 2004 7:32AM

Thats a sweet find.

Dan

Stuart · April 29, 2004 8:04AM

Thanks Dan. Again we agree !

drainbamage · April 29, 2004 8:49AM

Should it affect the price of a collectable coin? No it should not.

But it is one of those evil things that happen all the time. Here is my angle on it......

Certain coins are ignored for a time because they are not "hot" in the market. Then suddenly the price of the metals shoots to the moon and creats a bull market. As the collectable coins of ALL kinds are swallowed up the supply of high grade coins drops greatly. Then later the price of metal falls and quite often people are left holding the bag because they bought their coins when the price was high. They cannot afford to sell them and so they hoard them.

Now you have low supply and low demand at this point and the collection value once again takes over. But we are back to searching through "grandma's and grandpa's coin collection" because the market supply is so low.

I did not mean for this thread to start a fuss.....

cladking · April 29, 2004 12:25PM

Anything that has to do with US coins is certainly appropriate topics for this forum. There
is no doubt that many members have an interest in the metals in addition to their interesty
in the metallic content of their US coins. The markets for gold, silver, and zinc can have pro-
found effects on the markets for these coins and virtually all the members of this forum.

I may be inclined to agree that four current threads on a single topic may be ecxcessive.

It is dropping again

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