Gold Coin article - highlights from today's Wall Street Journal
CharlieB
Posts: 441 ✭
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For those who will not get a chance to read today's (Friday)
Wall Street Journal( the best newspaper there is)
on Page W12 is an article on A $20 Gold Coin - For 1.9$ million.
Some highlights from the article:
Commonly held coins such as the 1924 Gold pieces designed by sculpter Augustus Saint Gaudens
now sell at coin shops in top condition for $1,750, up from $1,400 a couple years ago, according to
multiple dealers.
"If it's a gold coin, we can't keep it on the shelf", says Greg Roberts, president of the North American division
of Escala".
At least 140 million Americans collect coins, the U.S. Mint says, up from 125 million two years ago.
The market's blue -chip commodity, according to Scott Travers author of "The Coin Collector's Survival Manual",
consists of certified, mint-condition coins that are deemed rare or have a compelling history such as coins from the
Revolutionary War period. On the low end, undervalued coins include the $20 Double Eagle coins from 1900 to 1904
in "Mint State 64" condition.
Tory Prestera, an eye surgeon from San Diego, started collecting coins two years ago and says gold's high price
has encouraged him to add more gold coins to his collection. One recent purchase: An 1898 gold piece that cost
about $135,000. He stores the real thing with the rest of his collection in a bank deposit box, but keeps a photo
of his favorite as his computer screensaver. "My wife isn't too impressed," he says. "but to me it's looking like at
treasure".
- Charlie B -
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"location, location, location...eye appeal, eye appeal, eye appeal"
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Comments
MS64 1904 $20's?
Scary sell signals don't get much scarier than that. Gonna start reducing prices tomorrow. Across the board.
Doggedly collecting coins of the Central American Republic.
Visit the Society of US Pattern Collectors at USPatterns.com.
"Seu cabra da peste,
"Sou Mangueira......."
Until gold recovers it's lost inflation premiiums from the early 1980's,
or the DOW/gold ratio approaches historic lows, and silver to gold ratio approaches historic highs once again, we are far from the real hype. Gold is still in the very early stages. In the meantime it will drag the US coin market along with it. The FED hiding 40% of M3 data beginning in late March (coincidentally along with the creation of Iran oil bourse) there is the potential for some serious metals movements in the near future.
I'm still waiting to run into a 2nd person anywhere (at work, from my family, friends, relatives, etc) that mentions gold as a possible hedge or alternative to stocks/bonds. Hasn't happened yet. And it will take a lot more than a 2nd person in my own sphere to tell me that the hype is out in main street and it's time to bolt. Contrarily, it looks like everyone is still piling into stocks.
roadrunner
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I'm still waiting to run into a 2nd person anywhere (at work, from my family, friends, relatives, etc) that mentions gold as a possible hedge or alternative to stocks/bonds. Hasn't happened yet. And it will take a lot more than a 2nd person in my own sphere to tell me that the hype is out in main street and it's time to bolt. Contrarily, it looks like everyone is still piling into stocks.
roadrunner >>
I second Roadrunner's comments on gold. Gold is just starting to be noticed by the general American investing public. No one that I talk to mentions it. If I bring it up, there eyes tend to glaze over. It is as if they have heard the same reasons to buy gold over and over for the last 20 years [true]. The cry of wolf has been sounded over and over and the wolf has never come through the door. That said, in my opinion, the short term risk remains high for gold bulls.