Is the New Orleans gold market the next in line to be destroyed through a greedy, well-managed promo
Longacre
Posts: 16,717 ✭✭✭
It is clear by now that I am not a fan of the well-managed promotion. In any other market, a market manipulator would be prosecuted for fraud. However, in the numismatic market, a promotion (and a well-managed one at that), is seen a a badge of honor. The chosen few who are privy to the promotion thumb their noses at free markets, while unsuspecting collectors, wide-eyed at the seemingly inexplicable run up in prices, are usually the ones left holding the bag when the promoters cash in their positions and go scurrying back into their rat holes. Here is an excerpt from the recent Doug Winter blog. Do you think that the New Oleans gold market will be the next to be ruined by the promoters (or is the N.O. market so under-collected that no one will notice, or even care, that there is a promotion afoot)?
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"I was very surprised to see almost no significant New Orleans gold coins (with the exception of the double eagles in the Heritage Platinum night sale) in any of the auctions or on the bourse floor. I’ve had a number of people call me and express surprise at the paucity of these coins, especially given the fact that my new book on New Orleans gold was just released, ostensibly spurring the market. I think the absence of these coins is due to three reasons. First, many New Orleans gold coins are genuinely scarce in higher grades. Second, the people who own higher grade New Orleans gold appear to be serious collectors who are in no rush to sell. Third, I would guess that at least a few dealers are quietly buying all the nice higher grade New Orleans gold they can find in anticipation of successful marketing programs based around my new book."
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"I was very surprised to see almost no significant New Orleans gold coins (with the exception of the double eagles in the Heritage Platinum night sale) in any of the auctions or on the bourse floor. I’ve had a number of people call me and express surprise at the paucity of these coins, especially given the fact that my new book on New Orleans gold was just released, ostensibly spurring the market. I think the absence of these coins is due to three reasons. First, many New Orleans gold coins are genuinely scarce in higher grades. Second, the people who own higher grade New Orleans gold appear to be serious collectors who are in no rush to sell. Third, I would guess that at least a few dealers are quietly buying all the nice higher grade New Orleans gold they can find in anticipation of successful marketing programs based around my new book."
Always took candy from strangers
Didn't wanna get me no trade
Never want to be like papa
Working for the boss every night and day
--"Happy", by the Rolling Stones (1972)
Didn't wanna get me no trade
Never want to be like papa
Working for the boss every night and day
--"Happy", by the Rolling Stones (1972)
0
Comments
-Amanda
I'm a YN working on a type set!
My Buffalo Nickel Website Home of the Quirky Buffaloes Collection!
Proud member of the CUFYNA
<< <i> I would collect NO gold if not for the fact that gold is so expensive.
-Amanda >>
Say what??
<< <i>
<< <i> I would collect NO gold if not for the fact that gold is so expensive.
-Amanda >>
Say what?? >>
NO= New Orleans
-Amanda
I'm a YN working on a type set!
My Buffalo Nickel Website Home of the Quirky Buffaloes Collection!
Proud member of the CUFYNA
I give away money. I collect money.
I don’t love money . I do love the Lord God.
Probably not a bad idea.
<< <i> Maybe its time to front run the 's' mint gold!
Probably not a bad idea. >>
Oh yes. Definitely. Might I suggest "better date" S mint Liberty Eagles?
Coin's for sale/trade.
Tom Pilitowski
US Rare Coin Investments
800-624-1870
But there is not enough NO gold or silver to go around to do an effective promotion. Promoters want something they can get in quantity and then market. They will not bother with such a small market as NO gold or silver for example. Go ahead and buy all choice and gem NO mint quarters from 1840 to 1891. It might only take a few million bucks to buy it all IF it were available to the market. How much would it take to buy a 100-200 or so coins? What's on the market at any one time is probably only a few hundred thousand dollars....and most of it is optimistically graded or conserved, further reducing the available supplies. I would suspect the gold portion is far scarcer.
roadrunner