New Legend Market Report up

Justacommeman · June 27, 2010 12:41PM

bidask · June 27, 2010 1:20PM

philantropy is good...

ecichlid · June 27, 2010 1:37PM

More evidence that we need to go back to the good old days and get the upper tax bracket to where it was in the 50's and early 60's. The rich are eroding the middle class.

Elcontador · June 27, 2010 3:30PM

From reading the report, it appears that many people may be more interested in gold than in numismatic coins. Maybe this explains why a I got a coin well below my max bid @ the Heritage Long Beach Signature sale........keep buying gold, people.

pennyannie · June 27, 2010 3:57PM

I am just surprised the non collector crowd really wants high grade gold at a steep premium. I figured them for the as close to spot, fill up my dumptruck crowd.

RedHerring · June 27, 2010 4:44PM

Quoted from the link, "We are paying $3,475.00 for ANY PCGS/NGC CAC MS66 stickered Saints. We need a HUGE quantity. We would also like to buy $10 Indians in PCGS/NGC MS65 CAC. We're paying $4,500.00 each right now. Here too, we need HUGE quanitities."

Finding CAC green beans at those prices is VERY tough indeed.

291fifth · June 27, 2010 6:45PM

<< I am just surprised the non collector crowd really wants high grade gold at a steep premium. I figured them for the as close to spot, fill up my dumptruck crowd. >>

Maybe there is a shortage of dump trucks? Perhaps the "wealth managers" were pushing them last month?

earlyAurum · June 27, 2010 9:33PM

I am surprised that the investor type wants CAC high MS gold. It must be marketing. I would assume that investors would simply want bullion.

pmac · June 27, 2010 9:43PM

I want to buy some 'genric' gold, anybody know where?

PerryHall · June 27, 2010 10:04PM

<< I am surprised that the investor type wants CAC high MS gold. It must be marketing. I would assume that investors would simply want bullion. >>

Agree. Bullion gold is more liquid.

dbcoin · June 27, 2010 10:14PM

I believe the Wall St mentality is that rare coins in the MS65 grade are like bullion on steroids. Considering how Wall St types like leverage, is it no wonder that they migrate to the higher end coins? Those that want mere bullion are going into the gold ETF, GLD or PHYS. When you look at the spreads between MS65 and bullion, this is a great time to pick up MS65 gold if you think gold is going higher.

If you know nothing about rare coins, why wouldn't pay for the second opinion (CAC)? In this case, it's actually a third opinion (TPG, CAC, Legend)

Lakesammman · June 28, 2010 2:00AM

Sounds like a good time to sell. Where were the "savy" investors when gold was $300??

Steve27 · June 28, 2010 2:06AM

<< Sounds like a good time to sell. Where were the "savy" investors when gold was $300??

>>

Good point!

roadrunner · June 28, 2010 6:41AM

Quoted from the link, "We are paying $3,475.00 for ANY PCGS/NGC CAC MS66 stickered Saints. We need a HUGE quantity. We would also like to buy $10 Indians in PCGS/NGC MS65 CAC. We're paying $4,500.00 each right now. Here too, we need HUGE quanitities."

Finding CAC green beans at those prices is VERY tough indeed.

In fact it's probably a good time to buy CAC MS65 $10 Indians.... not sell them. Just because gold has moved to new all time highs doesn't mean the generic gold market has moved with it.......and it hasn't. At least not yet. These were up to $5,200 in November 2009 and have since fallen off nearly 20%...on paper. But the problem is you couldn't find quantities of them back then in CAC 65 at $5,000. You certainly won't find anyone with half a brain selling quantities of these for 5% over CDN bid at $4250-$4500. MS65 small gold has generally been out of favor since spring of 2006 when the above $10 Indians were fetching $6500+ with gold at $730. It's only a matter of time before gold coins like this recover.

I am just surprised the non collector crowd really wants high grade gold at a steep premium. I figured them for the as close to spot, fill up my dumptruck crowd

The most important step in any gold coin investment is getting the grade you pay for. Generic gold tends to be synonomous with "varying quality." If you want all there quality, which is a tiny fraction of the gem gold coin market, then you have to pay for it. For anyone buying 65-67 Saints as a longer term hold it's ultra-critical imo to buy only CAC certified pieces. CAC only certifies a tiny fraction of the available coins in these grades. The vast majority do not measure up to their standards. Most of the CAC 65 Saints I've seen would be every bit as good as your generic 66. So for an extra 10% or so you almost get the next grade up....and do not have to worry about owning a potential next grade down.

roadrunner

golfer72 · June 28, 2010 9:34AM

Just remember, everything they state is fact!!

oreville · June 29, 2010 12:52PM

<< <>

Agree. Bullion gold is more liquid. >>

Hmm, at the November Baltimore, I went to sell 4 bullion coins and 8 PCGS slabbed $20 Libs and Saints (non-stickered). I found it easier to sell the slabbed coins. Perhaps such scenario is only true at major coin shows and not elsewhere.

Perhaps we need to be more specific as to which KIND OF BULLION gold is more liquid? Gold American Eagles? Anything else?

MrOrganic · June 29, 2010 1:41PM

HMMMMM

june 27th legend puts out market report touting U.S. CAC stickered Gold is the way to go!

today heritage is selling generic CAC stickered gold.(never seen them sell this in the past 1.5 year)

verrrryy interesting

ecichlid · June 29, 2010 1:45PM

More liquid? Less juice?
link

Justacommeman · June 29, 2010 2:01PM

<< More liquid? Less juice?
link >>

GLD is not gold. Read the GLD prospectus. It's pretty alarming. GLD is ok for a trade but is the antithesis to physical gold ownership. I cringe when I hear people say they own gold when in fact they own GLD. MJ

truthteller · June 29, 2010 5:08PM

Just remember, with bullion gold you have WORLDWIDE buyers with billions of $; with certified US coins, who have a very limited choice of buyers who can any moment say NO, I DON'T WANT TO BUY. This was VERY evident at the last Long Beach show where I had a difficult time trying to sell one $20 Lib PCGS64 at market.

TRUTH

roadrunner · June 30, 2010 4:34AM

If you mean the Feb Long Beach show it doesn't surprise me that slabbed generic gold was illiquid as the gold price was bottoming around $1050 at that time. If that occurred during this recent June show, then I would be a lot more concerned. Heritage and other market makers now make it a habit of dumping all their bids whenever gold starts free-falling for any significant length of time. Imagine if the financial markets worked like that and you couldn't sell your GLD today because no one was buying.

Heritage has been putting out CAC lists of coins for sale quite routinely. I've certainly received several of their lists during the past 6-12 months. A lot of their CAC material goes up on the weekly gold internet sales. Most of what was on this current CAC list were smaller coins like the $1's and $2-1/2's which are slower movers except when gold is in a feeding frenzy and surging to new all time highs week after week.

roadrunner

New Legend Market Report up

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