Market & COVID-19 Report
Normally I am issuing a report for the March Baltimore Show. The show was cancelled due to the COVID-19 outbreak. As of now, the Central States Convention and all of our smaller local and regional shows have been cancelled through April.
The bank we are located in is changing their hours to open from 9am – 2pm. We have access to our inventory, which is kept in the bank vaults, but that access has been shortened. If they go to a closed lobby and drive-thru only, or close altogether, we will keep you posted. If we are ordered to shelter in place, we will try to inform you. If that happens, I plan on still paying our loyal employees as long as I can. For now, we are healthy, doing business and our customers are coming in every day. We are taking precautions to keep everything clean and disinfected. If anyone shows any signs of sickness, they will be asked to go home and self-quarantine.
The prices of gold and particularly silver have dropped. Silver, gold and platinum have really taken it on the chin. Industrial usage metals are following the stock market plunge. Yet on silver, premiums have escalated dramatically and available supplies are almost wiped out. So much for economics dictating prices! The limited supply of silver is a shock, considering the price drop. At some point we could see a coiled spring rebound.
On the other hand, gold has held up well. The monetary based nature of the metal has helped gold tremendously. In some instances, margin calls are being met by selling metal and central banks may be shuffling paper, but the cat is out of the bag. At some point, hard assets should appreciate at a shocking price.
Rare coin supplies are limited. The show cancellations have grinded the industry to a halt. I’m still trying to find nice coins. If you have anything for sale, please consider us. I am still looking at coins for customers and recommending they have us send them to CAC to maximize their price. I know dealers think I’m nuts for not taking all the juice for us, but customers put hard earned money into their coins, in the hope of getting the most for them. We do this for everyone. Whether you’re a regular customer or someone that has never done business with us before, everyone deserves a fair shake!
Feel free to call us if you have questions or any needs. We will always do what we’ve always done and give you the best and most honest efforts we can. For now, stay healthy and be mindful of others. It appears that things may get worse before we turn the corner.
God Bless,
Warren