Paul and I left New Hampshire early on Tuesday, January 8thfor the show. We arrived and stayed for a week of 80 degree temperatures and no rain with a nice breeze too! On Tuesday we traveled to various hotels in the area to view fresh dealer inventory and show some of our coins. As usual, our coins were eagerly sought after and acquired. So our selling was consistent but buying was brutal. It’s one thing to price a nice coin for strong money but virtually anything halfway decent was being offered at double bid or more.
By Joseph Presti
An analysis of bullion vs. $20 Saint Gaudens by Joseph Presti 12/20/2012
There is no doubt about it, gold has been the darling investment, having risen from $280/oz. in January 2002 to approximately $1725/oz. at the end of 2012. That type of appreciation has propelled gold bullion (bullion) from a fringe investment to the mainstream having attracted Wall Street attention.
Metals are drafting down a bit and this trend may continue for the foreseeable future. I attribute this to concern about the fiscal cliff and Eurozone uncertainty. Joe and I were discussing this today and I believe that during an emergency, when liquidity becomes a concern, gold and silver will be liquidated as a last resort. With deficit obligations closer to $90 trillion, not $16 trillion, it’s just a matter of time before the bomb drops. Use this as a price average opportunity.
When we came back from Baltimore, I went through our retail inventory and sent in 29 coins to CAC. Just got the results and “only” 28 of them CAC’d and not one gold sticker. I guess I’m slipping. I really like 19th Century Type and MS-64 or better numismatic gold at these levels. A counterfeit bullion scare will act as catalyst for rare coins, watch for further news.
We had the best Baltimore Show ever in terms of wholesale and retail sales! Again, dominated by dealers that know coins. Fresh original and strict grading brought dealers to our coins. I heard it often that, “this is a Warren Mills coin,” meaning that the coin was top of the line in all ways and it continued when the public came in. We sold some very nice coins to happy collectors. Also, the buying was tough. The usual commercially graded, dipped and over-graded coins were everywhere. It was the best of times for selling and the worst of times for buying.
With great anticipation, Paul and I drove off on Monday morning to Philly. We encountered the usual traffic snarl at the G.W. Bridge in New York but the ride was not bad. At the loading dock we were directed to where we could bring our material in. Again, no problems. Monday evening we met a numismatic book dealer that had received a $6,900 “move-in” bill from the union workers. He may sell a few thousand dollars worth of books for the whole show!