Chicago ANA 8/15-8/20/11
The ANA was well attended and twice the size of last year’s Boston ANA. We had a good table location and there was a lot of foot traffic. Some record prices were set in the auctions with pretty toned commems causing double takes. Witness an Alabama 50c with wonderful color and graded MS-65 that brought $28,750 to a dealer! I just wish that auction buyers attended the show. I believe many of them overpaid dramatically and were caught up in auction fever. In my opinion, a tough lesson will be learned.
Chicago ANA 8/15-8/20/11
A Coin Lovers Odyssey
I decided to take a couple of days and go to the June Baltimore Show. With our stance for original coins, we were getting thin. So off I went for Wednesday private showings and all day Thursday. Normally, I do not do the summer show because of dealer and collector vacationing. In my opinion, the show is a shell of the fall and spring extravaganza…and so it was this summer.
In my opinion, Baltimore Spring & Fall are must attends for active dealers and experienced coin enthusiasts. Everyone that has a decent to great coin inventory usually attends. The show was very well attended by the public: a lot of activity in silver and gold eagles but a more broad based activity in many series. With the overwhelming interest in bullion, many dealers are now switching over and grading bullion coins and selling them for huge premiums. Beware of graded bullion; buy them raw and certify them yourself! The word is that dealers are making so much money selling people graded bullion that they aren’t dealing in rare coins anymore. I’ve heard this said: “I’ve never made so much money in my life,” “Why try to sell real coins to knowledgeable buyers when you can fleece newbies with no effort.” Sad…isn’t it. No interest for the client’s well being or stewardship for the industry.
I neglected to write anything about the F.U.N. show in January because I was awaiting the outcome on the coin doctoring meetings. Many dealers recycle the same old dribble about how great every show is and that you should buy coins. We like to give a true, how we feel perspective on everything. So allow me to touch on a few pertinent points.
This short but very informative article was published on Yahoo finance recently and is a hard dose of reality. PIMCO co-founder Bill Gross who is high regarded and the world's bond guru is confirming what many of us in the hard asset aready already know, that the US debt problem cannot be easily solved.