ALL GOLD PRICED UNDER $7,500.00 IS ON FIRE
By Laura Sperber – Legend Numismatics ……
As of 3 PM Friday, July 24, gold is at $1,897.95 USD and is climbing.
We do not think there is a single coin dealer who has more than one or two GEM gold coins if that. Legend Rare Coin’s cheaper gold is almost all gone. This week it was call after call for cheap gold. One person made the mistake of thinking about a coin–and it was sold 15 minutes later.
MS66 pieces are crazy too. We’d PAY $2,425 for up to 100 PCGS CAC MS65 W/M Saints. PCGS/CAC MS66 we are paying $3,750. We still warn people about MS66+ Saints. Don’t see them higher than $5,250 still. That could change very quickly though with gold rising.
As far as we know, major dealers who normally have millions of dollars worth of gold in stock are bone dry. THERE IS NO FLOW/SUPPLY OF ANYTHING RIGHT NOW. As the price of gold rises, people are getting the fever to buy gold coins. When there is nothing around the bids and prices paid go up. It is happening as we speak. BUY WHAT YOU CAN NOW! We’ve said this all along over the last few months.
No question that gold coins are on fire! In time, the truly rare coins (ANY, including non-gold) will outperform the generics as the market entertains both gold fever and hard-asset hunger.
An FYI: After 3 PM EST we sold two big gold coins out of the blue. One went for over $25,000; the other went for over $75,000.
Listen to us, GOLD IS WHERE IT’S AT. BUY NOW BEFORE THE PRICES REALLY JUMP – THIS IS NOT HYPE.
LEGEND NUMISMATICS NEEDS TO BUY GOLD. WHAT DO YOU HAVE? CALL OR EMAIL US.
HOW IS THE REST OF THE MARKET
We call it hit or miss. Here, too, supply is a problem. No one can get enough of the “right” coins to sell. There is no supply. Having no shows has finally taken its toll.
However, as you can see from our last Regency 39 auction, fresh coins are making collectors fight for them. We set many world-record prices.
Our web site has seen slight activity – nothing to write home about. But it’s understandable. The market is probably not as big due to COVID-19. Here again, NOW IS THE TIME TO BUY. Hard assets are quickly coming back in vogue.
As the meme says: BOOM goes the dynamite! We had some cheaper $2.5 Indians and you’d think it was Shark Week with all the calls and sales we had of people eating up these coins(bad attempted humor). Fortunately, we have some dupes and thus have a few still to offer (see the web site).
We do have a fabulous Gold $1 1854 TYII PCGS MS65+. These are so hard to find. This coin is really nice.
Other coins include:
- 5C 1914 PCGS PR67+ – gorgeous toning
- $1 1878 TRADE PCGS MS64
- G $1 1880 PCGS MS68
We have one of the largest PCGS CAC inventories in the business. Look around to see just how many super coins we offer versus others. Our prices are realistic and are current market. No one works as hard or cares as much that we are placing nice coins with our customers.
If you have any questions or wish to order, call or email us: [email protected]. WE DO NOT CHECK OUR PHONE MESSAGES UNTIL 9 AM MONDAY.
For more information, please visit www.legendauctions.com.
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Legend Rare Coin Auctions (LRCA), based in Lincroft, NJ, is a boutique-style rare coin auction firm.
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Please why would I buy gold now when
a) the reduced supply is caused by a pandemic which will be resolved by a vaccine in 2021?
b) the purchase of gold is being driven by fear due to weak political leadership in handling the pandemic and once that changes the fear/panic level will drop and along with it gold prices?
c) when buying modern gold and silver coins their numismatic value is quite restricted – usually dealers will pay you at or below spot, with only some exceptions — and for the majority of coins the price will be based on bullion, then popularity and mintage?
d) prices can go only so high before demand drops no matter how low the supply is, an extreme case in point is the drop in gold prices in 1931 at the onset of the Great Depression.
e) finally, I recall when the 1986 commemorative Liberty gold and AGE coins were issued, economic times were good but the pent up hunger for gold was so great the US Mint sold millions of them at a premium. You made a profit if you sold your 1986 gold coins in the following years: 1987 and then 2004 onward. So whatever I buy in gold I would have to hope for a price rise in average value of gold of 620% in 16 years (2004 – 2020). When the limits on owning gold in the US were removed gold rose a little over 500% from about 1972 – 1984 to around $300 – 350. Yet the period of 1984 – 2004 gold stayed on average around the 300 – 400 range. So I wonder why such an incredible rally in gold prices since 2004? I would investigate that first before buying any modern gold coins.
The rising price of gold and silver are part of the bigger macro financial bubble.
How is the overall US coin price level doing? I didn’t read anything about that in this report. Sounds like the same narrow breadth observed in peaking and declining financial markets to me.
Then there is the unprecedented (literally) divergence between gold and silver. Gold has hit a slightly higher record versus late 2011 while silver is still over 50% lower than in May, 2011 and even January, 1980 (in nominal terms).
The printing of fiat currency, into infinity, is driving up the gold price.
Remember what happened to the Zimbabwe currency? The US dollar is next.