FRESH & RARE COINS IN DEMAND GOLD 10% OVER PLATINUM

GreysheetThe rare coin market remains on solid ground after the metals gyrate, with individuals continuing to buy, seeking an alternative to other investments and as a hedge against future inflation. Established collectors are carrying on with their endeavors, but continue meeting some headwinds as it gets more difficult to locate the coins they want and/or as selective prices climb higher. Still, strong prices are being paid to acquire better quality coins, especially CAC approved material, which can be sold sight-unseen for all the premium and no hassle of returns or any of the other obstacles to rapid liquidation. Better date Morgans are particularly hot this week in this regard.
Coin shop activity continues on the buying side with the public still bringing in coins, jewelry, and precious metals to sell with some in a panic as metal prices have plunged during recent weeks. More sophisticated collectors, however, are continuing to hold, but some are liquidating to cover losses in other areas. Gold has remained above the $1,600 per ounce mark lately, currently at $1,656, recovering from a recent decline to $1,593 September 26. For the last two weeks, Platinum has traded below Gold, and is now hovering around 10% lower than the yellow metal, while Palladium has dropped to below $600 which hasn’t taken place since late October of last year.
This is an off week for some dealers who only attend the major shows, a welcome break from the busy August and September schedule of the ANA, Long Beach, and Whitman Philadelphia shows. Other dealers are already in the area of Pittsburgh for the Fall National Money Show beginning October 13, attending a pre show in nearby Monroeville, PA, which runs through October 10. Several smaller shows are filling in the gaps around the country for some collectors and dealers who would normally attend the major shows. However, some of these smaller one-day shows used to be two, or even three-day events, but have shrunk during the past decade or two because of increased internet trading and the slow coin market that occurred prior to the bull market of the 2000s. Many of the dealers who set up at the smaller shows are shop dealers who have been buying from the public and have precious metal related products and less expensive coins the average collector is seeking; whereas the major shows have a larger presence of national dealers who serve high-end collectors and investors with a different inventory make-up.
ICTA, the Industry Council for Tangible Assets, has been receiving calls about stepped up enforcement of local and state Secondhand Dealer laws which require dealers to hold items such as scrap jewelry, flatware, precious metals, bullion coins, and sometimes even high-priced rare coins and currency. Increased appearances by hotel buyers, and other itinerant buyers, are a concern to policing authorities, as are established coin shops and offices. Many dealers are surprised to learn that their cities and states have laws already on the books that are now increasingly being enforced. Most of these laws require dealers to hold this merchandise from usually 7 all the way up to 30 days.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

w

Connecting to %s

%d bloggers like this: