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GoldFinger1969
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Posts posted by GoldFinger1969
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On 11/3/2022 at 12:51 AM, Cat Bath said:
I've noticed from the registry that there are very few upgrades amongst those of us who have been at it awhile. Gold looks like it's tanking and severely bagged-out common saints are still selling at over 2K.
Is that the going rate at LCS and at local/regional coin shows ?
I was able to buy an MS-63 Saint for basically spot at FUN 2020. Gold was rising then and would make a run of a few hundred more dollars to top $2,000. So with the wind at its back, dealers were willing to sell for spot. Today, with gold doing NOTHING for years and down lately, "weird" premiums seem to be at play, though nothing like with silver.
The quoted premiums in BARRON'S each week are higher than in the past but only by about 3%; these are for regular national bullion coins.
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On 11/3/2022 at 4:16 PM, Coinbuf said:
And from what I have read you should actually like (as much as you can like any TPG) the new CAC grading company as their grading approach will be the closest to your way of grading. From all I have read JA does not plan to embrace the current market grading that the top two services currently employ, recently I read or heard on one of the videos JA discussing coins with weak strikes.
That's interesting because the CAC stickers were pretty much given out for grades consistent with market grading.
On 11/3/2022 at 4:16 PM, Coinbuf said:This is not a direct quote but the basic concept of what he said was that a coin which would otherwise grade as MS66 but has a weak strike would be graded lower, perhaps as low as MS64. He mentions a very well known dealer/writer (sorry do not recall his name) who disagrees with him and told JA that a coin like that should be graded as MS66 with weak strike denoted on the slab label. It is that dealer's type of thought process that has led to the current market grading and gradeflation problem in the hobby. So really, while I never expect you to embrace any TPG, if CACG is successful in moving the grading curve back to more like it was when the TPG's first started it would in fact be much more in line with your concept of grading. The big questions are, will dealers and collectors embrace this different standard of grading, and will it be sustainable over time.
If the strike for a particular coin or year or mint is "weak" throughout all the coins, then it's really not held against the coin compared to a year or mint that has a "strong" strike. Having split grades (obverse/reverse) or mentioning strike separately is just confusing collectors and Balkanizing the hobby.
JA is well-respected but given his past at NGC and CAC, I don't see how he can suddenly "harden" grading even though I am completely in favor of ending gradeflation.
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On 11/2/2022 at 10:08 PM, VKurtB said:
All financial asset classes are down, and that’s not an accident. It is design, by the Federal Reserve Board and The Regime working in concert. They are intentionally impoverishing the whole nation. Instead of lifting people up to compete and excel, the effort is to spread misery as widely as they can. What a country!
Rates are rising as forecasted. Only a person ignorant of financial markets -- of which there are many -- would have thought rates were staying at zero.
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On 11/2/2022 at 2:53 PM, EagleRJO said:
@VKurtBsounds like you have set yourself up pretty well, and I did see that nice SS increase. Wish I could lock in 401k payouts, then I really would take early retirement.
You can always annuitize investments but it generally doesn't pay to try and get the mortality benefit until your 70's.
And with investment grade and high-yield bonds now able to give you a 7-8% yield, it's not as important.
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On 11/2/2022 at 1:00 PM, VKurtB said:
What have precious metals prices done in the face of the most ridiculous increase in money printing in history? Well… gold is DOWN about 20% since March. You tell me what’s going on.
It's one of the best-performing asset classes YTD.
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On 11/2/2022 at 12:36 PM, VKurtB said:
I just got off of a Zoom call meeting of the American Numismatic Association’s Membership and Outreach Committee. The Executive Director of the ANA, with NO PROMPTING FROM ME, spontaneously said how poor an investment coins are. THIS IS HER FULLTIME JOB!!!!! You don’t want to believe me? Fine. Believe her.
Why is it hard to believe she/they believe coins are a bad "investment" when that is backed up by historical numbers ?
On 11/2/2022 at 12:36 PM, VKurtB said:And no, William Devane and Lear Capital haven’t figured out how to do it either. They. Are. Lying.
Devane (great in MARATHON MAN and "24") is talking gold bullion. Haven't paid much attention to the ads but unless he's saying they are better than stocks and bonds not sure he's in the wrong. SEC would have something to say about it.
Worse are the infomercials selling overpriced numismatics.
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On 11/1/2022 at 11:49 AM, VKurtB said:
I wish I could like this post 10 times. Distribution includes HOW assets are sold, no? My father died with a very rare automobile, actually two, that my sister nearly GAVE away. She got conned by a slick operator. Absolutely ZERO “due diligence”.
Didn't you mention over the years to your sister that the car(s) were valuable ?
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Bunch of generic commons in lower-grades (MS-63 and below) sold for a total cost (including bp) of just under $2,000 on Sunday, Eagle.
Hammer prices are $75-$100 over spot gold but the convenience of buying online....the value of the holder....the grade itself....and year....are making some people comfortable paying a 15-18% premium over spot.
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On 10/31/2022 at 3:40 PM, VKurtB said:
The Pennsylvania State Employee’s Retirement System (SERS) did precisely that with astonishing regularity. They didn’t outperform the market indices even one year of my time as an employee member.
I'm aware of that....but as a defined benefit plan, it doesn't affect you (unless SERS/PA go broke).
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Harry, many of us are not expert graders in general or on your particular coin type. Toning adds another degree of difficulty.
Good luck with your submission and report back.
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On 10/31/2022 at 11:48 AM, VKurtB said:
Viewing the events of 1933 from a 2022 standpoint will almost certainly lead you astray. In 1933, for most people, gold had not the mythical appeal that it has today. It was just another medium of exchange. April 1933 just removed one for another. Given the way people act about gold, I wish Gerald Ford hadn’t lifted the ban in 1974.
Doesn't matter. People including many immigrants (like my family) were forced to turn in their gold at an unfair exchange price.
How would you like your stock portfolio or state pension to be bought out from you at 60 cents on the dollar ?
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On 10/31/2022 at 10:52 AM, RWB said:
Confiscation is not being paid fair value --- eminent domain is the same concept.
Right, the price Americans got for their gold was $20.67/oz. while the true value was closer to $35/oz. (probably $32 oz globally).
Are you defending the hand-ins of gold at gunpoint, Roger ?
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On 10/30/2022 at 6:06 PM, J. Morgan Sr said:
With the passing of a member of the family, I have become the caretaker of a coin, stamp, and comic book collection so vast it filled up my car. I had to take all of my guns out of the 12 gun safe to securely store it all. I am looking for a shop or group in the Memphis TN or Tulsa OK area to give advice on the cataloging of it. The coins are all 50 years Old and older.. comics look to be 60s- early 80s
As a general rule, probably 80% of the value is in 20% of the stuff. Might even be 90%.
Focus on the obvious: gold or silver coins. Classic comics. Use Ebay, HA, and GC to punch up some current or recent sales or offering prices.
Gold and silver coins are the easy pickings monetarily to figure out but some small denomination U.S. coins cold be valuable, too. Will require more digging.
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On 10/30/2022 at 10:38 PM, VKurtB said:
Been there, seen that. The attitude is “We say what the law is. Don’t like it? Hire a lawyer and sue us.” Their legal counsel is on salary, with benefits.
It can be done.
FIRREA.
Kicked the lying SOB government regulators right in the nuts. -
On 10/30/2022 at 10:10 PM, RWB said:
There was no confiscation. Hoarded gold coin and gold certificates were paid for in full.
If you didn't want to sell it, it's confiscation. Especially when you are told you can get $20.67/oz. and then a few months later it is worth $35/oz., closer to the true spot global price of gold.
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On 10/30/2022 at 6:17 PM, VKurtB said:
The plan to confiscate gold was not a big secret and FDR won in a landslide. Seems to me it might have been highly popular.
I doubt there's any correlation between them.
How popular do you think gold confiscation would have been at $20.67 an ounce.....exempting collectors and "The Rich"....and then be told it was worth 70% more at $35 ounce ?
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On 10/30/2022 at 3:46 PM, RWB said:
Internal Treasury documents are business-oriented and very rarely touch on collectors or similar things.
So you're saying they might have talked about that stuff but not put it in writing ? Interesting....
I would have thought there'd be lots of interesting banter once FDR decided to start melting/confiscating gold. You'd also think some people might have objected to striking 1933 DE's (and Indian Head $10) into May 1933 when it was apparent by April 1933 that they'd all be turned into bars.
But I could also see why they'd TALK about it and not put it in writing, since it was so political and you could probably lose your job or be demoted/lose a promotion if you disagreed with their moves.
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Any memos and discussion pieces talking about more popularly-collected series like Double Eagles, Morgans, etc. ? That would be very interesting, I would think.
I would think there should be some interesting back-and-forths on the relative lack of use in regular commerce, especially Saints/Liberty's. If not for backing Gold Certificates and because of domestic silver producers, both coins could have probably justified much smaller mintages at great savings.
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On 10/28/2022 at 8:55 AM, J P M said:
Good luck. I think TPG are reluctant to give out high grades on certain coins like Nickels and Morgan's, to much controversy
They're certainly aware of where the "kinks" and inflection points are for pricing. And they're wary of increasing their population numbers, esp. when they haven't changed much in years.
Should have nothing to do with grading a coin before you, but you know it's there -- especially in the minds of veteran or senior graders.
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The Reverse Proof Buffalo is a good-looking coin. Had one, sold it, want to buy anothere one.
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I'm not familiar with pricing in small denomination U.S. coins....but I'd be very afraid to pay a huge premium to face value for a penny or nickel or coins like that. I'm always afraid of those coins replicating baseball cards and/or stamps.
My preference would be to buy a gold or silver coin, maybe at a 25% premium (gold) or very special year with low pop (silver).
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On 10/28/2022 at 3:18 PM, Quintus Arrius said:
but the nearest coin emporiums (Brigandi's, H.A., Stack's Bowers) are over 50 city blocks away, accessible by public transportation, within an hour [if the bus isn't hijacked or a straphanger isn't thrown to the subway tracks.
But HA and SB are pretty well-known, and a mid-Manhattan dealer with some longevity is unlikely to go out of business in a few weeks.,
But Joe's Coins 'N Things on Rural Rout 33 nearly 2 hours from a city of size ? ZOINKS!!!, as Shaggy used to say !!
Official Saint-Gaudens/Gold Coin Price Thread
in US, World, and Ancient Coins
Posted
I can't say I've gone in regularly, but when I do goto my LCS, prices reflect market prices.
Isn't that what a dealer SHOULD be...a guy who sells at market prices, making a small spread buying and selling, not gambling on the price itself....like a bookie doesn't wager on the actual outcome of a game ?