1890's carson gold...through the roof...wait it out?

[Jakeblue]

I have been following some auctions for 1890, 92 and 93 double eagles here and there, and wow, the realized prices seem to be very high when compared to all the price guides and from auctions a few months ago. I know that spot gold has risen, but the price for these coins is really skyrocketing.

 

I can be patient, but I am concerned that this is a trend that could be become the norm.

 

Question, think it is better to wait awhile and see if the market adjusts? Or is this a simple needed correction that is here to stay? I am looking a get a XF/AU example, preferably a 1893. Tough decision.

 

[Oldtrader3]

My money has been on get gold coins now while you can at even these prices. Gold coins are expensive but NYMEX pricing for gold is $920/ounce and I don't think that it will go down much below $875. I think that CC coins in decent grades are finally catching up with their actual scarcity. Many other MS gold coins (ie $5 00 Indians) are actually down from their prices a 1-1/2 years ago.

 

The CC gold coin prices are not closely related to gold spot pricing anyhow. I know that the CC eagles have only gone up a couple hundred bucks in AU grades. You are not going to find too many AU, $20, coins anyhow without paying way over sheet. Checking Heritage records, only about (25) AU-CC coins have sold in the past several years and with a couple of exceptions, actual prices realized are not much different than (3) years ago when gold was $450/ounce.

[Jakeblue]

Maybe the spot does not affect all that much, but XF 1893's $20 on Heritage were selling in the upper 1700-1900 range a few years ago. Now, those same coins are going for over current AU guides and beyond. I don't even want to research an upper grade AU.

 

Yes, I do agree that looking over from a pure objective standpoint, can't argue that the prices for the collector gold probably will not decrease. Probably no smarter time than now to hit it.

[Oldtrader3]

You may want to communicate with Bob (Supertooth) regarding CC double eagles. He has a great deal more experience with collecting them and pricing then I do. Most of my experience has been with CC eagles.

[MBA101]

I would buy now and hold on with both hands, and get the best that you can afford. CC gold will always be in demand. I think that whatever you buy at now, if you plan on holding for the long haul, you will be better off when you plan to sell. I have an 1890 that I know I will have a tough time trying to replace if I ever were to sell it. It has gone up by at least 33% over my buy price since I got it back around 2002. And the demand will only go up.

 

Don't worry about the gold price. Even if it goes down, these should hold their value. And you will only kick yourself if you wait and gold goes up by $300 and pushes these CC's up even further.

 

And gather as many opinions as you can. I am pretty sure that all will agree that buying now is a good idea if you can afford it.

[Jakeblue]

Yep, dove in with both feet.

 

After researching it, the 1893 doubles are less than 200 in the XF grade, and the AU's, while more of them, are going way above guides/sheets prices, as well as the XF's.

 

I posted her under the "recent acquisitions" thread.

[jtryka]

I think your assessment is pretty well on target. As a gold collector, I am very glad I purchased all my common date coins prior to the surge in gold as many of them track right along with gold prices, both the ups and the downs! When gold is popular, the herd goes for the common dates and drives them up, but the astute buyer goes for the ignored rarer dates as it often takes longer for the market to catch up on their values. My last Saint addition was a 26-S, I paid about 2.5x melt, but it's a much rarer coin with perhaps a few hundred left in existence, so the value is much less tied to gold bullion prices. In my opinion, that is the way to go for right now.