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Buying graded generic gold at prices from melt to slightly above melt.

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So... I was reading Legend Coin market report from the FUN show and noted a few comments:

 

"However, the market is flooded with dreck (DRECK is low end, fugly, overgraded coins-not determined by any value). Dealers still have horrible cash flows-which just got worse because they either suffered HUGE losses selling or they could not sell. Wholesale at the show was pretty much frozen unless you had really nice and fresh coins."

 

and

 

"We guesstimate that the entire coin market was off by 10% at the show alone. Even the very best material was off because dreck was everywhere and dealers were broke. it was hard to watch dreck sell for less then cents on the dollar while being forced to pay a premium that seemed like a multiple for the best coins. Of course generic and semi generic gold have taken some of the hardest beatings. Things like MS62 $20 Libs are practically selling for melt."

 

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My comment:

 

I don't attend shows (maybe I should) but I am willing and able to help the dealer community out. :grin:

 

If anyone has MS61's or 62's graded and willing to sell at slightly above melt pls send me a PM and I'm sure we can get something done.

 

Thanks,Jay

 

 

 

 

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Things like MS62 $20 Libs are practically selling for melt."

I think that means there is no problem selling at melt or slightly better. There is no incentive to sell to you for an amount that can be easily obtained from know buyers. You should make an offer that beats the easy to get money if you really want to buy. You don't have to offer a lot more just enough to get sellers attention.

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Things like MS62 $20 Libs are practically selling for melt."

I think that means there is no problem selling at melt or slightly better. There is no incentive to sell to you for an amount that can be easily obtained from know buyers. You should make an offer that beats the easy to get money if you really want to buy. You don't have to offer a lot more just enough to get sellers attention.

 

Yes sir! you are correct. I'll be a bit more specific.

 

If spot is 1293? then I'll pay

 

$1320 per coin for MS62 PCGS $20 gold graded gold liberties (rougly $70 per coint above melt)?

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You may want to give Heritage or Rarcoa a call as they have been sending out their rock bottom premium sell prices for quite a while now.

 

And Laurie Sperber's comments are unduly harsh and an insult to the many dealers who are doing their best to run decent businesses. It is a good thing she wasn't in the military as few would have wanted to be a member of her corps with the scorched earth snobby style and policy.

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You may want to give Heritage or Rarcoa a call as they have been sending out their rock bottom premium sell prices for quite a while now.

 

And Laurie Sperber's comments are unduly harsh and an insult to the many dealers who are doing their best to run decent businesses. It is a good thing she wasn't in the military as few would have wanted to be a member of her corps with the scorched earth snobby style and policy.

 

What is so snobby about her comments and how are they insulting? Believe it or not, her comments are accurate. There is a ton of overgraded generic gold on the market. And the generic gold market is pretty much dead. And I have even tried selling quality generic coins (coins that eventually CACed) and I was forced to sell the coins to CAC. Everyone else wanted them at a small premium over melt, even for uncirculated pieces from the 1850s-1860s.

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Laurie Sperber is living in a fantasy world and has had nothing good to say about mainstream coin collecting and the forums. As long as she has lots of extremely wealthy collectors willing to pay for her "perfect" rare coins she can keep railing against other coin dealers and the collecting community. Those who live in glass houses shouldn't be throwing stones.

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