Long Beach: Dealer wednesday

[truthteller]

Very odd, very odd indeed. I arrived at about 3PM, an hour after opening, and noticed most dealers already set up and coins in cases ready for business. I noticed much, much fewer dealers than usual viewing inventory. I also noticed many dealers walking the floor with inventory instead of setting up. Worrisome was the number of empty dealer tables and the absence of a few dealers I would have expected to show on dealer day. I also saw a few dealers attend this Long Beach who haven't set up here for a long, long time. The auction lot viewing was subpar at best, with many open viewing spots. Usually at 3PM I have to wait a bit for service. Almost all the pretty colored coins I brought sold immediately since I priced them fairly. By 4PM, my selling was done and check book was fat. So I walked the floor looking for nice colored commems. I found a few hidden in boxes priced very reasonably. It appeared asking prices were way down from last Long Beach and most dealers were very, very eager to move inventory. I was very reluctant to spend much money, since the outlook for business was uncertain. At about 5PM, I talked to several dealers, most admit their buying was limited and their auction purchases were way below average. Several larger dealers were seen walking the floor selling. Many folks were discussing the "Coingate" scandal and what a black eye it is giving to the coin business. Most expectations were guarded, but I have a feeling many dealers realize the party may be over. Several dealers complained of bloated inventories and lack or ability to sell "stuff". Many coin deals hinge on selling a nice coin, while having the buyer trade in the "stuff" to buy the nice coin. Well, if the "stuff" doesn't move, then the deal isn't so profitable nor liquid.

 

 

TRUTH

[toyonakataro]

I hope the market will be softened so that I can enjoy ANA show.

[braddick]

Since when did 'Wednesday' no longer deserved to be capitalized yet the word, 'dealer' does?

[Oldtrader3]

Truth has been talking this market down for over a month now. I am too far away to see the show activity, but the Grey Sheet and other venues are calling it a strong market still. What goes?

[Tradedollarnut]

It's a summer slowdown in a long bull market.

[Here]

I think I'll start buying some stuff then. I just won a P/MS64 1900 $ on a fluke. So maybe I'll buy some other stuff now.

 

 

Jerry

[jom]

Truth has been talking this market down for over a month now. I am too far away to see the show activity, but the Grey Sheet and other venues are calling it a strong market still. What goes?

 

The Grey Sheet ALWAYS does that.

 

It was slow today at the show. However, most of the people I talked with today saw it as TDN says: Summer slowdown. The ANA will give more of an indication if there are problems.....not that I give a damn.

 

jom