Some interesting things are quietly happening right now.

For the first time in months, we are seeing a number of “smaller” collectors selling or consigning their coins. Yet, the bigger buyers (yes, whales) are all trying to buy. At the same time, this past week we were privy to hear of SEVERAL-multi-million dollar GOLD deals transacting. We ourselves are involved in one.

WHO SAYS THE ECONOMY IS DEAD?

In our Jersey Shore area-which has a lot of Wall Street folk, tear-downs are still happening (you should see the zillion dollar mansions being built), we see lots of new fancy sports cars about, there are still long lines at the best restaurants, and the overall economy does not seem to slowing. It could be an aberration, but Wall Street was hit hard by the recession, the stock market crash, TARP, and the new operating rules.

Collectors are clearly still buying coins.-when the coins they want are available. We are starting to sell a decent amount from our web site again. For the past month, it was quiet. When we came home from the PCGS Invitational, we immediately SOLD well into six figures (including one coin that WAS six figures) to customers we are working with. ALL of our high end buyers are active and are eagerly trying to buy-supply is the problem. The mid range customer one by one is coming alive too. The smaller buyers have never left.

The coins market is far from dead. We strongly believe we are at the bottom-but that is just an opinion. For the short term, supply will be the worst problem.

GOLD IS GLITTERING AGAIN!

As we have said many times about true gold bugs-when gold goes down, they buy. When gold goes up, its going to hit $2,000.00 wahoo! We love gold bugs, they NEVER let their worship of the metal fade.

Last week massive trades of gold took place. We do not know if it had anything to do with the announcement that China had been buying. We are not talking about a few bars or coins. The amounts all were millions of dollars that SMART money was BUYING. Even rare gold coins are enjoying robust sales (we sold several in the range of $10,000-$90,000.00 last week). We see a few major new high end collections being formed. The buying is not panicked or euphoric, but it is clearly there to insiders.

We’re not sure what all that means, but if smart money is buying, you might want to consider too. ALL the premiums are now down to realistic levels on generics. You still can not go to a major show and buy more than a dozen GEM MS65 Saints on the floor. Our “favs” have always been MS66’s, they seem to ride the spreads a little better. We also LOVE $10 Indians in 64-66 and all $3 pieces.

THIS WEEK AT CSNS SHOW

Historically, the CSNS Show is usually strong. We are not sure what this year will bring. The good thing is there has been no major show since Baltimore back in March. So dealers could be ready to restock. Collectors have made it through the dreaded tax time and seem to be opening up to spending again. For us, just need to find the “right” coins. They are still locked up in strong hands-which is critical to know. The one six figure coins we bought at the PCGS Show we had three different collectors we could have sold it to.

We do suggest you be VERY careful with what you buy this week. Heed this warning: “Cheap may not be cheap enough”-especially if you are buying out of auction. Last week we got in 2 specific collections where both owners had “off” quality coins. In this market “off” quality means you can sell them for only 40 cents on the dollar IF YOU ARE LUCKY TO EVEN SELL IT! Both collectors had trolled auctions on their own thinking they were buying nice coins.

These days if you do not have 100% QUALITY-you should NOT buy the coin period. Do NOT buy from auctions without seeing the coin or without help from a qualified dealer. If a coin is CAC stickered, that is a huge plus. You actually are better off establishing a relationship with a dealer so there is a two way street. You will make fewer mistakes and probably have access to better coins at better prices.

IMPORTANT CAC INFORMATION

First, Legend is proudly an investor in CAC. While CAC may not be for everyone, we want to make sure the public knows some correct information about it. We have seen unwarranted bashing on chat-rooms lately. Obviously these trouble makers have nothing better to do. Do know one clear and extremely important FACT about CAC-buying a CAC stickered coin WILL prevent you from buying a doctored coin. We are not talking about the grading side because everyone thinks they are their own experts. Sure, you will pay a premium, but the alternative is to buy a coin that turns (or has a flaw you can’t see) and then the best you can get is 40 cents on the dollar down the road. Unlike the grading services, CAC does not just dip a coin and move on. CAC WILL BUY BACK ANY DOCTORED COIN IT HAS STICKERED IMMEDIATELY.

We stress this information because the public just does not know how many problem coins are out there. We see many bad coins too often. The grading services get fooled because the coin docs are that good. You should care about the coins you buy. Having coins lasered, recolored, stripped, smoked, etc is criminal. The grading services and CAC are gradually reducing the marketability of the docs coins. A few have even retired and gone into legit dealing! CAC now has well OVER 200 authorized dealers and is fully established, well financed, and respected far beyond the numismatic community. If your dealer does not sell CAC coins, ask them why? There maybe a reason they do not want you to know.