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Gold shines at Long Beach show

A golden glow surrounded commercial activity May 28-30 at the Long Beach Coin, Stamp & Collectibles Expo.

The price of gold climbed over $30 during the show and approached $1,000 a troy ounce, helping to spur optimism among dealers on the bourse floor.

The coin show was put in the national spotlight during broadcasts about gold by the FOX Business Network.

Los Angeles-based FOX reporter Louise Pennell had two live segments from the bourse floor and recorded a third.

On May 29 she interviewed former American Numismatic Association Vice President Scott A. Travers, author of The Coin Collector’s Survival Manual, and David Hall, Collectors Universe, Inc., president and co-founder of the Professional Coin Grading Service.

“Gold is the place to be,” Travers said. “In this financial crisis we’ve seen gold hold its own and perform incredibly well.” 

He showed Pennell a 1922 Saint-Gaudens double eagle, graded PCGS MS-64, and advised viewers to only purchase coins that have been independently certified for authenticity and grade.

Hall also used a PCGS-certified Saint-Gaudens double eagle for some show-and-tell. He said the coin’s price rose from around $400 five years ago to a current value of $1,250.

“A lot of people are thinking about gold (now) because of the deterioration of the dollar,” he explained on camera.

“Timing for the broadcasts about buying gold was excellent,” said Ronald J. Gillio, Long Beach Expo general chairman.  “Spot prices jumped $10.70 on the first day of the show (May 28), and went up another $20.60 to $979.60 the following day.”

The official show auction conducted by Heritage realized nearly $18 million. (See separate story.)

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