Cost no object at ANA show?
The ANA show in Chicago was a success. It had the largest bourse floor ever. Trading was continuous from the start of each day to the finish. One trend of particular note is that most of the larger companies reported really great or record sales while smaller to intermediate dealers reported satisfactory to good sales.
Local collectors came despite expenses for fuel, parking, tolls and lunch that might be $100. Another reason that the larger dealers are having near record sales is the price of gold, which they all handle and most specialize in. If you think about it, a double eagle was nearly $2,000 in any grade and just a few years ago it was one-third that. Record high gold equals record high sales.
Is now is the time to buy gold, sell gold, buy gold coins, gold bars, sell gold jewelry, gold fillings, or simply go for the gold?
Gold reached just over $1,913 during the show and is currently just over $1,700. My long overdue predicted correction is on. Yesterday after the market closed with a 4 percent drop, the Chicago Mercantile Exchange raised margin requirements by 27 percent, thereby kicking the gold bug as he was already stumbling. Silver and platinum have had similar moves with platinum being the laggard. Gold actually went above platinum for a short time.
This is the week we review Morgan and Peace dollars and while there has been a lot of action, prices remain stable. You may see other price guides temporarily higher but they are going dealer bids that are currently withdrawn because of bullion.
Email harrymkrause@optonline.net.
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