The “Philadelphia Experiment” is over. Results are mixed. Most agreed that the Whitman show was well run, highly organized and there was reasonable attendance. With such a pleasant venue in a great city, why was the show not a resounding success? When it comes to the high-end material one old-time dealer friend put it this way: “These guys have a museum display. Do they really expect to do business? Don’t they know the big money investors are scared and being very cautious in this economy?” I think that says a lot. It is the economy.
If you had fresh problem-free material or scarce date issues of pre-1950 (especially pre-1920) material, money was available in a flash. Philadelphia is back on the map as an annual event and will be great once the economic ship gets back on course.
Precious metals broke down below the recent trading range and then firmed up. I thought they would go much lower, but a little statistic made a big difference. The FDIC is in the red and is expected to be for five years. They will tax banks and the Fed will help, but it’s all windows and mirrors.
One market letter indicates that U.S. gold type premiums are down nearly 10 percent over the last two weeks, I strongly disagree. There are coins trading at that level, but they are ugly. Nice coins are quickly taken for slightly below the recent highs.