We are in a buyer’s market, a bull buyer’s market. Many dealers will disagree since their retail sales volumes are down. One dealer attending the February show in Long Beach was thrilled he had a retail client who spent $20,000, while wholesale transactions surged.
The U.S. Mint reported gold American Eagle sales down 80 percent in February from the same month one year earlier, this also being down a shocking 90.6 percent from the previous month. It shouldn’t come as a surprise. The recent performance of gold and silver has been terrible. Those lamenting what they see as a weak coin market blame it on not enough young people collecting, sales on the Internet, and even on values posted in published price guides.
Institute for Antiques and Collectibles head Harry Rinker was quoted in late 2017 as saying, “Collecting as a whole is threatened,” adding “The trigger for collectibles is childhood memories.” Rinker may be an alarmist, but the number of dealers in the business of coins may need to shrink. Nonetheless there are many collectors out there. However, many are not interested in expensive rare dates or rare condition coins.
As one collector recently told me, “I am enjoying the lower prices to acquire some very beautiful coins ... Owning nice coins makes the hobby more enjoyable than the days when I couldn’t afford the beautiful coins.”
My reply is, “Buy on!” The dark market cloud has a silver (and gold) lining!
This article was originally printed in Numismatic News Express. >> Subscribe today
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