From the April 3, 2020, Numismatic News E-NewsLetter
How have your coin/bullion buying and selling habits changed in light of the coronavirus bearing down on the United States?
Here are some answers sent in from our E-Newsletter readers.
I have been trying to buy when I can in different amounts and types so I can just keep adding to my bullion totals. Nothing too aggressive just basic silver 1-ounce rounds, 90 percent silver and maybe the occasional 1/10-ounce gold Eagle.
I’m buying more, at least 90 ounces of silver and a few of gold. There is better money power for me now.
Selling retail was great. We had inventory, customers had money. Our storefront has lost numerous sellers due to “shelter in place.”
Integrity Coin Store
There has certainly been an impact. I usually attend and planned to attend many local and regional shows and was looking forward to a heavy show schedule in March and April. All have been postponed. I usually attend these shows as a collector and club member but also do some “vest-pocket dealing,” all of which I greatly miss at this time. I also participate in auctions with the “Big Two” and others. That aspect hasn’t changed much as I participate online. I can’t wait to get back to good old-fashioned face-to-face contact. I miss it.
I have stopped as I’m not willing to take chances on catching the coronavirus. I have chronic asthma and thyroid condition and if I catch it, there is a good possibility of death due to health problems. It’s just not worth taking the risk.
Since mid-February, the VIG for any available gold is $170-$300. I will just sit and wait for less turbulent days.
My habits have changed. I think the new norm is to quit precious metals as they are a bad investment.
San Angelo, Texas
My buying of gold and silver hasn’t changed at all due to the virus or the fluctuations with spot prices and the stock market. The current situation has actually afforded me more time for studying numismatics in general and paying more attention to my collection.
With the countless cancellations of coin shows across the country, I decided to purchase a lot of proof Roosevelt dimes on eBay. The lot contained a complete set of SMS/proof coins from 1965-2009 (45 different coins) that brought the total number of empty holes in my collection from 78 to 31! I am keeping my coin collecting alive despite all the disruptions!
The U.S. Mint’s decision to raise the price of proof sets is having an effect on my buying. To increase the set prices so much, especially the silver sets, is keeping me from purchasing for now. Between the COVID-19 and the decline in silver bullion value, the reverse proof nickel is not enough incentive. Set cost needs to decrease for my business this year.
My habits have changed quite a bit since the outbreak. My trip to Baltimore was cancelled, I assume the GSNA show will be cancelled, and my local Sunday shows are all off. The bright spot: more money to stock on food!
During the recent downturn in the precious metals markets, I bought several bullion coins that I normally would have not bought. I figured the price would rise fairly soon so why not take advantage of the lower prices? The hard part was a lot of other people thought the same and made it difficult to find dealers who had bullion in stock.
North Hollywood, Calif.
Coin collecting is not about precious metals, so who cares except investors? The main users of SCWC are coin collectors, not investors. Look after your market share. Take care in your small circle of not understanding your customers. A former SCWC contributor, by the way, don't you want to learn more about new coins and types and what have you? It's called numismatics.