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Market Report – 05/17/12

We’ve recently returned from attending the American Numismatic Association’s National Money Show, which this year was held in Denver, Colorado.  What is traditionally thought of as one of the slower major shows we attend each year, this one certainly did very little to assuage that notion.  The ANA failed to offer an auction in conjunction with this show, nor did either of the two primary grading services (PCGS & NGC) show up to grade coins on-site.  If you’ve ever attended a major coin show, you know how having on-site grading can add to the overall feel or buzz in the room.  It allows dealers to make available a higher quantity of fresh, new coins.  The lack of an auction at the show only compounds the problem, preventing any excitement from building with the knowledge that you’ll see an important collection or an amazing coin auctioned off.  The final nail in the coffin of this show was the actual location of show inside the cavernous Colorado Convention Center.  The hall the ANA selected was a significant distance from the entrance, causing complaints from both dealers and attendees.  While I understand that the ANA has undergone quite a bit of internal strife over the past year, I honestly had higher hopes for what remains a major coin show in the very backyard of their Colorado Springs headquarters.  You got the feeling they were simply going through the motions, just mailing it in.  There is talk that the ANA is considering doing away with this show altogether, and I must say that if this is what the show has devolved into, I won’t be sorry to see it go.

Business at the show itself was steady.  Our wholesale business was strong, and the turnout by the public was pleasing.  We were able sell some rare date, deep-cameo proof gold, a nice flowing hair dollar and some choice Carson City gold.  The demand for collector coins is seemingly insatiable, as both dealers and attendees are in hot pursuit of certified pieces they can place with collectors or in their own collections.  Generic gold continues to be a soft spot in the market, as the demand is low, the supply is high and confidence in the overall direction of gold spot for the near term is more bearish than it has been in recent months.  It remains our contention that there is definite value to be had in certain areas of the generic gold market as there is an overall compression facing the levels of certain issues that is truly unprecedented.  When gold makes its next run there will be plenty of areas to cash in on, if you’ve been paying attention.