Buyers Show Caution
By Harry Miller
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.
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