I was checking out GC's latest results tonight: http://www.greatcollections.com/CoinPrices/21/Gold-Double-Eagles Or if you check out other coins that closed same story. Many reserves were not met on the Baltimore auctions. To me this looks like a shrinking or deflationary market in certain sectors of the coin market.
Again, I buy and sell a lot of gold. I have been winning gold left and right on ebay, and cheap prices. Of course, my things aren't selling as well either. I have actually been winning some graded gold for my collection (don't plan on selling soon) that I really shouldn't be buying.. but the prices are just too good to pass up.
My observation was that common gold generally was re-priced downward, some was pulled from cases, and a lot of the better dated gold held its own.
Gold was down $60 during the first two days of the Baltimore show. Since many of the commons follow spot gold there should have been a drop in those too. Many of the dealers at the show I attended this weekend did not lower prices to reflect the latest drop. The same dealers had not lowered prices on ASE's either.
Yes. I heard a dealer at his booth telling someone with surprise in his voice that "those other dealers hadn't lowered their prices on graded gold yet!"
The next few months will be fun to watch. Many people are calling for a continued drop in metals. At some point dealers will need to start lowering prices. The dealers that do high volume are lowering prices now since they have a lot of turn over. Those that sit on inventory will get hit the most as they try to move coins bought at higher prices. Nobody likes to take a loss on a coin. Unless it is different this time, many gold coins just follow spot. I'm waiting for a chance at $500 St Gaudens like in 2002.
A big part of this is the surging dollar, look at the Forex chart: http://www.kitco.com/news/2014-11-03/JW_forexcharts.html
