Insane coin prices today: HA and CNG

There's always SAVING your money !!!

 

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Gen X-er here. I'm fine other than being tired of being cooped up - I own my house outright and have a lot of time for investments. In the recent market downturn I was able to utilize some effective hedges. Now that the bull market is tepidly resuming I am buying again at the lower share prices. When we come through this cycle some of the largest tech companies will remain winners. For the first eight years of my career before co-founding a software company I was a Fortune 500 management guy - my pension kicks in at age 65 (I checked a couple of weeks ago with the HR Department, lots of behemoth companies have scuttled their retirement programs or have underfunded pensions) then I will have SS, etc.

So things are fairly bright. I don't expect much of a drop in coin prices as the very wealthy will continue to buy at the top grades. For me collecting is not an investment - I am fully aware that my coins, some common cheapies, some mid-priced coins, some fairly high priced coins is a hobby. I enjoy the history and when one has a coin, it becomes manifest in your hand. A great feeling.

 

While it is true that Gen X and Millennials have their fair share of layabouts, I can give you a perspective on the generational differences.

Both of my parents were teachers in the Detroit school system, my dad for his full career and my mother up until she got her PhD, moving on to teach at a community college. Both grew up in the depths of the Great Depression, experiencing its deprivations, especially for my dad, who was paid in script for a while by the school district, for lack of funds.

My parents worked hard, raising three kids in a nice neighborhood in the northwest part of the city. As teachers they were both eligible for pensions. When my dad passed away in 1976, my mother received his pension, so when she retired she received both her pension and his, a very generous benefit indeed, plus a very good health plan that included dental coverage.

I, as a Baby Boomer, spent my entire career in both non-profit and government employment. As a county employee I retired with a good pension, plus a health plan, but one that is more limited in benefits (no dental). Further, as employees at a local non-profit, my wife and I were able to buy a house in Cupertino in 1993.

Fast forward to today. Pensions are non-existent in the private sector, and they exist in the public sector on a spotty basis. Housing costs have skyrocketed, especially on the coasts over the past 30 years, really accelerating over the past five years. Other costs, including especially transportation, healthcare and post-secondary education have encumbered high levels of debt for many individuals and families, debt that continues on even during a pandemic. Another complicating factor is wage growth, which as remained stagnant for over 20 years.

All of these factors have a snowballing effect on the ability of younger people to prosper and have fulfilling lives. Many people hold down more than one job to help make ends meet. Yes, there are people who are slackers, and that includes many of the wealthy who inherited their wealth, but I would dare say that the vast majority of younger people are hard, conscientious workers who are trying to move ahead to attain the American Dream.

 

Speaking personally here, I am a Millennial (though I cringe to be associated with that group). I have always maxed a roth IRA since I entered the working force and also contribute heavily to my 401(k). On top of that, I have an emergency fund saved up that's approximately 6-9 months worth of living expenses and only owe money on our home. I budget carefully for my collecting interests and typically only buy if I have the spare cash available. So even though my income is impacted slightly by the current situation, I am still able to live generally the same way as before this virus. I am a hard worker but have also been very blessed and have tried to be smart and intentional with my money.

Additionally, I work with quite a few millennials who are aggressive savers. I know it's not typically the norm, but I think you might be surprised by the number of people who are younger and savvy at saving.

 

I have lots to do I still play in my coins but sure do watch how price hikes get sneaked in to take advantage of situations like this I have my guide lines for spending on coins and I stick with them. I will not be taken for over priced coins as we have now don't be a sucker dealers want and do get profit but not from me.most error coins are way over priced .try selling one .I believe collect for fun and history but not for profit

 

One more thing - A lot of money fled the stock market recently, as investors panicked, though some of it is back in with the bump up this week. Shareholders were putting a lot of money into money market funds, even avoiding bond funds, which usually do well in a market downturn.

The US dollar, a few weeks ago, went crazy. The British pound, for example, reached a low of $1.14 within only a couple of days. This drop would have made British and other foreign purchases very attractive.

Over the longer term investors and particularly people who collect things have lots of cash to spend, and will continue to do so, hence part of the reason auction prices remain strong and high bids are being submitted for certain coins.

Just a theory........

 

It will be interesting to see what happens in the near future with the art market (including the antiquities market) -- which, of course, dwarfs the coin market in size, and has long been a favorite investment of the ultra-wealthy.

 

As I see it, there is no slowdown of appreciation in coin values, I have been watching all the auctions + Ebay in the last 4-6 weeks, prices are going up...
Irrational.... Confusing...overwhelming...

 

Perhaps I should tap into this demand in the art market, especially for mediocre efforts done by yours truly!

 

Don't think your drawings compare favorably to Michaelangelo, but they're tons better than I could do.

 

Thanks. I think the pool for talented genes was exhausted when it was my turn, but I try.

 

Prices for what ?

 

Looks good to me. I have a hard time with matchstick people

 

R u all sure this guy is not a troll?

 

I've managed money for 30+ years...worked in a few Private Banks....no $$$ are going from the wealthy portfolios into PMs or coins except as a personal hobby choice.

When that money flees the stock market, it goes straight into money market funds and bond funds.

That's it.

When there are financial upheavals, money flows into U.S. assets, specifically U.S. Treasuries. You need dollars to buy U.S. assets -- hence the dollar's strength.

Let me know what you see on "strong and high bids" -- it could be something tied directly to the rising PM prices.

Wealthy people would rather blow their discretionary $$$ on real estate, art, clothes, vacations, etc. PMs and numismatics are WAY down the list.

 

Not happy with your comment! Inappropriate, baseless, why?

@Volodya - are you confident that I am a troll? Just because i am questioning the industry you work in, doesn’t give you the right to make certain baseless and ridiculous assumptions.. keep it cool, keep it real..and find something else to do with your free time...

 

agree, we both know whats the scoop...

 

Lol, yeah. Exhibiting the behavior.

 

Get a life, Chamo...

 

Says the guy who responds 1 minute later on that comment.