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<p>[QUOTE=&quot;Juan Blanco, post: 1616978, member: 41665&quot;]I think you&#039;ve misread trend entirely: <a href="http://www.cointalk.com/t219973/" class="internalLink ProxyLink" data-proxy-href="http://www.cointalk.com/t219973/">http://www.cointalk.com/t219973/</a> </p><p>Please see the WSJ article by Matt Day 1/3/2013 &quot;U.S. Mint Gold-Coin Sales Fell 25% in 2012&quot; : <a href="http://online.wsj.com/article/SB10001424127887323874204578219421777432536.html" target="_blank" class="externalLink ProxyLink" data-proxy-href="http://online.wsj.com/article/SB10001424127887323874204578219421777432536.html" rel="nofollow">http://online.wsj.com/article/SB10001424127887323874204578219421777432536.html</a></p><p><br /></p><p>Please note why PCGS scaled back its grading service; YoY, coin submissions FELL -28%; huge decline in moderns.&nbsp; This is part of the same trend: <a href="http://www.cointalk.com/t217595/#post1575146" class="internalLink ProxyLink" data-proxy-href="http://www.cointalk.com/t217595/#post1575146">http://www.cointalk.com/t217595/#post1575146</a></p><p><br /></p><p>11/8/2012 10-Q Qtrly Statement for CLCT : &quot;In addition,<b> our coin grading and authentication revenues are impacted by the level of modern coin submissions</b>, which can be volatile, primarily depending on the timing and size of modern coin marketing programs by the United States Mint and by customers or dealers who specialize in sales of such coins.&nbsp; {...} <font size="2"><b>Our modern coin grading and authentication fees decreased by approximately $1,040,000 or 40% in the first quarter, compared to the same quarter of the prior year.</b> {...} <b>We believe the decline in coin authentication and grading fees reflects stagnating gold and silver prices over the last year which, in conjunction with the overall stabilization of the economy, has made investing in gold and silver less attractive, as evidenced by continued lower sales of Silver and Gold Eagles by the US Mint, both for the three and nine months ended September 30, 2012, compared to the prior year periods.&nbsp; Furthermore, we believe the reduction in our revenues reflects a general market decline in the overall coin authentication and grading market, rather than a loss of market share.&quot; </b></font>As Robert Deutcher said in the conference call: &quot;With the exception of vintage and world coins, <b>the level of coins submitted to us for grading are mostly in the modern categories</b>, are highly dependent on the price of gold, silver and platinum and the output from the mints such as the U.S. mint and of course public demand for those coin. {...} <b>As reported last quarter and now again this quarter, we are seeing that lower level of submissions for grading in the modern coin sub-segment and it has lowered our reported total coin service revenue, which is down about 19% year over year. This is the most volatile part of our business and<u> it will remain that way for the foreseeable future</u>.</b> {...}[/QUOTE]</p><p><br /></p>

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