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<p>[QUOTE=&quot;GoldFinger1969, post: 3941120, member: 73489&quot;]Lots of good points here.&nbsp; Let me offer a potpouri of information:</p><p><br /></p><p><b><span style="color: #0000ff">(1)&nbsp; Demographics are a headwind, but probably overstated.</span></b>&nbsp; Internet has facilitated lots of activity.&nbsp; But counterfeiters of bullion and numismatics are a big threat.&nbsp; Need more federal efforts with STEEP penalties for creating and/or knowingly selling counterfeits.</p><p><br /></p><p><b><span style="color: #0000ff">(2)&nbsp; PCGS 3000: </span></b>&nbsp; Doug has posted about this few times.&nbsp; I would note that the HISTORY of that index is basically 2 big bubbles:&nbsp; <span style="color: #ff0000"><b>1970-1980, and then then 1982-1989.&nbsp; </b></span>You never had U.S. coins post-1970 during normal periods.&nbsp; </p><p><br /></p><p>First, you had the tumult of the end of fixed exchange rates and the hyper-volatility of the 1970&#039;s.&nbsp; Then you had the bubble of the 1980&#039;s accelerated by the innovation of TPGs which was revolutionary compared to prior eras.</p><p><br /></p><p>So...you had 2 hyper periods.&nbsp; The price increases were incredible....<b><span style="color: #00b300">a 20-fold increase in the 1970&#039;s and then a 8-fold increase in the 1980&#039;s.</span></b>&nbsp; It often takes DECADES to burn off the excesses of bubbles that go up like that (check the history of South Sea Bubble, Tulipmania, Florida Real Estate, 1920&#039;s U.S. Stocks, 1980&#039;s Japanese Stocks, 1970&#039;s Gold &amp; Silver, etc.). </p><p><br /></p><p>The point is:&nbsp; <b>we&#039;ve never had a NORMALIZED environment for U.S. coins but we could be approaching it soon.&nbsp; </b>Long-term, U.S. Coins and the PCGS 3000 index seem to be going up about 2-3% a year so a long-term trendline would intersect at current levels.&nbsp; In other words, U.S. coins are no longer expensive -- not cheap -- but no longer expensive.&nbsp; We simply shot WAY AHEAD twice in a compressed time frame and never allowed the market and time to work as they normally would.</p><p><br /></p><p><img src="https://www.pcgs.com/PCGSMedia/graphs/indexallgraph.gif" class="bbCodeImage wysiwygImage" alt="" unselectable="on" /></p><p><br /></p><p><b><span style="color: #0000ff">(3)&nbsp; Billionaires Buying: </span></b> Not sure about that article in The Red Book (<b><i>is it available away from the book ?&nbsp; Link ?</i></b>) but we&#039;ve known about a few guys like Simpson buying.&nbsp; It&#039;s basically just influenced high-end niche coins like Saints, as far as I can tell. </p><p><br /></p><p>Now....if you had some millenial or youngish tech or social media founder announce that he went to a big national coin convention or has put tens of millions into U.S. (or World) coins and eventually will put 5% or 10% of his $5 billion net worth into said asset class...<b><span style="color: #00b300">you could have a stampede (think Kidder-Peabody and Merrill Lynch in 1988).</span></b></p><p><b><span style="color: #00b300"><br /></span></b></p><p><b><span style="color: #00b300"></span></b>[/QUOTE]</p><p><br /></p>

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